Pictet Asset Management Ltd. lowered its holdings in shares of Cardinal Health Inc (NYSE:CAH) by 5.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 167,771 shares of the company’s stock after selling 9,100 shares during the period. Pictet Asset Management Ltd. owned approximately 0.06% of Cardinal Health worth $9,060,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. LFA Lugano Financial Advisors SA acquired a new stake in Cardinal Health during the third quarter worth approximately $108,000. NEXT Financial Group Inc acquired a new stake in Cardinal Health during the third quarter worth approximately $111,000. First Hawaiian Bank acquired a new stake in Cardinal Health during the third quarter worth approximately $125,000. Sentry Investment Management LLC acquired a new stake in Cardinal Health during the second quarter worth approximately $132,000. Finally, Exane Asset Management acquired a new stake in Cardinal Health during the second quarter worth approximately $153,000. 89.10% of the stock is owned by institutional investors and hedge funds.
Shares of Cardinal Health stock opened at $53.91 on Friday. The company has a quick ratio of 0.52, a current ratio of 1.06 and a debt-to-equity ratio of 1.35. Cardinal Health Inc has a 52 week low of $48.14 and a 52 week high of $75.75. The company has a market capitalization of $16.33 billion, a price-to-earnings ratio of 10.96, a PEG ratio of 1.75 and a beta of 0.92.
Cardinal Health (NYSE:CAH) last announced its quarterly earnings data on Thursday, November 8th. The company reported $1.29 EPS for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.21. Cardinal Health had a return on equity of 23.97% and a net margin of 0.53%. The firm had revenue of $35.21 billion during the quarter, compared to analysts’ expectations of $33.66 billion. During the same quarter last year, the firm posted $1.09 earnings per share. The company’s revenue for the quarter was up 7.9% compared to the same quarter last year. As a group, research analysts predict that Cardinal Health Inc will post 5 EPS for the current year.
Cardinal Health announced that its Board of Directors has approved a share buyback plan on Thursday, November 8th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the company to buy up to 6.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Wednesday, January 2nd will be paid a $0.4763 dividend. The ex-dividend date is Monday, December 31st. This represents a $1.91 dividend on an annualized basis and a yield of 3.53%. Cardinal Health’s dividend payout ratio (DPR) is presently 38.20%.
In other Cardinal Health news, SVP Stuart G. Laws sold 804 shares of the firm’s stock in a transaction that occurred on Tuesday, November 13th. The stock was sold at an average price of $55.55, for a total value of $44,662.20. Following the completion of the sale, the senior vice president now owns 6,342 shares of the company’s stock, valued at $352,298.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.10% of the company’s stock.
CAH has been the subject of several recent analyst reports. Royal Bank of Canada set a $60.00 target price on Cardinal Health and gave the stock a “hold” rating in a research note on Friday, September 21st. Mizuho reaffirmed a “hold” rating and set a $53.00 target price on shares of Cardinal Health in a research note on Sunday, August 12th. Jefferies Financial Group reaffirmed a “hold” rating and set a $61.00 target price on shares of Cardinal Health in a research note on Wednesday, November 14th. Zacks Investment Research raised Cardinal Health from a “sell” rating to a “hold” rating in a research note on Tuesday, November 13th. Finally, Leerink Swann cut Cardinal Health from an “outperform” rating to a “market perform” rating and set a $55.00 target price for the company. in a research note on Friday, November 16th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $61.36.
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Cardinal Health Company Profile
Cardinal Health, Inc operates as an integrated healthcare services and products company in the United States and internationally. It provides medical products and pharmaceuticals, and solutions that enhance supply chain efficiency for hospitals, healthcare systems, pharmacies, ambulatory surgery centers, clinical laboratories, and physician offices.
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