Envestnet Asset Management Inc. Has $28.29 Million Stake in Cardinal Health, Inc. (NYSE:CAH)

Envestnet Asset Management Inc. boosted its stake in Cardinal Health, Inc. (NYSE:CAHGet Rating) by 11.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 498,988 shares of the company’s stock after purchasing an additional 51,173 shares during the period. Envestnet Asset Management Inc.’s holdings in Cardinal Health were worth $28,293,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. IFG Advisory LLC increased its holdings in Cardinal Health by 44.8% in the first quarter. IFG Advisory LLC now owns 26,475 shares of the company’s stock valued at $1,501,000 after purchasing an additional 8,194 shares during the period. Shell Asset Management Co. boosted its position in Cardinal Health by 4.5% during the first quarter. Shell Asset Management Co. now owns 34,728 shares of the company’s stock valued at $1,969,000 after acquiring an additional 1,498 shares during the last quarter. Versor Investments LP boosted its position in Cardinal Health by 25.0% during the first quarter. Versor Investments LP now owns 39,381 shares of the company’s stock valued at $2,233,000 after acquiring an additional 7,864 shares during the last quarter. abrdn plc boosted its position in Cardinal Health by 2.6% during the first quarter. abrdn plc now owns 179,979 shares of the company’s stock valued at $10,259,000 after acquiring an additional 4,591 shares during the last quarter. Finally, Metis Global Partners LLC boosted its position in Cardinal Health by 29.2% during the first quarter. Metis Global Partners LLC now owns 8,524 shares of the company’s stock valued at $483,000 after acquiring an additional 1,926 shares during the last quarter. 84.26% of the stock is currently owned by institutional investors and hedge funds.

Cardinal Health Price Performance

Shares of NYSE CAH opened at $60.32 on Tuesday. Cardinal Health, Inc. has a fifty-two week low of $45.85 and a fifty-two week high of $64.53. The stock has a market cap of $16.43 billion, a price-to-earnings ratio of 9.20, a PEG ratio of 8.12 and a beta of 0.86. The company has a debt-to-equity ratio of 5.33, a quick ratio of 0.54 and a current ratio of 1.08. The firm’s 50-day simple moving average is $54.40 and its 200 day simple moving average is $55.38.

Cardinal Health (NYSE:CAHGet Rating) last announced its quarterly earnings results on Thursday, May 5th. The company reported $1.45 earnings per share for the quarter, missing the consensus estimate of $1.54 by ($0.09). Cardinal Health had a negative net margin of 0.54% and a positive return on equity of 155.24%. The business had revenue of $44.84 billion during the quarter, compared to the consensus estimate of $43.20 billion. During the same period in the previous year, the business posted $1.53 EPS. Cardinal Health’s revenue was up 14.2% compared to the same quarter last year. As a group, research analysts anticipate that Cardinal Health, Inc. will post 5.18 earnings per share for the current fiscal year.

Cardinal Health Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 15th. Investors of record on Friday, July 1st were given a $0.4957 dividend. This is a boost from Cardinal Health’s previous quarterly dividend of $0.49. The ex-dividend date was Thursday, June 30th. This represents a $1.98 annualized dividend and a yield of 3.29%. Cardinal Health’s dividend payout ratio (DPR) is presently 30.18%.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Morgan Stanley cut their price target on shares of Cardinal Health from $74.00 to $70.00 and set an “overweight” rating on the stock in a research report on Thursday, July 14th. TheStreet cut shares of Cardinal Health from a “c+” rating to a “d+” rating in a research report on Thursday, May 5th. StockNews.com cut shares of Cardinal Health from a “strong-buy” rating to a “buy” rating in a research report on Friday, May 6th. Barclays cut shares of Cardinal Health from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $70.00 to $64.00 in a research report on Thursday, May 26th. Finally, Evercore ISI raised shares of Cardinal Health from an “in-line” rating to an “outperform” rating and increased their price objective for the stock from $55.00 to $68.00 in a research report on Wednesday, May 18th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $60.11.

Cardinal Health Company Profile

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Cardinal Health, Inc operates as an integrated healthcare services and products company in the United States, Canada, Europe, Asia, and internationally. It provides customized solutions for hospitals, healthcare systems, pharmacies, ambulatory surgery centers, clinical laboratories, physician offices, and patients in the home.

Further Reading

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Institutional Ownership by Quarter for Cardinal Health (NYSE:CAH)

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