Parsec Financial Management Inc. increased its holdings in Cardinal Health Inc (NYSE:CAH) by 3.6% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 197,381 shares of the company’s stock after buying an additional 6,857 shares during the quarter. Parsec Financial Management Inc.’s holdings in Cardinal Health were worth $10,659,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. World Asset Management Inc increased its holdings in Cardinal Health by 4.2% in the 3rd quarter. World Asset Management Inc now owns 26,721 shares of the company’s stock worth $1,443,000 after buying an additional 1,078 shares in the last quarter. Sigma Planning Corp increased its holdings in Cardinal Health by 17.0% in the 2nd quarter. Sigma Planning Corp now owns 8,650 shares of the company’s stock worth $422,000 after buying an additional 1,256 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. increased its holdings in Cardinal Health by 23.2% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 6,826 shares of the company’s stock worth $333,000 after buying an additional 1,287 shares in the last quarter. Wrapmanager Inc. increased its holdings in Cardinal Health by 23.4% in the 2nd quarter. Wrapmanager Inc. now owns 6,836 shares of the company’s stock worth $334,000 after buying an additional 1,297 shares in the last quarter. Finally, Bronfman E.L. Rothschild L.P. increased its holdings in Cardinal Health by 42.3% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 4,422 shares of the company’s stock worth $216,000 after buying an additional 1,314 shares in the last quarter. Institutional investors own 90.59% of the company’s stock.
In other Cardinal Health news, CEO Jon L. Giacomin sold 2,890 shares of the firm’s stock in a transaction dated Monday, August 20th. The stock was sold at an average price of $51.95, for a total value of $150,135.50. Following the transaction, the chief executive officer now directly owns 72,652 shares of the company’s stock, valued at $3,774,271.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.10% of the company’s stock.
Cardinal Health (NYSE:CAH) last announced its earnings results on Monday, August 6th. The company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.08. The business had revenue of $35.35 billion for the quarter, compared to analysts’ expectations of $34.38 billion. Cardinal Health had a return on equity of 22.59% and a net margin of 0.19%. The business’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same period last year, the firm posted $1.31 earnings per share. As a group, equities analysts forecast that Cardinal Health Inc will post 5.02 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Monday, October 1st were given a $0.4763 dividend. This represents a $1.91 annualized dividend and a yield of 3.69%. This is a boost from Cardinal Health’s previous quarterly dividend of $0.48. The ex-dividend date of this dividend was Friday, September 28th. Cardinal Health’s dividend payout ratio (DPR) is presently 38.20%.
Several equities research analysts recently commented on CAH shares. Zacks Investment Research downgraded Cardinal Health from a “hold” rating to a “sell” rating in a report on Tuesday, October 9th. Royal Bank of Canada reiterated a “hold” rating and issued a $56.00 price objective on shares of Cardinal Health in a report on Tuesday, August 7th. Mizuho reiterated a “hold” rating and issued a $53.00 price objective on shares of Cardinal Health in a report on Sunday, August 12th. Argus reduced their price objective on Cardinal Health from $85.00 to $75.00 and set a “buy” rating for the company in a report on Monday, July 16th. Finally, Robert W. Baird reissued a “hold” rating and issued a $51.00 target price on shares of Cardinal Health in a research report on Friday, July 20th. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $61.33.
Cardinal Health Company Profile
Cardinal Health, Inc operates as an integrated healthcare services and products company in the United States and internationally. It provides medical products and pharmaceuticals, and solutions that enhance supply chain efficiency for hospitals, healthcare systems, pharmacies, ambulatory surgery centers, clinical laboratories, and physician offices.
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