Tidal Investments LLC Reduces Holdings in Cardinal Health, Inc. (NYSE:CAH)

Tidal Investments LLC lowered its position in Cardinal Health, Inc. (NYSE:CAH) by 5.3% during the first quarter, Holdings Channel.com reports. The institutional investor owned 17,098 shares of the company’s stock after selling 953 shares during the period. Tidal Investments LLC’s holdings in Cardinal Health were worth $1,914,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of CAH. Norges Bank acquired a new position in Cardinal Health in the fourth quarter valued at approximately $258,499,000. California Public Employees Retirement System increased its position in shares of Cardinal Health by 118.9% during the fourth quarter. California Public Employees Retirement System now owns 1,516,035 shares of the company’s stock worth $152,816,000 after purchasing an additional 823,520 shares in the last quarter. Acadian Asset Management LLC increased its position in shares of Cardinal Health by 19.1% during the first quarter. Acadian Asset Management LLC now owns 3,723,159 shares of the company’s stock worth $416,585,000 after purchasing an additional 598,002 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new stake in shares of Cardinal Health during the first quarter worth approximately $56,454,000. Finally, Jacobs Levy Equity Management Inc. increased its position in shares of Cardinal Health by 265.6% during the first quarter. Jacobs Levy Equity Management Inc. now owns 657,526 shares of the company’s stock worth $73,577,000 after purchasing an additional 477,682 shares in the last quarter. Hedge funds and other institutional investors own 87.17% of the company’s stock.

Cardinal Health Stock Performance

Shares of NYSE CAH traded down $1.86 during mid-day trading on Friday, reaching $101.53. 253,725 shares of the company’s stock were exchanged, compared to its average volume of 2,136,222. The firm has a market capitalization of $24.73 billion, a price-to-earnings ratio of 45.96, a PEG ratio of 1.11 and a beta of 0.61. Cardinal Health, Inc. has a 52-week low of $85.11 and a 52-week high of $116.04. The company’s 50-day moving average is $98.33 and its 200-day moving average is $103.48.

Cardinal Health (NYSE:CAH) last posted its earnings results on Thursday, May 2nd. The company reported $2.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.95 by $0.13. Cardinal Health had a negative return on equity of 54.74% and a net margin of 0.25%. The firm had revenue of $54.90 billion for the quarter, compared to analyst estimates of $56.05 billion. During the same quarter in the prior year, the company earned $1.74 EPS. Cardinal Health’s revenue was up 8.7% on a year-over-year basis. As a group, equities analysts predict that Cardinal Health, Inc. will post 7.35 earnings per share for the current fiscal year.

Cardinal Health Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Monday, July 1st were paid a dividend of $0.5056 per share. This is a positive change from Cardinal Health’s previous quarterly dividend of $0.50. The ex-dividend date was Monday, July 1st. This represents a $2.02 annualized dividend and a yield of 1.99%. Cardinal Health’s dividend payout ratio is presently 89.78%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Argus dropped their price target on Cardinal Health from $120.00 to $115.00 and set a “buy” rating for the company in a research report on Wednesday, May 15th. Robert W. Baird upped their target price on Cardinal Health from $129.00 to $130.00 and gave the company an “outperform” rating in a report on Tuesday, July 9th. Evercore ISI dropped their target price on Cardinal Health from $115.00 to $105.00 and set an “in-line” rating for the company in a report on Tuesday, July 9th. Citigroup dropped their target price on Cardinal Health from $115.00 to $107.00 and set a “neutral” rating for the company in a report on Friday, July 19th. Finally, StockNews.com upgraded Cardinal Health from a “buy” rating to a “strong-buy” rating in a report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $109.67.

Cardinal Health Company Profile

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.