FTB Advisors Inc. decreased its position in Cardinal Health Inc. (NYSE:CAH) by 9.6% during the second quarter, Holdings Channel reports. The institutional investor owned 4,207 shares of the company’s stock after selling 449 shares during the period. FTB Advisors Inc.’s holdings in Cardinal Health were worth $327,000 at the end of the most recent quarter.
Several other hedge funds also recently bought and sold shares of the company. Acrospire Investment Management LLC bought a new stake in Cardinal Health during the first quarter worth about $107,000. Integrated Investment Consultants LLC boosted its stake 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. JFS Wealth Advisors LLC boosted its stake in shares of Cardinal Health by 8,281.0% in the second quarter. JFS Wealth Advisors LLC now owns 1,760 shares of the company’s stock valued at $137,000 after buying an additional 1,739 shares during the period. Advisory Services Network LLC boosted its stake in shares of Cardinal Health by 398.2% in the second quarter. Advisory Services Network LLC now owns 1,948 shares of the company’s stock valued at $152,000 after buying an additional 1,557 shares during the period. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its stake 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. Institutional investors own 85.79% of the company’s stock.
Shares of Cardinal Health Inc. (NYSE:CAH) traded up 0.12% on Friday, hitting $75.43. 623,045 shares of the stock were exchanged. The company has a 50 day moving average of $77.76 and a 200 day moving average of $80.03. Cardinal Health Inc. has a 52-week low of $73.25 and a 52-week high of $91.23. The company has a market cap of $24.03 billion, a price-to-earnings ratio of 17.46 and a beta of 0.63.
Cardinal Health (NYSE:CAH) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.01. Cardinal Health had a net margin of 1.17% and a return on equity of 26.09%. The firm had revenue of $31.40 billion for the quarter, compared to the consensus estimate of $31.06 billion. During the same period in the prior year, the firm posted $1.00 earnings per share. The company’s revenue for the quarter was up 13.9% on a year-over-year basis. Equities research analysts forecast that Cardinal Health Inc. will post $5.59 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Saturday, October 15th. Stockholders of record on Monday, October 3rd will be issued a $0.4489 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date is Thursday, September 29th. Cardinal Health’s payout ratio is 41.67%.
Several analysts have weighed in on the stock. Cleveland Research cut shares of Cardinal Health from a “buy” rating to a “neutral” rating in a research note on Monday. Bank of America Corp. reiterated a “hold” rating and issued a $90.00 price objective on shares of Cardinal Health in a research note on Monday, September 19th. Goldman Sachs Group Inc. cut shares of Cardinal Health from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $90.00 to $83.00 in a research note on Friday, September 16th. Morgan Stanley reiterated a “hold” rating and issued a $91.00 price objective on shares of Cardinal Health in a research note on Monday, September 12th. Finally, Credit Suisse Group AG reiterated a “buy” rating and issued a $97.00 price objective on shares of Cardinal Health in a research note on Tuesday, August 30th. Nine research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $94.76.
In related news, insider Craig S. Morford sold 12,697 shares of the firm’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 sale, the insider now directly owns 90,811 shares of the company’s stock, valued at $7,549,118.43. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Stuart G. Laws sold 9,703 shares of the firm’s stock in a transaction that occurred on Thursday, August 18th. The shares were sold at an average price of $82.45, for a total transaction of $800,012.35. Following the completion of the sale, the senior vice president now directly owns 2,718 shares in the company, valued at $224,099.10. The disclosure for this sale can be found here. 0.94% of the stock is currently owned by 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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