Strategic Financial Concepts LLC Buys New Position in Cardinal Health, Inc. (NYSE:CAH)

Strategic Financial Concepts LLC bought a new stake in Cardinal Health, Inc. (NYSE:CAH) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 64,129 shares of the company’s stock, valued at approximately $63,000.

A number of other large investors have also recently made changes to their positions in the company. Acadian Asset Management LLC boosted its position in shares of Cardinal Health by 19.1% in the 1st quarter. Acadian Asset Management LLC now owns 3,723,159 shares of the company’s stock valued at $416,585,000 after purchasing an additional 598,002 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Cardinal Health by 0.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,730,854 shares of the company’s stock valued at $305,584,000 after acquiring an additional 14,030 shares during the last quarter. Norges Bank purchased a new stake in Cardinal Health during the 4th quarter valued at approximately $258,499,000. Brandes Investment Partners LP raised its stake in Cardinal Health by 2.4% during the 4th quarter. Brandes Investment Partners LP now owns 1,221,191 shares of the company’s stock valued at $123,096,000 after acquiring an additional 28,042 shares during the last quarter. Finally, Victory Capital Management Inc. raised its stake in Cardinal Health by 26.4% during the 2nd quarter. Victory Capital Management Inc. now owns 869,548 shares of the company’s stock valued at $85,494,000 after acquiring an additional 181,617 shares during the last quarter. 87.17% of the stock is owned by institutional investors and hedge funds.

Cardinal Health Price Performance

CAH opened at $114.32 on Wednesday. The stock has a market cap of $27.88 billion, a P/E ratio of 50.81, a P/E/G ratio of 1.53 and a beta of 0.60. The stock’s 50 day simple moving average is $102.95 and its 200 day simple moving average is $103.97. Cardinal Health, Inc. has a 1-year low of $85.82 and a 1-year high of $116.05.

Cardinal Health (NYSE:CAH) last announced its earnings results on Wednesday, August 14th. The company reported $1.84 EPS for the quarter, beating analysts’ consensus estimates of $1.74 by $0.10. The firm had revenue of $59.87 billion for the quarter, compared to analysts’ expectations of $58.74 billion. Cardinal Health had a negative return on equity of 54.85% and a net margin of 0.37%. Cardinal Health’s quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.55 EPS. Research analysts expect that Cardinal Health, Inc. will post 7.6 EPS for the current fiscal year.

Cardinal Health Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be issued a dividend of $0.506 per share. This represents a $2.02 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date of this dividend is Tuesday, October 1st. This is a boost from Cardinal Health’s previous quarterly dividend of $0.51. Cardinal Health’s dividend payout ratio is 89.78%.

Wall Street Analyst Weigh In

Several research firms have commented on CAH. Evercore ISI upped their price objective on Cardinal Health from $105.00 to $115.00 and gave the company an “in-line” rating in a research note on Thursday, August 15th. UBS Group increased their target price on Cardinal Health from $120.00 to $125.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Wells Fargo & Company increased their target price on Cardinal Health from $95.00 to $101.00 and gave the stock an “underweight” rating in a research note on Thursday, August 15th. Deutsche Bank Aktiengesellschaft increased their target price on Cardinal Health from $115.00 to $119.00 and gave the stock a “hold” rating in a research note on Friday, August 16th. Finally, Citigroup cut their target price on Cardinal Health from $115.00 to $107.00 and set a “neutral” rating for the company in a research note on Friday, July 19th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $118.45.

Insider Buying and Selling at Cardinal Health

In other Cardinal Health news, insider Jessica L. Mayer sold 17,896 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $106.48, for a total transaction of $1,905,566.08. Following the sale, the insider now owns 94,529 shares in the company, valued at approximately $10,065,447.92. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Jessica L. Mayer sold 17,896 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $106.48, for a total transaction of $1,905,566.08. Following the sale, the insider now owns 94,529 shares in the company, valued at $10,065,447.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jessica L. Mayer sold 16,573 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $109.39, for a total value of $1,812,920.47. Following the sale, the insider now owns 75,971 shares in the company, valued at approximately $8,310,467.69. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 113,963 shares of company stock worth $12,379,980. 0.15% of the stock is owned by insiders.

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.