Verition Fund Management LLC boosted its holdings in Cardinal Health Inc (NYSE:CAH) by 51.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 101,576 shares of the company’s stock after purchasing an additional 34,703 shares during the quarter. Cardinal Health makes up about 0.6% of Verition Fund Management LLC’s investment portfolio, making the stock its 20th largest holding. Verition Fund Management LLC’s holdings in Cardinal Health were worth $6,224,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in CAH. American International Group Inc. lifted its holdings in Cardinal Health by 5,859.3% in the fourth quarter. American International Group Inc. now owns 7,969,384 shares of the company’s stock worth $488,284,000 after purchasing an additional 7,835,654 shares during the period. BlackRock Inc. lifted its holdings in Cardinal Health by 15.0% in the fourth quarter. BlackRock Inc. now owns 24,845,043 shares of the company’s stock worth $1,522,257,000 after purchasing an additional 3,235,076 shares during the period. Amundi Pioneer Asset Management Inc. acquired a new stake in Cardinal Health in the fourth quarter worth about $111,944,000. Ameriprise Financial Inc. lifted its holdings in Cardinal Health by 38.6% in the third quarter. Ameriprise Financial Inc. now owns 4,930,457 shares of the company’s stock worth $329,964,000 after purchasing an additional 1,373,334 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in Cardinal Health by 31.3% in the fourth quarter. Bank of New York Mellon Corp now owns 5,049,224 shares of the company’s stock worth $309,366,000 after purchasing an additional 1,203,015 shares during the period. 89.98% of the stock is owned by hedge funds and other institutional investors.
In other news, CEO Jon L. Giacomin sold 7,995 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $68.78, for a total transaction of $549,896.10. Following the completion of the transaction, the chief executive officer now directly owns 63,043 shares in the company, valued at $4,336,097.54. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Michael C. Kaufmann sold 18,586 shares of the company’s stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $73.90, for a total value of $1,373,505.40. Following the transaction, the chief executive officer now owns 211,849 shares of the company’s stock, valued at $15,655,641.10. The disclosure for this sale can be found here. Insiders have sold 55,113 shares of company stock valued at $3,815,073 in the last ninety days. Company insiders own 0.97% of the company’s stock.
Several equities research analysts have commented on CAH shares. TheStreet upgraded shares of Cardinal Health from a “c+” rating to a “b-” rating in a research report on Tuesday, March 13th. Argus upgraded shares of Cardinal Health from a “hold” rating to a “buy” rating and set a $85.00 price target on the stock in a research report on Monday, April 2nd. Robert W. Baird restated a “hold” rating and set a $80.00 price objective on shares of Cardinal Health in a report on Wednesday, January 17th. Evercore ISI began coverage on Cardinal Health in a report on Thursday, January 4th. They set an “in-line” rating and a $67.00 price objective on the stock. Finally, ValuEngine downgraded Cardinal Health from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. Three investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $75.46.
Shares of NYSE CAH opened at $62.39 on Friday. The company has a market capitalization of $20,090.89, a P/E ratio of 11.55, a PEG ratio of 1.44 and a beta of 1.07. Cardinal Health Inc has a 52 week low of $54.66 and a 52 week high of $82.80. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.09 and a quick ratio of 0.57.
Cardinal Health (NYSE:CAH) last announced its earnings results on Thursday, February 8th. The company reported $1.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.17. The firm had revenue of $35.19 billion during the quarter, compared to analysts’ expectations of $34.63 billion. Cardinal Health had a return on equity of 24.81% and a net margin of 1.37%. The company’s revenue was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.34 earnings per share. equities analysts forecast that Cardinal Health Inc will post 5.42 earnings per share for the current year.
Cardinal Health declared that its Board of Directors has approved a share repurchase program on Thursday, February 8th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Sunday, April 15th. Shareholders of record on Monday, April 2nd will be given a dividend of $0.4624 per share. The ex-dividend date is Thursday, March 29th. This represents a $1.85 dividend on an annualized basis and a yield of 2.96%. Cardinal Health’s payout ratio is currently 34.26%.
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About Cardinal Health
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.
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