Sheets Smith Wealth Management Lowers Position in Cardinal Health, Inc. (NYSE:CAH)

Sheets Smith Wealth Management lowered its holdings in Cardinal Health, Inc. (NYSE:CAH) by 99.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 76 shares of the company’s stock after selling 23,097 shares during the period. Sheets Smith Wealth Management’s holdings in Cardinal Health were worth $1,527,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Panagora Asset Management Inc. increased its position in shares of Cardinal Health by 53.6% during the 1st quarter. Panagora Asset Management Inc. now owns 25,616 shares of the company’s stock valued at $1,452,000 after purchasing an additional 8,935 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of Cardinal Health by 4.8% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 37,071 shares of the company’s stock valued at $2,102,000 after purchasing an additional 1,702 shares during the last quarter. Cibc World Market Inc. bought a new position in shares of Cardinal Health during the 1st quarter valued at about $212,000. Blair William & Co. IL increased its position in shares of Cardinal Health by 6.7% during the 1st quarter. Blair William & Co. IL now owns 11,769 shares of the company’s stock valued at $667,000 after purchasing an additional 734 shares during the last quarter. Finally, Sei Investments Co. increased its position in shares of Cardinal Health by 6.4% during the 1st quarter. Sei Investments Co. now owns 472,799 shares of the company’s stock valued at $26,792,000 after purchasing an additional 28,568 shares during the last quarter. Hedge funds and other institutional investors own 86.01% of the company’s stock.

Cardinal Health Stock Performance

Shares of CAH stock opened at $88.78 on Friday. The firm has a market cap of $22.26 billion, a P/E ratio of 89.68, a P/E/G ratio of 0.93 and a beta of 0.79. Cardinal Health, Inc. has a fifty-two week low of $64.99 and a fifty-two week high of $95.45. The business’s 50 day moving average price is $91.02 and its 200-day moving average price is $84.53.

Cardinal Health (NYSE:CAH) last issued its quarterly earnings data on Tuesday, August 15th. The company reported $1.55 earnings per share for the quarter, topping analysts’ consensus estimates of $1.49 by $0.06. The firm had revenue of $53.45 billion for the quarter, compared to analyst estimates of $52.72 billion. Cardinal Health had a negative return on equity of 67.01% and a net margin of 0.13%. The business’s quarterly revenue was up 13.5% compared to the same quarter last year. During the same period last year, the company earned $1.05 EPS. As a group, equities analysts predict that Cardinal Health, Inc. will post 6.65 EPS for the current year.

Cardinal Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Sunday, October 15th. Stockholders of record on Tuesday, October 3rd will be paid a $0.5006 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date of this dividend is Monday, October 2nd. Cardinal Health’s payout ratio is presently 202.02%.

Insider Activity

In other Cardinal Health news, insider Jessica L. Mayer sold 30,145 shares of Cardinal Health stock in a transaction 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 owns 95,533 shares in the company, valued at $8,678,217.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Cardinal Health news, insider Jessica L. Mayer sold 30,145 shares of the business’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $90.84, for a total value of $2,738,371.80. Following the sale, the insider now directly owns 95,533 shares of the company’s stock, valued at $8,678,217.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Deborah Weitzman sold 6,712 shares of the business’s stock in a transaction on Monday, August 28th. The stock was sold at an average price of $89.81, for a total value of $602,804.72. Following the completion of the sale, the chief executive officer now directly owns 44,202 shares in the company, 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 in the last quarter. 0.17% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CAH. JPMorgan Chase & Co. increased their price objective on Cardinal Health from $93.00 to $101.00 and gave the company a “neutral” rating in a research report on Wednesday, August 16th. Bank of America raised their price target on Cardinal Health from $91.00 to $99.00 in a research report on Monday, July 17th. TD Cowen raised their price target on Cardinal Health from $88.00 to $90.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 16th. Morgan Stanley raised their price target on Cardinal Health from $92.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 16th. Finally, Citigroup raised their price target on Cardinal Health from $88.00 to $90.00 in a research report on Monday, June 12th. Eight investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $94.69.

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.