Parsec Financial Management Inc. cut its position in Cardinal Health Inc. (NYSE:CAH) by 1.6% during the second quarter, Holdings Channel reports. The institutional investor owned 129,864 shares of the company’s stock after selling 2,100 shares during the period. Parsec Financial Management Inc.’s holdings in Cardinal Health were worth $10,131,000 as of its most recent filing with the SEC.
Several other institutional investors also recently bought and sold shares of the company. Royal Bank of Canada raised its position in Cardinal Health by 2.8% in the first quarter. Royal Bank of Canada now owns 1,927,963 shares of the company’s stock worth $157,997,000 after buying an additional 52,912 shares in the last quarter. Origin Asset Management LLP raised its position in Cardinal Health by 75.1% in the first quarter. Origin Asset Management LLP now owns 377,381 shares of the company’s stock worth $30,926,000 after buying an additional 161,881 shares in the last quarter. HealthInvest Partners AB bought a new position in Cardinal Health during the second quarter worth approximately $12,482,000. PGGM Investments raised its position in Cardinal Health by 56.8% in the second quarter. PGGM Investments now owns 860,610 shares of the company’s stock worth $67,136,000 after buying an additional 311,842 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in Cardinal Health by 0.9% in the first quarter. JPMorgan Chase & Co. now owns 1,818,018 shares of the company’s stock worth $148,985,000 after buying an additional 15,770 shares in the last quarter. 85.79% of the stock is currently owned by institutional investors.
Shares of Cardinal Health Inc. (NYSE:CAH) traded up 0.16% during midday trading on Monday, reaching $76.52. The company had a trading volume of 508,598 shares. The company has a market capitalization of $24.38 billion, a P/E ratio of 17.71 and a beta of 0.64. Cardinal Health Inc. has a one year low of $73.25 and a one year high of $91.23. The company has a 50-day moving average price of $78.45 and a 200 day moving average price of $80.18.
Cardinal Health (NYSE:CAH) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.01. Cardinal Health had a return on equity of 26.09% and a net margin of 1.17%. The business had revenue of $31.40 billion for the quarter, compared to analyst estimates of $31.06 billion. During the same period last year, the company earned $1.00 EPS. Cardinal Health’s revenue for the quarter was up 13.9% compared to the same quarter last year. Equities analysts anticipate that Cardinal Health Inc. will post $5.59 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, October 15th. Stockholders of record on Monday, October 3rd will be given a $0.4489 dividend. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.35%. Cardinal Health’s dividend payout ratio is currently 41.67%.
CAH has been the topic of a number of recent analyst reports. Morgan Stanley reaffirmed a “hold” rating and issued a $91.00 price objective on shares of Cardinal Health in a research note on Monday, September 12th. Goldman Sachs Group Inc. lowered Cardinal Health from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $90.00 to $83.00 in a research note on Friday, September 16th. Bank of America Corp. reaffirmed a “hold” rating and issued a $90.00 price objective on shares of Cardinal Health in a research note on Monday, September 19th. Credit Suisse Group AG reissued a “buy” rating and issued a $97.00 price target on shares of Cardinal Health in a research note on Tuesday, August 30th. Finally, Zacks Investment Research lowered Cardinal Health from a “hold” rating to a “sell” rating in a research note on Friday, July 8th. Nine equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Cardinal Health has an average rating of “Buy” and a consensus price target of $94.76.
In other news, Chairman George S. Barrett sold 250,000 shares of Cardinal Health stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $83.63, for a total value of $20,907,500.00. Following the sale, the chairman now directly owns 510,762 shares in the company, valued at approximately $42,715,026.06. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Stuart G. Laws sold 9,703 shares of Cardinal Health stock in a transaction that occurred on Thursday, August 18th. The stock was sold at an average price of $82.45, for a total value of $800,012.35. Following the completion of the sale, the senior vice president now 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 owned by insiders.
Cardinal Health Company Profile
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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