Summit Global Investments Sells 15,188 Shares of Cardinal Health, Inc. (NYSE:CAH)

Summit Global Investments cut its position in Cardinal Health, Inc. (NYSE:CAH) by 12.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 103,600 shares of the company’s stock after selling 15,188 shares during the quarter. Summit Global Investments’ holdings in Cardinal Health were worth $11,450,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Private Advisor Group LLC grew its position in shares of Cardinal Health by 13.4% in the 1st quarter. Private Advisor Group LLC now owns 12,077 shares of the company’s stock valued at $1,350,000 after buying an additional 1,428 shares during the last quarter. Duality Advisers LP acquired a new position in shares of Cardinal Health in the 1st quarter worth approximately $380,000. Empirical Finance LLC boosted its stake in shares of Cardinal Health by 3.2% in the 1st quarter. Empirical Finance LLC now owns 9,620 shares of the company’s stock valued at $1,076,000 after purchasing an additional 296 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its position in shares of Cardinal Health by 13.7% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 34,613 shares of the company’s stock worth $3,873,000 after buying an additional 4,177 shares during the period. Finally, Empowered Funds LLC raised its stake in Cardinal Health by 9.4% during the first quarter. Empowered Funds LLC now owns 80,878 shares of the company’s stock worth $9,050,000 after buying an additional 6,947 shares during the last quarter. 87.17% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Jessica L. Mayer sold 17,896 shares of Cardinal Health stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $106.48, for a total value of $1,905,566.08. Following the transaction, the insider now owns 94,529 shares in the company, valued at $10,065,447.92. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Jessica L. Mayer sold 17,896 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now directly owns 94,529 shares of the company’s stock, valued at approximately $10,065,447.92. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jason M. Hollar sold 26,716 shares of the company’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $108.87, for a total transaction of $2,908,570.92. Following the completion of the transaction, the chief executive officer now owns 244,091 shares of the company’s stock, valued at $26,574,187.17. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 113,963 shares of company stock worth $12,379,980. Corporate insiders own 0.09% of the company’s stock.

Wall Street Analyst Weigh In

CAH has been the topic of several research analyst reports. Barclays upped their target price on Cardinal Health from $117.00 to $133.00 and gave the company an “overweight” rating in a research report on Monday. Argus lifted their price objective on shares of Cardinal Health from $115.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. Mizuho raised their price objective on Cardinal Health from $110.00 to $120.00 and gave the company a “neutral” rating in a research note on Monday. Evercore ISI raised their price target on shares of Cardinal Health from $105.00 to $115.00 and gave the company an “in-line” rating in a research report on Thursday, August 15th. Finally, Robert W. Baird boosted their price target on shares of Cardinal Health from $130.00 to $137.00 and gave the stock an “outperform” rating in a report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $123.00.

Cardinal Health Price Performance

CAH opened at $118.22 on Friday. Cardinal Health, Inc. has a one year low of $93.17 and a one year high of $119.58. The firm has a market capitalization of $28.61 billion, a P/E ratio of 23.00, a price-to-earnings-growth ratio of 1.39 and a beta of 0.60. The company has a fifty day moving average price of $112.07 and a 200-day moving average price of $104.41.

Cardinal Health (NYSE:CAH) last issued its quarterly earnings results on Friday, November 1st. The company reported $1.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.62 by $0.26. The firm had revenue of $52.28 billion during the quarter, compared to the consensus estimate of $50.90 billion. Cardinal Health had a negative return on equity of 56.56% and a net margin of 0.56%. The company’s revenue for the quarter was down 4.3% on a year-over-year basis. During the same quarter last year, the company posted $1.73 EPS. On average, analysts expect that Cardinal Health, Inc. will post 7.84 earnings per share for the current year.

Cardinal Health Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Thursday, January 2nd will be issued a dividend of $0.5056 per share. This represents a $2.02 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date of this dividend is Thursday, January 2nd. Cardinal Health’s dividend payout ratio is currently 39.30%.

About Cardinal Health

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.