Bank of New York Mellon Corp Trims Stake in Cardinal Health, Inc. $CAH

Bank of New York Mellon Corp cut its position in shares of Cardinal Health, Inc. (NYSE:CAH) by 2.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,440,898 shares of the company’s stock after selling 31,957 shares during the period. Bank of New York Mellon Corp owned about 0.61% of Cardinal Health worth $226,163,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in CAH. Baird Financial Group Inc. lifted its stake in Cardinal Health by 107.2% in the second quarter. Baird Financial Group Inc. now owns 99,393 shares of the company’s stock worth $16,698,000 after acquiring an additional 51,416 shares during the period. Voya Investment Management LLC increased its position in Cardinal Health by 298.3% during the 3rd quarter. Voya Investment Management LLC now owns 821,723 shares of the company’s stock valued at $128,978,000 after purchasing an additional 615,398 shares during the period. Nomura Holdings Inc. raised its holdings in shares of Cardinal Health by 568.0% in the 2nd quarter. Nomura Holdings Inc. now owns 85,293 shares of the company’s stock valued at $14,329,000 after purchasing an additional 72,525 shares in the last quarter. Marshall Wace LLP lifted its position in shares of Cardinal Health by 19.1% in the 2nd quarter. Marshall Wace LLP now owns 1,930,967 shares of the company’s stock worth $324,402,000 after purchasing an additional 309,335 shares during the period. Finally, Columbus Macro LLC boosted its stake in shares of Cardinal Health by 102.8% during the third quarter. Columbus Macro LLC now owns 36,529 shares of the company’s stock valued at $5,734,000 after purchasing an additional 18,516 shares in the last quarter. Institutional investors own 87.17% of the company’s stock.

Cardinal Health Stock Performance

Shares of NYSE CAH opened at $214.85 on Friday. Cardinal Health, Inc. has a fifty-two week low of $120.72 and a fifty-two week high of $216.51. The company has a market cap of $51.05 billion, a PE ratio of 32.41, a P/E/G ratio of 1.44 and a beta of 0.65. The business has a 50-day simple moving average of $206.24 and a two-hundred day simple moving average of $177.90.

Cardinal Health (NYSE:CAH) last announced its quarterly earnings data on Thursday, October 30th. The company reported $2.55 earnings per share for the quarter, beating analysts’ consensus estimates of $2.22 by $0.33. Cardinal Health had a net margin of 0.68% and a negative return on equity of 84.37%. The firm had revenue of $64.01 billion for the quarter, compared to analyst estimates of $59.41 billion. During the same period in the previous year, the company earned $1.88 earnings per share. The business’s quarterly revenue was up 22.4% compared to the same quarter last year. On average, sell-side analysts predict that Cardinal Health, Inc. will post 7.95 earnings per share for the current fiscal year.

Cardinal Health Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Friday, January 2nd were given a dividend of $0.5107 per share. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $2.04 dividend on an annualized basis and a yield of 1.0%. Cardinal Health’s dividend payout ratio (DPR) is currently 30.77%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Mizuho set a $222.00 price objective on shares of Cardinal Health in a research note on Monday, January 12th. TD Cowen reiterated a “buy” rating on shares of Cardinal Health in a report on Tuesday. Barclays initiated coverage on Cardinal Health in a research report on Monday, December 8th. They issued an “overweight” rating and a $243.00 price target for the company. UBS Group raised their price objective on Cardinal Health from $185.00 to $220.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Finally, Argus lifted their target price on Cardinal Health from $211.00 to $232.00 and gave the company a “buy” rating in a research note on Friday, January 23rd. Fourteen equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Cardinal Health currently has a consensus rating of “Moderate Buy” and a consensus target price of $224.73.

Cardinal Health Profile

Cardinal Health is a multinational healthcare services and products company headquartered in Dublin, Ohio. Tracing its roots to the early 1970s, the company has grown into a major provider of supply chain and distribution services for the healthcare sector. Cardinal Health operates across a range of service lines that support hospitals, health systems, pharmacies, physician offices and clinical laboratories.

The company’s core activities include the wholesale distribution of branded and generic pharmaceuticals, the supply and distribution of medical-surgical products, and the provision of logistics and inventory management solutions.