Cardinal Health (NYSE:CAH) Rating Increased to Overweight at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Cardinal Health (NYSE:CAH) from an equal weight rating to an overweight rating in a report published on Tuesday morning, MarketBeat Ratings reports. They currently have $179.00 target price on the stock, up from their prior target price of $136.00.

A number of other research analysts have also weighed in on CAH. Morgan Stanley raised their target price on shares of Cardinal Health from $142.00 to $166.00 and gave the stock an “overweight” rating in a research note on Monday, May 5th. JPMorgan Chase & Co. lifted their price objective on Cardinal Health from $142.00 to $145.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 4th. Wall Street Zen raised Cardinal Health from a “buy” rating to a “strong-buy” rating in a research note on Monday, May 5th. UBS Group boosted their price target on shares of Cardinal Health from $150.00 to $160.00 and gave the stock a “buy” rating in a research note on Tuesday, April 29th. Finally, Argus set a $148.00 price objective on shares of Cardinal Health in a research note on Tuesday, February 4th. Three equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Cardinal Health currently has an average rating of “Moderate Buy” and an average target price of $149.50.

Cardinal Health Stock Performance

NYSE CAH opened at $155.53 on Tuesday. The business has a fifty day moving average price of $142.49 and a 200 day moving average price of $130.79. The company has a market cap of $37.12 billion, a P/E ratio of 29.02, a P/E/G ratio of 1.49 and a beta of 0.66. Cardinal Health has a one year low of $93.17 and a one year high of $157.82.

Cardinal Health (NYSE:CAH) last issued its earnings results on Thursday, May 1st. The company reported $2.35 EPS for the quarter, beating analysts’ consensus estimates of $2.15 by $0.20. The business had revenue of $54.88 billion during the quarter, compared to analysts’ expectations of $55.33 billion. Cardinal Health had a net margin of 0.59% and a negative return on equity of 59.57%. The company’s quarterly revenue was up .0% compared to the same quarter last year. During the same period in the prior year, the business earned $2.08 earnings per share. As a group, sell-side analysts predict that Cardinal Health will post 7.95 EPS for the current fiscal year.

Cardinal Health Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st will be issued a dividend of $0.5107 per share. This represents a $2.04 annualized dividend and a yield of 1.31%. The ex-dividend date of this dividend is Tuesday, July 1st. This is a boost from Cardinal Health’s previous quarterly dividend of $0.51. Cardinal Health’s payout ratio is 31.83%.

Institutional Investors Weigh In On Cardinal Health

A number of hedge funds and other institutional investors have recently modified their holdings of CAH. Cyrus J. Lawrence LLC purchased a new position in Cardinal Health in the fourth quarter valued at $26,000. Greykasell Wealth Strategies Inc. acquired a new position in shares of Cardinal Health during the 1st quarter worth about $26,000. Jones Financial Companies Lllp boosted its position in shares of Cardinal Health by 198.3% during the 1st quarter. Jones Financial Companies Lllp now owns 21,112 shares of the company’s stock worth $27,000 after acquiring an additional 14,034 shares in the last quarter. Promus Capital LLC purchased a new position in shares of Cardinal Health in the 4th quarter valued at about $30,000. Finally, Bellwether Advisors LLC acquired a new stake in shares of Cardinal Health during the 4th quarter worth about $32,000. 87.17% of the stock is currently owned by institutional investors and hedge funds.

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.