44 Wealth Management LLC Reduces Stock Position in Cardinal Health, Inc. $CAH

44 Wealth Management LLC reduced its holdings in shares of Cardinal Health, Inc. (NYSE:CAH) by 29.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,277 shares of the company’s stock after selling 5,072 shares during the quarter. 44 Wealth Management LLC’s holdings in Cardinal Health were worth $1,927,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Ameriprise Financial Inc. increased its position in shares of Cardinal Health by 33.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,455,196 shares of the company’s stock worth $228,467,000 after purchasing an additional 360,725 shares during the last quarter. Ashford Capital Management Inc. lifted its position in shares of Cardinal Health by 5.3% during the third quarter. Ashford Capital Management Inc. now owns 12,717 shares of the company’s stock worth $1,996,000 after purchasing an additional 641 shares during the last quarter. Creative Planning lifted its position in shares of Cardinal Health by 0.7% during the third quarter. Creative Planning now owns 75,836 shares of the company’s stock worth $11,903,000 after purchasing an additional 546 shares during the last quarter. Lazard Asset Management LLC grew its stake in Cardinal Health by 138.7% in the third quarter. Lazard Asset Management LLC now owns 354,167 shares of the company’s stock worth $55,590,000 after purchasing an additional 205,792 shares in the last quarter. Finally, Zacks Investment Management increased its holdings in Cardinal Health by 1.4% in the third quarter. Zacks Investment Management now owns 276,361 shares of the company’s stock valued at $43,378,000 after buying an additional 3,816 shares during the last quarter. Institutional investors and hedge funds own 87.17% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CAH. Evercore upped their price objective on Cardinal Health from $250.00 to $260.00 in a research note on Friday, February 6th. Deutsche Bank Aktiengesellschaft boosted their price target on Cardinal Health from $195.00 to $208.00 and gave the company a “hold” rating in a report on Tuesday, November 18th. Jefferies Financial Group upped their price target on Cardinal Health from $220.00 to $270.00 and gave the company a “buy” rating in a research report on Thursday, January 22nd. JPMorgan Chase & Co. raised their price objective on Cardinal Health from $209.00 to $243.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 10th. Finally, TD Cowen lifted their price objective on shares of Cardinal Health from $233.00 to $251.00 and gave the stock a “buy” rating in a report on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $245.67.

Cardinal Health Trading Down 1.0%

CAH opened at $216.95 on Friday. The business’s 50 day moving average is $216.83 and its 200-day moving average is $192.20. The stock has a market cap of $51.05 billion, a PE ratio of 31.22, a price-to-earnings-growth ratio of 1.40 and a beta of 0.65. Cardinal Health, Inc. has a twelve month low of $120.72 and a twelve month high of $233.60.

Cardinal Health (NYSE:CAH) last issued its quarterly earnings data on Thursday, February 5th. The company reported $2.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.32. Cardinal Health had a negative return on equity of 92.50% and a net margin of 0.68%.The business had revenue of $65.63 billion during the quarter, compared to analyst estimates of $64.88 billion. During the same period in the prior year, the company posted $1.93 EPS. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. As a group, analysts forecast that Cardinal Health, Inc. will post 7.95 EPS for the current year.

Cardinal Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Wednesday, April 1st will be paid a $0.5107 dividend. The ex-dividend date of this dividend is Wednesday, April 1st. This represents a $2.04 annualized dividend and a dividend yield of 0.9%. Cardinal Health’s dividend payout ratio is presently 29.35%.

About Cardinal Health

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.