Tredje AP fonden cut its stake in Cardinal Health (NYSE:CAH) by 6.5% during the first quarter, HoldingsChannel.com reports. The fund owned 33,136 shares of the company’s stock after selling 2,290 shares during the quarter. Tredje AP fonden’s holdings in Cardinal Health were worth $2,092,000 as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. BlackRock Inc. boosted its position in shares of Cardinal Health by 15.0% in the 4th 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 in the last quarter. Macquarie Group Ltd. boosted its position in shares of Cardinal Health by 5.1% in the 4th quarter. Macquarie Group Ltd. now owns 10,625,511 shares of the company’s stock worth $651,092,000 after purchasing an additional 520,137 shares in the last quarter. American International Group Inc. boosted its position in shares of Cardinal Health by 5,859.3% in the 4th 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 in the last quarter. Boston Partners boosted its position in shares of Cardinal Health by 74.4% in the 1st quarter. Boston Partners now owns 6,095,384 shares of the company’s stock worth $382,059,000 after purchasing an additional 2,599,918 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Cardinal Health by 31.3% in the 4th 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 in the last quarter. Institutional investors and hedge funds own 91.69% of the company’s stock.
A number of research firms have recently weighed in on CAH. Zacks Investment Research cut Cardinal Health from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 8th. Mizuho set a $61.00 price target on Cardinal Health and gave the stock a “hold” rating in a research report on Monday, May 7th. TheStreet cut Cardinal Health from a “b-” rating to a “c+” rating in a research report on Thursday, May 3rd. Leerink Swann set a $65.00 price target on Cardinal Health and gave the stock a “buy” rating in a research report on Saturday, May 5th. Finally, Royal Bank of Canada set a $62.00 price target on Cardinal Health and gave the stock a “hold” rating in a research report on Friday, May 4th. Five research analysts have rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $70.33.
In related news, CEO Jon L. Giacomin sold 7,995 shares of Cardinal Health stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $68.78, for a total value of $549,896.10. Following the completion of the transaction, the chief executive officer now owns 63,043 shares in the company, valued at approximately $4,336,097.54. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.97% of the stock is owned by insiders.
Shares of Cardinal Health stock opened at $53.33 on Monday. The company has a quick ratio of 0.54, a current ratio of 1.10 and a debt-to-equity ratio of 1.20. Cardinal Health has a twelve month low of $50.79 and a twelve month high of $80.37. The stock has a market capitalization of $16.57 billion, a P/E ratio of 9.88, a price-to-earnings-growth ratio of 1.34 and a beta of 1.06.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, July 15th. Investors of record on Monday, July 2nd will be paid a $0.476 dividend. This represents a $1.90 annualized dividend and a dividend yield of 3.57%. The ex-dividend date is Friday, June 29th. This is a positive change from Cardinal Health’s previous quarterly dividend of $0.46. Cardinal Health’s payout ratio is currently 34.26%.
Cardinal Health declared that its Board of Directors has authorized a stock buyback program on Thursday, February 8th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.
Cardinal Health Profile
Cardinal Health, Inc operates as an integrated healthcare services and products company worldwide. The company's Pharmaceutical segment distributes branded and generic pharmaceutical, specialty pharmaceutical, over-the-counter healthcare, and consumer products to retailers, hospitals, and other healthcare providers.
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