Cardinal Health, Inc. (NYSE:CAH) Stake Reduced by Cibc World Markets Corp

Cibc World Markets Corp cut its holdings in Cardinal Health, Inc. (NYSE:CAH) by 96.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 13,028 shares of the company’s stock after selling 317,790 shares during the quarter. Cibc World Markets Corp’s holdings in Cardinal Health were worth $984,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. State Street Corp raised its position in Cardinal Health by 2.1% in the first quarter. State Street Corp now owns 21,802,799 shares of the company’s stock worth $1,246,751,000 after acquiring an additional 457,777 shares in the last quarter. Invesco Ltd. raised its holdings in Cardinal Health by 9.0% during the 1st quarter. Invesco Ltd. now owns 6,186,052 shares of the company’s stock worth $350,748,000 after buying an additional 511,826 shares during the period. Morgan Stanley raised its holdings in Cardinal Health by 3.6% during the 4th quarter. Morgan Stanley now owns 4,594,184 shares of the company’s stock worth $353,155,000 after buying an additional 161,667 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in Cardinal Health by 52.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,876,715 shares of the company’s stock worth $298,003,000 after buying an additional 1,327,772 shares during the period. Finally, Norges Bank acquired a new stake in Cardinal Health during the 4th quarter worth about $220,230,000. 86.01% of the stock is currently owned by institutional investors.

Cardinal Health Stock Performance

CAH opened at $87.58 on Friday. The business has a 50 day moving average price of $91.59 and a 200 day moving average price of $84.17. Cardinal Health, Inc. has a twelve month low of $64.99 and a twelve month high of $95.45. The firm has a market cap of $21.95 billion, a P/E ratio of 88.46, a price-to-earnings-growth ratio of 0.94 and a beta of 0.78.

Cardinal Health (NYSE:CAH) last posted its earnings results on Tuesday, August 15th. The company reported $1.55 earnings per share for the quarter, topping the consensus estimate of $1.49 by $0.06. Cardinal Health had a negative return on equity of 67.01% and a net margin of 0.13%. The firm had revenue of $53.45 billion during the quarter, compared to analyst estimates of $52.72 billion. During the same period in the previous year, the company earned $1.05 EPS. The company’s revenue for the quarter was up 13.5% on a year-over-year basis. As a group, analysts anticipate that Cardinal Health, Inc. will post 6.66 earnings per share for the current fiscal year.

Cardinal Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Sunday, October 15th. Stockholders of record on Tuesday, October 3rd will be issued a dividend of $0.5006 per share. The ex-dividend date is Monday, October 2nd. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.29%. Cardinal Health’s dividend payout ratio (DPR) is presently 202.02%.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. TheStreet cut Cardinal Health from a “b-” rating to a “c” rating in a research note on Tuesday, August 15th. Mizuho lifted their target price on Cardinal Health from $94.00 to $96.00 and gave the company a “neutral” rating in a research note on Wednesday, August 16th. Deutsche Bank Aktiengesellschaft lifted their target price on Cardinal Health from $88.00 to $90.00 in a research note on Monday, May 8th. Morgan Stanley boosted their price target on Cardinal Health from $92.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, August 16th. Finally, Robert W. Baird boosted their price target on Cardinal Health from $107.00 to $108.00 and gave the company an “outperform” rating in a research note on Wednesday, August 16th. Eight research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $94.69.

Insider Transactions at Cardinal Health

In other news, insider Jessica L. Mayer sold 30,145 shares of the company’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $90.84, for a total transaction of $2,738,371.80. Following the completion of the transaction, the insider now directly owns 95,533 shares in the company, valued at $8,678,217.72. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Jessica L. Mayer sold 30,145 shares of the company’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $90.84, for a total transaction of $2,738,371.80. Following the completion of the transaction, the insider now directly owns 95,533 shares in the company, valued at $8,678,217.72. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Deborah Weitzman sold 6,712 shares of the company’s stock in a transaction on Monday, August 28th. The shares were sold at an average price of $89.81, for a total value of $602,804.72. Following the completion of the transaction, the chief executive officer now owns 44,202 shares of the company’s stock, valued at $3,969,781.62. The disclosure for this sale can be found here. Insiders sold a total of 95,052 shares of company stock worth $8,401,034 over the last three months. 0.17% of the stock is currently owned by insiders.

Cardinal Health Company Profile

Cardinal Health, Inc operates as a 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.