Cardinal Health, Inc. (NYSE:CAH) Stock Position Lifted by Summit Global Investments

Summit Global Investments grew its holdings in Cardinal Health, Inc. (NYSE:CAH) by 2.8% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 118,788 shares of the company’s stock after acquiring an additional 3,244 shares during the period. Cardinal Health accounts for approximately 0.8% of Summit Global Investments’ holdings, making the stock its 26th largest position. Summit Global Investments’ holdings in Cardinal Health were worth $11,679,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. Clearstead Trust LLC acquired a new position in Cardinal Health during the 4th quarter valued at $25,000. Raleigh Capital Management Inc. raised its stake in Cardinal Health by 4,466.7% during the 4th quarter. Raleigh Capital Management Inc. now owns 274 shares of the company’s stock valued at $28,000 after purchasing an additional 268 shares during the last quarter. YHB Investment Advisors Inc. acquired a new position in Cardinal Health during the 1st quarter valued at $32,000. LRI Investments LLC acquired a new position in Cardinal Health during the 1st quarter valued at $32,000. Finally, Hexagon Capital Partners LLC raised its stake in Cardinal Health by 53.6% during the 4th quarter. Hexagon Capital Partners LLC now owns 338 shares of the company’s stock valued at $34,000 after purchasing an additional 118 shares during the last quarter. 87.17% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, insider Jessica L. Mayer sold 17,896 shares of Cardinal Health stock in a transaction that occurred 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 sale, the insider now directly owns 94,529 shares in the company, valued at $10,065,447.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Michelle D. Greene sold 4,000 shares of the firm’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $108.85, for a total value of $435,400.00. Following the completion of the transaction, the insider now directly owns 19,242 shares of the company’s stock, valued at $2,094,491.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jessica L. Mayer sold 17,896 shares of Cardinal Health stock in a transaction 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 $10,065,447.92. The disclosure for this sale can be found here. In the last three months, insiders have sold 97,390 shares of company stock worth $10,567,059. Company insiders own 0.15% of the company’s stock.

Cardinal Health Stock Down 0.9 %

NYSE:CAH traded down $0.95 during mid-day trading on Tuesday, reaching $108.84. 1,548,337 shares of the company were exchanged, compared to its average volume of 2,145,749. Cardinal Health, Inc. has a 12 month low of $85.11 and a 12 month high of $116.04. The company has a fifty day moving average of $99.80 and a 200 day moving average of $103.24. The stock has a market cap of $26.51 billion, a PE ratio of 48.37, a PEG ratio of 1.14 and a beta of 0.61.

Cardinal Health (NYSE:CAH) last issued its quarterly earnings data on Wednesday, August 14th. The company reported $1.84 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.10. The firm had revenue of $59.87 billion for the quarter, compared to analyst estimates of $58.74 billion. Cardinal Health had a net margin of 0.25% and a negative return on equity of 54.74%. The company’s revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.55 EPS. On average, equities research analysts anticipate that Cardinal Health, Inc. will post 7.35 EPS for the current fiscal year.

Cardinal Health Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be issued a dividend of $0.506 per share. This is an increase from Cardinal Health’s previous quarterly dividend of $0.51. This represents a $2.02 annualized dividend and a yield of 1.86%. The ex-dividend date of this dividend is Tuesday, October 1st. Cardinal Health’s dividend payout ratio (DPR) is 89.78%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Citigroup dropped their price objective on shares of Cardinal Health from $115.00 to $107.00 and set a “neutral” rating for the company in a research note on Friday, July 19th. StockNews.com upgraded shares of Cardinal Health from a “buy” rating to a “strong-buy” rating in a research note on Friday. Evercore ISI increased their price objective on shares of Cardinal Health from $105.00 to $115.00 and gave the company an “in-line” rating in a research note on Thursday, August 15th. Wells Fargo & Company increased their price objective on shares of Cardinal Health from $95.00 to $101.00 and gave the company an “underweight” rating in a research note on Thursday, August 15th. Finally, Morgan Stanley increased their price objective on shares of Cardinal Health from $114.00 to $119.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. One analyst has rated the stock with a sell rating, four have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Cardinal Health has a consensus rating of “Moderate Buy” and an average price target of $117.45.

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.