Northern Trust Corp raised its stake in Cardinal Health (NYSE:CAH) by 0.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,322,657 shares of the company’s stock after acquiring an additional 14,642 shares during the period. Northern Trust Corp owned 1.37% of Cardinal Health worth $270,944,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of the business. Systematic Financial Management LP acquired a new position in Cardinal Health in the first quarter valued at approximately $1,187,000. Private Advisor Group LLC boosted its stake in Cardinal Health by 60.0% in the first quarter. Private Advisor Group LLC now owns 5,097 shares of the company’s stock valued at $320,000 after acquiring an additional 1,911 shares during the period. Cambridge Investment Research Advisors Inc. boosted its stake in Cardinal Health by 446.4% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 57,566 shares of the company’s stock valued at $3,608,000 after acquiring an additional 47,030 shares during the period. Sector Gamma AS acquired a new position in shares of Cardinal Health during the first quarter worth approximately $14,182,000. Finally, Teacher Retirement System of Texas boosted its position in shares of Cardinal Health by 26.9% during the first quarter. Teacher Retirement System of Texas now owns 386,477 shares of the company’s stock worth $24,224,000 after buying an additional 81,909 shares during the period. Institutional investors own 91.69% of the company’s stock.
CAH has been the subject of several analyst reports. Royal Bank of Canada set a $83.00 price objective on Cardinal Health and gave the stock a “hold” rating in a research report on Thursday, February 8th. ValuEngine downgraded Cardinal Health from a “buy” rating to a “hold” rating in a research report on Friday, February 2nd. Zacks Investment Research downgraded Cardinal Health from a “buy” rating to a “hold” rating in a research report on Tuesday, April 17th. Jefferies Group set a $55.00 price objective on Cardinal Health and gave the stock a “hold” rating in a research report on Friday, May 4th. Finally, Mizuho set a $61.00 price objective on Cardinal Health and gave the stock a “hold” rating in a research report on Monday, May 7th. Five investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $70.33.
Shares of NYSE:CAH opened at $52.44 on Friday. Cardinal Health has a 12 month low of $50.79 and a 12 month high of $80.37. The company has a market cap of $16.29 billion, a P/E ratio of 10.28, a PEG ratio of 1.32 and a beta of 1.06. The company has a current ratio of 1.10, a quick ratio of 0.54 and a debt-to-equity ratio of 1.20.
Cardinal Health announced that its Board of Directors has approved a stock buyback program on Thursday, February 8th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Sunday, July 15th. Investors of record on Monday, July 2nd will be issued a dividend of $0.476 per share. This is a boost from Cardinal Health’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend is Friday, June 29th. This represents a $1.90 annualized dividend and a yield of 3.63%. Cardinal Health’s payout ratio is presently 34.26%.
About Cardinal Health
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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