Bank of Nova Scotia Sells 306,162 Shares of Cardinal Health, Inc. $CAH

Bank of Nova Scotia cut its holdings in Cardinal Health, Inc. (NYSE:CAH) by 44.2% during the first quarter, Holdings Channel reports. The firm owned 386,438 shares of the company’s stock after selling 306,162 shares during the quarter. Bank of Nova Scotia’s holdings in Cardinal Health were worth $81,658,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Redhawk Wealth Advisors Inc. lifted its holdings in shares of Cardinal Health by 0.5% in the fourth quarter. Redhawk Wealth Advisors Inc. now owns 9,255 shares of the company’s stock worth $1,902,000 after buying an additional 48 shares in the last quarter. HF Advisory Group LLC grew its stake in Cardinal Health by 0.9% during the fourth quarter. HF Advisory Group LLC now owns 5,227 shares of the company’s stock valued at $1,074,000 after acquiring an additional 49 shares in the last quarter. Kathmere Capital Management LLC increased its holdings in Cardinal Health by 1.2% in the 1st quarter. Kathmere Capital Management LLC now owns 4,242 shares of the company’s stock valued at $896,000 after acquiring an additional 49 shares during the last quarter. Hillsdale Investment Management Inc. lifted its stake in Cardinal Health by 0.9% in the 4th quarter. Hillsdale Investment Management Inc. now owns 5,760 shares of the company’s stock worth $1,184,000 after purchasing an additional 50 shares in the last quarter. Finally, V Square Quantitative Management LLC lifted its stake in Cardinal Health by 2.6% in the 1st quarter. V Square Quantitative Management LLC now owns 2,002 shares of the company’s stock worth $423,000 after purchasing an additional 50 shares in the last quarter. 87.17% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CAH has been the subject of a number of research analyst reports. Zacks Research lowered Cardinal Health from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 12th. JPMorgan Chase & Co. dropped their price target on Cardinal Health from $243.00 to $215.00 and set a “neutral” rating for the company in a research note on Monday, May 4th. Wells Fargo & Company cut their price target on Cardinal Health from $256.00 to $245.00 and set an “overweight” rating for the company in a report on Friday, May 1st. Robert W. Baird set a $248.00 price objective on Cardinal Health in a report on Friday, May 1st. Finally, UBS Group increased their target price on Cardinal Health from $260.00 to $274.00 and gave the company a “buy” rating in a research report on Monday. Fifteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $250.40.

Cardinal Health Price Performance

Shares of NYSE CAH opened at $225.54 on Friday. The business’s 50 day moving average is $219.32 and its two-hundred day moving average is $214.34. Cardinal Health, Inc. has a 1-year low of $137.75 and a 1-year high of $243.21. The stock has a market capitalization of $52.82 billion, a P/E ratio of 34.49, a PEG ratio of 1.08 and a beta of 0.49.

Cardinal Health (NYSE:CAH) last posted its quarterly earnings data on Thursday, April 30th. The company reported $3.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.79 by $0.38. The business had revenue of $60.94 billion during the quarter, compared to analyst estimates of $62.10 billion. Cardinal Health had a negative return on equity of 92.61% and a net margin of 0.62%.The company’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same period last year, the company earned $2.35 EPS. Cardinal Health has set its FY 2026 guidance at 10.700-10.80 EPS. As a group, equities research analysts anticipate that Cardinal Health, Inc. will post 10.77 earnings per share for the current fiscal year.

Cardinal Health Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st were given a $0.5158 dividend. This is a boost from Cardinal Health’s previous quarterly dividend of $0.51. This represents a $2.06 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Wednesday, July 1st. Cardinal Health’s dividend payout ratio is 31.50%.

Cardinal Health Profile

Cardinal Health is a multinational healthcare services and products company headquartered in Dublin, Ohio. Tracing its roots to the early 1970s, the company has grown into a major provider of supply chain and distribution services for the healthcare sector. Cardinal Health operates across a range of service lines that support hospitals, health systems, pharmacies, physician offices and clinical laboratories.

The company’s core activities include the wholesale distribution of branded and generic pharmaceuticals, the supply and distribution of medical-surgical products, and the provision of logistics and inventory management solutions.