Renaissance Technologies LLC boosted its position in Cardinal Health Inc (NYSE:CAH) by 611.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,535,800 shares of the company’s stock after buying an additional 2,179,400 shares during the period. Renaissance Technologies LLC owned approximately 0.85% of Cardinal Health worth $136,933,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Macquarie Group Ltd. boosted its position in Cardinal Health by 19.7% in the 2nd quarter. Macquarie Group Ltd. now owns 12,544,267 shares of the company’s stock worth $612,537,000 after purchasing an additional 2,067,829 shares in the last quarter. Millennium Management LLC boosted its position in Cardinal Health by 10,011.2% in the 2nd quarter. Millennium Management LLC now owns 2,019,314 shares of the company’s stock worth $98,603,000 after purchasing an additional 1,999,343 shares in the last quarter. American Century Companies Inc. boosted its position in Cardinal Health by 52.2% in the 2nd quarter. American Century Companies Inc. now owns 4,461,439 shares of the company’s stock worth $217,852,000 after purchasing an additional 1,530,702 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Cardinal Health by 23.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 7,829,276 shares of the company’s stock worth $422,781,000 after purchasing an additional 1,512,329 shares in the last quarter. Finally, Panagora Asset Management Inc. boosted its position in Cardinal Health by 3,703.9% in the 3rd quarter. Panagora Asset Management Inc. now owns 842,098 shares of the company’s stock worth $45,473,000 after purchasing an additional 819,960 shares in the last quarter. Hedge funds and other institutional investors own 89.10% of the company’s stock.
In other news, SVP Stuart G. Laws sold 804 shares of the stock in a transaction that occurred on Tuesday, November 13th. The stock was sold at an average price of $55.55, for a total transaction of $44,662.20. Following the transaction, the senior vice president now owns 6,342 shares in the company, valued at approximately $352,298.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.10% of the company’s stock.
Several equities research analysts have commented on CAH shares. Royal Bank of Canada set a $60.00 price objective on Cardinal Health and gave the stock a “hold” rating in a research report on Friday, September 21st. Zacks Investment Research lowered Cardinal Health from a “hold” rating to a “sell” rating in a research report on Tuesday, October 9th. Leerink Swann lowered Cardinal Health from an “outperform” rating to a “market perform” rating and set a $55.00 price objective on the stock. in a research report on Friday, November 16th. Jefferies Financial Group restated a “hold” rating and issued a $61.00 price objective on shares of Cardinal Health in a research report on Wednesday, November 14th. Finally, Mizuho restated a “hold” rating and issued a $53.00 price objective on shares of Cardinal Health in a research report on Sunday, August 12th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company. Cardinal Health currently has an average rating of “Hold” and an average price target of $61.36.
Shares of NYSE:CAH opened at $53.91 on Friday. Cardinal Health Inc has a 1 year low of $48.14 and a 1 year high of $75.75. The company has a market cap of $16.33 billion, a PE ratio of 10.96, a price-to-earnings-growth ratio of 1.75 and a beta of 0.92. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.52 and a current ratio of 1.06.
Cardinal Health (NYSE:CAH) last announced its earnings results on Thursday, November 8th. The company reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $33.66 billion. During the same quarter last year, the firm posted $1.09 EPS. The business’s revenue was up 7.9% on a year-over-year basis. Sell-side analysts expect that Cardinal Health Inc will post 5 EPS for the current fiscal year.
Cardinal Health declared that its Board of Directors has initiated a share repurchase plan on Thursday, November 8th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the company to buy up to 6.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Wednesday, January 2nd will be given a dividend of $0.4763 per share. The ex-dividend date of this dividend is Monday, December 31st. This represents a $1.91 dividend on an annualized basis and a dividend yield of 3.53%. Cardinal Health’s dividend payout ratio (DPR) is 38.20%.
Cardinal Health 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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