Bank of New York Mellon Corp cut its stake in shares of Cardinal Health Inc. (NYSE:CAH) by 14.4% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 4,359,968 shares of the company’s stock after selling 733,658 shares during the period. Bank of New York Mellon Corp owned approximately 1.37% of Cardinal Health worth $338,769,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Engineers Gate Manager LP boosted its stake in Cardinal Health by 165.6% in the second quarter. Engineers Gate Manager LP now owns 67,927 shares of the company’s stock valued at $5,299,000 after buying an additional 42,355 shares in the last quarter. Foster & Motley Inc. bought a new stake in Cardinal Health during the second quarter valued at about $505,000. 1832 Asset Management L.P. boosted its stake in Cardinal Health by 57.3% in the second quarter. 1832 Asset Management L.P. now owns 427,017 shares of the company’s stock valued at $33,439,000 after buying an additional 155,512 shares in the last quarter. Cincinnati Financial Corp boosted its stake in Cardinal Health by 79.0% in the second quarter. Cincinnati Financial Corp now owns 498,000 shares of the company’s stock valued at $38,849,000 after buying an additional 219,800 shares in the last quarter. Finally, HealthInvest Partners AB bought a new stake in Cardinal Health during the second quarter valued at about $12,482,000. 84.54% of the stock is currently owned by hedge funds and other institutional investors.
Cardinal Health Inc. (NYSE:CAH) traded up 0.555% during trading on Monday, hitting $71.505. 1,420,857 shares of the stock traded hands. The stock has a market cap of $22.89 billion, a P/E ratio of 17.309 and a beta of 0.73. The firm’s 50-day moving average is $71.88 and its 200 day moving average is $77.59. Cardinal Health Inc. has a 52 week low of $62.70 and a 52 week high of $91.23.
Cardinal Health (NYSE:CAH) last released its quarterly earnings results on Monday, October 31st. The company reported $1.24 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.21 by $0.03. Cardinal Health had a return on equity of 25.20% and a net margin of 1.08%. The business earned $32 billion during the quarter, compared to analysts’ expectations of $31.12 billion. During the same period in the previous year, the business posted $1.38 earnings per share. The firm’s revenue for the quarter was up 14.2% compared to the same quarter last year. Equities research analysts forecast that Cardinal Health Inc. will post $5.47 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Sunday, January 15th. Investors of record on Tuesday, January 3rd will be given a $0.4489 dividend. The ex-dividend date of this dividend is Thursday, December 29th. This represents a $1.80 dividend on an annualized basis and a yield of 2.52%. Cardinal Health’s payout ratio is 43.58%.
Several analysts recently issued reports on CAH shares. Cleveland Research cut shares of Cardinal Health from a “buy” rating to a “neutral” rating in a report on Monday, October 10th. Morgan Stanley reissued a “hold” rating and set a $91.00 target price on shares of Cardinal Health in a report on Monday, September 12th. Goldman Sachs Group Inc. cut shares of Cardinal Health from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $90.00 to $83.00 in a report on Friday, September 16th. Bank of America Corp. reissued a “hold” rating and set a $90.00 target price on shares of Cardinal Health in a report on Monday, September 19th. Finally, Credit Suisse Group AG reissued a “buy” rating and set a $97.00 target price on shares of Cardinal Health in a report on Tuesday, August 30th. Ten investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $91.62.
In related news, Chairman George S. Barrett sold 217,995 shares of Cardinal Health stock in a transaction dated Thursday, November 10th. The stock was sold at an average price of $71.29, for a total value of $15,540,863.55. Following the completion of the sale, the chairman now directly owns 682,226 shares in the company, valued at $48,635,891.54. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.94% of the stock is owned by corporate insiders.
Cardinal Health Company Profile
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.