Bank of New York Mellon Corp Lowers Holdings in Cardinal Health, Inc. $CAH

Bank of New York Mellon Corp reduced its stake in shares of Cardinal Health, Inc. (NYSE:CAH) by 2.2% during the 3rd quarter, Holdings Channel.com reports. The firm owned 1,440,898 shares of the company’s stock after selling 31,957 shares during the quarter. Bank of New York Mellon Corp’s holdings in Cardinal Health were worth $226,163,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Baird Financial Group Inc. lifted its holdings in Cardinal Health by 107.2% in the second quarter. Baird Financial Group Inc. now owns 99,393 shares of the company’s stock valued at $16,698,000 after acquiring an additional 51,416 shares during the period. Voya Investment Management LLC grew its stake in shares of Cardinal Health by 298.3% during the 3rd quarter. Voya Investment Management LLC now owns 821,723 shares of the company’s stock worth $128,978,000 after purchasing an additional 615,398 shares during the period. Nomura Holdings Inc. increased its holdings in shares of Cardinal Health by 568.0% during the 2nd quarter. Nomura Holdings Inc. now owns 85,293 shares of the company’s stock valued at $14,329,000 after purchasing an additional 72,525 shares in the last quarter. Marshall Wace LLP lifted its stake in shares of Cardinal Health by 19.1% in the 2nd quarter. Marshall Wace LLP now owns 1,930,967 shares of the company’s stock valued at $324,402,000 after purchasing an additional 309,335 shares during the period. Finally, Columbus Macro LLC boosted its holdings in Cardinal Health by 102.8% during the third quarter. Columbus Macro LLC now owns 36,529 shares of the company’s stock worth $5,734,000 after buying an additional 18,516 shares in the last quarter. Institutional investors and hedge funds own 87.17% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CAH shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Cardinal Health in a report on Wednesday, January 21st. Mizuho set a $222.00 price target on Cardinal Health in a research note on Monday, January 12th. TD Cowen reaffirmed a “buy” rating on shares of Cardinal Health in a report on Tuesday. Evercore ISI raised their price objective on Cardinal Health from $190.00 to $220.00 and gave the company an “outperform” rating in a report on Friday, October 31st. Finally, Morgan Stanley boosted their price objective on Cardinal Health from $224.00 to $245.00 and gave the company an “overweight” rating in a research report on Thursday. Fourteen investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $224.73.

Cardinal Health Stock Up 1.7%

Shares of CAH opened at $214.85 on Friday. The firm’s fifty day moving average is $206.24 and its two-hundred day moving average is $177.90. The stock has a market cap of $51.05 billion, a PE ratio of 32.41, a price-to-earnings-growth ratio of 1.44 and a beta of 0.65. Cardinal Health, Inc. has a 52-week low of $120.72 and a 52-week high of $216.51.

Cardinal Health (NYSE:CAH) last posted its quarterly earnings results on Thursday, October 30th. The company reported $2.55 earnings per share for the quarter, topping analysts’ consensus estimates of $2.22 by $0.33. The firm had revenue of $64.01 billion for the quarter, compared to analyst estimates of $59.41 billion. Cardinal Health had a net margin of 0.68% and a negative return on equity of 84.37%. Cardinal Health’s quarterly revenue was up 22.4% on a year-over-year basis. During the same period in the previous year, the business posted $1.88 earnings per share. As a group, research analysts anticipate that Cardinal Health, Inc. will post 7.95 earnings per share for the current year.

Cardinal Health Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Friday, January 2nd were issued a dividend of $0.5107 per share. This represents a $2.04 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Friday, January 2nd. Cardinal Health’s payout ratio is currently 30.77%.

Cardinal Health Company 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.