Cardinal Health (NYSE:CAH) Downgraded by StockNews.com to “Buy”

StockNews.com downgraded shares of Cardinal Health (NYSE:CAH) from a strong-buy rating to a buy rating in a research note issued to investors on Tuesday morning.

Other equities analysts also recently issued reports about the stock. Evercore ISI upped their price target on shares of Cardinal Health from $110.00 to $115.00 and gave the stock an in-line rating in a research note on Friday, May 3rd. Wells Fargo & Company lowered their target price on shares of Cardinal Health from $96.00 to $94.00 and set an underweight rating on the stock in a research report on Monday, April 29th. Robert W. Baird lowered their target price on shares of Cardinal Health from $134.00 to $128.00 and set an outperform rating on the stock in a research report on Friday, May 3rd. Finally, Argus lowered their target price on shares of Cardinal Health from $120.00 to $115.00 and set a buy rating on the stock in a research report on Wednesday, May 15th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $109.67.

Cardinal Health Stock Down 1.2 %

Shares of NYSE:CAH opened at $96.54 on Tuesday. The company’s fifty day moving average is $99.64 and its two-hundred day moving average is $104.42. Cardinal Health has a 12-month low of $85.11 and a 12-month high of $116.04. The company has a market cap of $23.51 billion, a P/E ratio of 42.91, a price-to-earnings-growth ratio of 1.11 and a beta of 0.61.

Cardinal Health (NYSE:CAH) last posted its quarterly earnings results on Thursday, May 2nd. The company reported $2.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.95 by $0.13. Cardinal Health had a net margin of 0.25% and a negative return on equity of 54.74%. The business had revenue of $54.90 billion for the quarter, compared to the consensus estimate of $56.05 billion. During the same period in the prior year, the business posted $1.74 earnings per share. Cardinal Health’s revenue for the quarter was up 8.7% compared to the same quarter last year. Equities research analysts anticipate that Cardinal Health will post 7.35 earnings per share for the current year.

Cardinal Health Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, July 1st will be paid a $0.5056 dividend. This represents a $2.02 annualized dividend and a dividend yield of 2.09%. The ex-dividend date of this dividend is Monday, July 1st. This is a boost from Cardinal Health’s previous quarterly dividend of $0.50. Cardinal Health’s dividend payout ratio (DPR) is presently 88.89%.

Institutional Investors Weigh In On Cardinal Health

Hedge funds have recently made changes to their positions in the stock. Hudson Valley Investment Advisors Inc. ADV acquired a new position in Cardinal Health in the second quarter worth about $205,000. Massmutual Trust Co. FSB ADV raised its position in Cardinal Health by 14.5% in the second quarter. Massmutual Trust Co. FSB ADV now owns 1,143 shares of the company’s stock worth $112,000 after purchasing an additional 145 shares in the last quarter. GAMMA Investing LLC raised its position in Cardinal Health by 43.0% in the second quarter. GAMMA Investing LLC now owns 2,655 shares of the company’s stock worth $261,000 after purchasing an additional 799 shares in the last quarter. Transcend Capital Advisors LLC acquired a new position in Cardinal Health in the second quarter worth about $217,000. Finally, Keynote Financial Services LLC acquired a new position in Cardinal Health in the first quarter worth about $204,000. Institutional investors own 87.17% of the company’s stock.

Cardinal Health Company Profile

Cardinal Health, Inc operates as a healthcare services and products company in the United States, Canada, Europe, Asia, and internationally. It provides customized solutions for hospitals, healthcare systems, pharmacies, ambulatory surgery centers, clinical laboratories, physician offices, and patients in the home.