Bank of Nova Scotia Decreases Stake in Cardinal Health, Inc. $CAH

Bank of Nova Scotia reduced its holdings in shares of Cardinal Health, Inc. (NYSE:CAH) by 44.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 386,438 shares of the company’s stock after selling 306,162 shares during the quarter. Bank of Nova Scotia owned 0.16% of Cardinal Health worth $81,658,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of CAH. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Cardinal Health in the fourth quarter worth approximately $26,000. Jones Financial Companies Lllp boosted its holdings in Cardinal Health by 198.3% in the first quarter. Jones Financial Companies Lllp now owns 21,112 shares of the company’s stock worth $27,000 after purchasing an additional 14,034 shares during the last quarter. Bank of Jackson Hole Trust bought a new stake in Cardinal Health in the 4th quarter worth approximately $27,000. Palladiem LLC bought a new stake in Cardinal Health in the 4th quarter worth approximately $28,000. Finally, Indiana Trust & Investment Management Co purchased a new stake in Cardinal Health during the 1st quarter valued at $29,000. 87.17% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Wells Fargo & Company dropped their price target on Cardinal Health from $256.00 to $245.00 and set an “overweight” rating on the stock in a research note on Friday, May 1st. Morgan Stanley increased their target price on Cardinal Health from $245.00 to $255.00 and gave the company an “overweight” rating in a report on Tuesday, April 28th. UBS Group boosted their price target on Cardinal Health from $260.00 to $274.00 and gave the company a “buy” rating in a research note on Monday. Citigroup reiterated a “buy” rating on shares of Cardinal Health in a research note on Thursday, July 2nd. Finally, Bank of America raised their price objective on shares of Cardinal Health from $240.00 to $260.00 and gave the stock a “buy” rating in a report on Thursday, July 2nd. Fifteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $250.40.

Cardinal Health Stock Up 2.3%

NYSE CAH opened at $225.54 on Friday. The stock’s 50-day moving average price is $219.32 and its 200-day moving average price is $214.34. Cardinal Health, Inc. has a 52 week low of $137.75 and a 52 week high of $243.21. The company has a market capitalization of $52.82 billion, a P/E ratio of 34.49, a price-to-earnings-growth ratio of 1.08 and a beta of 0.49.

Cardinal Health (NYSE:CAH) last announced its quarterly earnings data on Thursday, April 30th. The company reported $3.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.79 by $0.38. Cardinal Health had a negative return on equity of 92.61% and a net margin of 0.62%.The company had revenue of $60.94 billion during the quarter, compared to the consensus estimate of $62.10 billion. During the same period in the previous year, the company posted $2.35 EPS. The firm’s revenue was up 11.0% on a year-over-year basis. Cardinal Health has set its FY 2026 guidance at 10.700-10.80 EPS. Research analysts anticipate that Cardinal Health, Inc. will post 10.77 EPS for the current year.

Cardinal Health Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 1st were given a dividend of $0.5158 per share. This represents a $2.06 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Wednesday, July 1st. This is a positive change from Cardinal Health’s previous quarterly dividend of $0.51. Cardinal Health’s payout ratio is 31.50%.

Cardinal Health Company 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.