Paloma Partners Management Co increased its position in shares of Cardinal Health Inc (NYSE:CAH) by 3.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 122,607 shares of the company’s stock after purchasing an additional 3,993 shares during the quarter. Paloma Partners Management Co’s holdings in Cardinal Health were worth $7,512,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its holdings in Cardinal Health by 15.0% during the fourth quarter. BlackRock Inc. now owns 24,845,043 shares of the company’s stock worth $1,522,257,000 after purchasing an additional 3,235,076 shares during the last quarter. Macquarie Group Ltd. boosted its holdings in Cardinal Health by 4.6% during the third quarter. Macquarie Group Ltd. now owns 10,105,374 shares of the company’s stock worth $676,253,000 after purchasing an additional 445,399 shares during the last quarter. American International Group Inc. boosted its holdings in Cardinal Health by 5,859.3% during the fourth quarter. American International Group Inc. now owns 7,969,384 shares of the company’s stock worth $488,284,000 after purchasing an additional 7,835,654 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Cardinal Health by 31.3% during the fourth quarter. Bank of New York Mellon Corp now owns 5,049,224 shares of the company’s stock worth $309,366,000 after purchasing an additional 1,203,015 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its holdings in Cardinal Health by 38.6% during the third quarter. Ameriprise Financial Inc. now owns 4,930,457 shares of the company’s stock worth $329,964,000 after purchasing an additional 1,373,334 shares during the last quarter. Institutional investors and hedge funds own 90.04% of the company’s stock.
CAH has been the topic of several analyst reports. Morgan Stanley cut shares of Cardinal Health from an “equal weight” rating to an “underweight” rating in a report on Monday, November 20th. Deutsche Bank initiated coverage on shares of Cardinal Health in a report on Monday, December 4th. They set a “hold” rating and a $64.00 price target on the stock. Argus cut shares of Cardinal Health from a “buy” rating to a “hold” rating in a research note on Wednesday, November 15th. Royal Bank of Canada set a $83.00 target price on shares of Cardinal Health and gave the company a “hold” rating in a research note on Thursday, February 8th. Finally, Bank of America initiated coverage on shares of Cardinal Health in a research note on Tuesday, February 27th. They issued an “underperform” rating and a $69.00 target price on the stock. Three investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $74.78.
Cardinal Health (NYSE:CAH) last announced its quarterly earnings results on Thursday, February 8th. The company reported $1.31 EPS for the quarter, beating the Zacks’ consensus estimate of $1.14 by $0.17. The company had revenue of $35.19 billion for the quarter, compared to analysts’ expectations of $34.63 billion. Cardinal Health had a net margin of 1.37% and a return on equity of 24.81%. Cardinal Health’s revenue was up 6.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.34 EPS. equities research analysts anticipate that Cardinal Health Inc will post 5.42 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, April 15th. Investors of record on Monday, April 2nd will be paid a dividend of $0.4624 per share. This represents a $1.85 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date of this dividend is Thursday, March 29th. Cardinal Health’s payout ratio is currently 32.17%.
Cardinal Health announced that its Board of Directors has approved a share buyback plan on Thursday, February 8th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
In related news, insider Patricia Morrison sold 28,532 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $66.30, for a total transaction of $1,891,671.60. Following the sale, the insider now directly owns 36,157 shares in the company, valued at approximately $2,397,209.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jon L. Giacomin sold 7,995 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $68.78, for a total transaction of $549,896.10. Following the sale, the chief executive officer now owns 63,043 shares in the company, valued at $4,336,097.54. The disclosure for this sale can be found here. Insiders have sold a total of 55,113 shares of company stock worth $3,815,073 over the last 90 days. 0.97% of the stock is currently owned by corporate insiders.
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About Cardinal Health
Cardinal Health, Inc is a healthcare services and products company. The Company operates through two segments: Pharmaceutical and Medical. The Pharmaceutical segment distributes branded and generic pharmaceutical, specialty pharmaceutical, over-the-counter healthcare and consumer products. This segment also operates nuclear pharmacies and cyclotron facilities; provides pharmacy management services to hospitals, as well as medication therapy management and patient outcomes services to hospitals, other healthcare providers and payers, and provides services to healthcare companies.
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