Checchi Capital Advisers LLC cut its stake in shares of Cardinal Health Inc. (NYSE:CAH) by 3.5% during the second quarter, Holdings Channel reports. The firm owned 3,399 shares of the company’s stock after selling 125 shares during the period. Checchi Capital Advisers LLC’s holdings in Cardinal Health were worth $265,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Acrospire Investment Management LLC acquired a new position in shares of Cardinal Health during the first quarter valued at $107,000. Integrated Investment Consultants LLC increased its position in shares of Cardinal Health by 15.4% in the second quarter. Integrated Investment Consultants LLC now owns 1,459 shares of the company’s stock valued at $114,000 after buying an additional 195 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased its position in shares of Cardinal Health by 27.2% in the second quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 2,480 shares of the company’s stock valued at $193,000 after buying an additional 530 shares during the period. Copper Rock Capital Partners LLC acquired a new position in shares of Cardinal Health during the second quarter valued at $205,000. Finally, Magnetar Financial LLC acquired a new position in shares of Cardinal Health during the first quarter valued at $245,000. Institutional investors own 86.16% of the company’s stock.
Shares of Cardinal Health Inc. (NYSE:CAH) traded up 0.13% during mid-day trading on Friday, reaching $77.66. 2,098,539 shares of the company were exchanged. The firm’s 50-day moving average is $80.32 and its 200-day moving average is $80.54. Cardinal Health Inc. has a 12 month low of $73.25 and a 12 month high of $91.23. The company has a market capitalization of $24.74 billion, a price-to-earnings ratio of 17.98 and a beta of 0.59.
Cardinal Health (NYSE:CAH) last issued its earnings results on Tuesday, August 2nd. The company reported $1.14 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.13 by $0.01. The firm earned $31.40 billion during the quarter, compared to analysts’ expectations of $31.06 billion. Cardinal Health had a net margin of 1.17% and a return on equity of 26.09%. The firm’s revenue for the quarter was up 13.9% compared to the same quarter last year. During the same period last year, the firm posted $1.00 earnings per share. On average, equities analysts forecast that Cardinal Health Inc. will post $5.60 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Saturday, October 15th. Investors of record on Monday, October 3rd will be given a $0.4489 dividend. The ex-dividend date is Thursday, September 29th. This represents a $1.80 annualized dividend and a dividend yield of 2.31%. Cardinal Health’s dividend payout ratio (DPR) is presently 41.67%.
Several research analysts have weighed in on the company. Citigroup Inc. boosted their price target on Cardinal Health from $87.00 to $93.00 and gave the company a “neutral” rating in a report on Wednesday, August 3rd. Leerink Swann reiterated a “buy” rating on shares of Cardinal Health in a report on Wednesday, August 3rd. Raymond James Financial Inc. downgraded Cardinal Health from an “outperform” rating to a “market perform” rating in a report on Wednesday, June 1st. Zacks Investment Research upgraded Cardinal Health from a “sell” rating to a “hold” rating in a report on Monday, August 8th. Finally, Royal Bank Of Canada reiterated a “buy” rating on shares of Cardinal Health in a report on Monday, June 13th. Eight research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $94.76.
In related news, insider Craig S. Morford sold 12,697 shares of the company’s stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $83.13, for a total value of $1,055,501.61. Following the completion of the sale, the insider now owns 90,811 shares in the company, valued at approximately $7,549,118.43. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Donald M. Jr. Casey sold 59,180 shares of the company’s stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $83.59, for a total transaction of $4,946,856.20. Following the completion of the sale, the chief executive officer now owns 164,803 shares of the company’s stock, valued at approximately $13,775,882.77. The disclosure for this sale can be found here. 0.97% of the stock is currently owned by corporate insiders.
About Cardinal Health
Cardinal Health, Inc is a healthcare services and products company. The Company operates in two segments: Pharmaceutical and Medical. The Company also provides medical products to patients in the home. In the United States, the Company’s Pharmaceutical segment distributes branded and generic pharmaceutical, over-the-counter healthcare and consumer products through its Pharmaceutical Distribution division to retailers, hospitals and other healthcare providers.
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