Tokio Marine Asset Management Co. Ltd. decreased its stake in Cardinal Health Inc. (NYSE:CAH) by 8.3% during the second quarter, Holdings Channel reports. The firm owned 8,664 shares of the company’s stock after selling 788 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in Cardinal Health were worth $676,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. Lucus Advisors LLC purchased a new position in Cardinal Health during the second quarter worth about $346,000. Calamos Wealth Management LLC raised its position in Cardinal Health by 16.5% in the second quarter. Calamos Wealth Management LLC now owns 27,146 shares of the company’s stock worth $2,118,000 after buying an additional 3,839 shares during the last quarter. Conning Inc. raised its position in Cardinal Health by 0.3% in the second quarter. Conning Inc. now owns 7,980 shares of the company’s stock worth $623,000 after buying an additional 20 shares during the last quarter. K.J. Harrison & Partners Inc purchased a new position in Cardinal Health during the second quarter worth about $780,000. Finally, HealthInvest Partners AB purchased a new position in Cardinal Health during the second quarter worth about $12,482,000. Institutional investors own 85.79% of the company’s stock.
Cardinal Health Inc. (NYSE:CAH) traded down 0.40% during trading on Friday, hitting $76.40. 2,442,415 shares of the stock were exchanged. The firm has a 50-day moving average of $78.45 and a 200-day moving average of $80.18. The stock has a market capitalization of $24.34 billion, a price-to-earnings ratio of 17.69 and a beta of 0.63. Cardinal Health Inc. has a 52 week low of $73.25 and a 52 week high of $91.23.
Cardinal Health (NYSE:CAH) last released its quarterly earnings data on Tuesday, August 2nd. The company reported $1.14 EPS for the quarter, beating the Thomson Reuters’ consensus estimate 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 previous year, the company earned $1.00 earnings per share. The company’s quarterly revenue was up 13.9% on a year-over-year basis. Equities research analysts anticipate that Cardinal Health Inc. will post $5.59 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Saturday, October 15th. Shareholders of record on Monday, October 3rd will be paid a dividend of $0.4489 per share. The ex-dividend date is Thursday, September 29th. This represents a $1.80 dividend on an annualized basis and a yield of 2.35%. Cardinal Health’s payout ratio is 41.67%.
A number of research firms recently issued reports on CAH. Bank of America Corp. reiterated a “hold” rating and issued a $90.00 target price on shares of Cardinal Health in a research note on Monday, September 19th. Royal Bank Of Canada reiterated a “buy” rating on shares of Cardinal Health in a research note on Monday, June 13th. Deutsche Bank AG raised their target price on shares of Cardinal Health from $83.00 to $89.00 and gave the company a “hold” rating in a research note on Thursday, August 4th. Leerink Swann reiterated a “buy” rating on shares of Cardinal Health in a research note on Wednesday, August 3rd. Finally, Goldman Sachs Group Inc. lowered shares of Cardinal Health from a “buy” rating to a “neutral” rating and lowered their target price for the company from $90.00 to $83.00 in a research note on Friday, September 16th. Eight research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $94.76.
In other news, SVP Stuart G. Laws sold 9,703 shares of the stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $82.45, for a total value of $800,012.35. Following the completion of the transaction, the senior vice president now owns 2,718 shares of the company’s stock, valued at $224,099.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Patricia Morrison sold 43,959 shares of the stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $82.50, for a total transaction of $3,626,617.50. Following the completion of the transaction, the insider now directly owns 99,662 shares of the company’s stock, valued at approximately $8,222,115. The disclosure for this sale can be found here. Company insiders own 0.94% of the company’s stock.
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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