PNC Financial Services Group Inc. Lowers Stock Holdings in Cardinal Health, Inc. $CAH

PNC Financial Services Group Inc. reduced its stake in Cardinal Health, Inc. (NYSE:CAH) by 3.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 78,248 shares of the company’s stock after selling 2,898 shares during the period. PNC Financial Services Group Inc.’s holdings in Cardinal Health were worth $12,282,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of CAH. Geode Capital Management LLC increased its holdings in Cardinal Health by 3.3% during the 2nd quarter. Geode Capital Management LLC now owns 6,389,049 shares of the company’s stock worth $1,069,005,000 after purchasing an additional 205,539 shares during the period. Norges Bank purchased a new position in shares of Cardinal Health during the second quarter valued at $584,420,000. Invesco Ltd. increased its stake in shares of Cardinal Health by 7.3% during the second quarter. Invesco Ltd. now owns 3,037,782 shares of the company’s stock valued at $510,347,000 after buying an additional 207,750 shares during the period. Legal & General Group Plc raised its holdings in shares of Cardinal Health by 2.0% in the second quarter. Legal & General Group Plc now owns 2,349,767 shares of the company’s stock valued at $394,761,000 after acquiring an additional 45,812 shares in the last quarter. Finally, Marshall Wace LLP lifted its stake in Cardinal Health by 19.1% in the second quarter. Marshall Wace LLP now owns 1,930,967 shares of the company’s stock worth $324,402,000 after acquiring an additional 309,335 shares during the period. Institutional investors own 87.17% of the company’s stock.

Cardinal Health Price Performance

Shares of CAH stock opened at $225.07 on Thursday. The stock’s fifty day moving average price is $210.37 and its 200 day moving average price is $183.79. Cardinal Health, Inc. has a 1-year low of $120.72 and a 1-year high of $230.81. The company has a market cap of $52.96 billion, a price-to-earnings ratio of 32.38, a price-to-earnings-growth ratio of 1.45 and a beta of 0.64.

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

Cardinal Health Announces Dividend

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

Wall Street Analysts Forecast Growth

CAH has been the topic of a number of research reports. Barclays initiated coverage on shares of Cardinal Health in a research report on Monday, December 8th. They set an “overweight” rating and a $243.00 target price on the stock. Mizuho lifted their price objective on shares of Cardinal Health from $222.00 to $235.00 and gave the company an “outperform” rating in a report on Friday, February 6th. JPMorgan Chase & Co. upped their target price on Cardinal Health from $209.00 to $243.00 and gave the stock a “neutral” rating in a report on Tuesday, February 10th. Leerink Partners lifted their price target on Cardinal Health from $240.00 to $268.00 and gave the company an “outperform” rating in a report on Thursday, February 5th. Finally, Robert W. Baird set a $252.00 price target on Cardinal Health in a research report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Cardinal Health presently has an average rating of “Moderate Buy” and a consensus price target of $244.20.

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.