Cardinal Health, Inc. (NYSE:CAH) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its stake in shares of Cardinal Health, Inc. (NYSE:CAH) by 4.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,710,260 shares of the company’s stock after selling 71,927 shares during the quarter. Bank of New York Mellon Corp owned about 0.70% of Cardinal Health worth $168,153,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in CAH. Mather Group LLC. lifted its holdings in shares of Cardinal Health by 2.5% in the fourth quarter. Mather Group LLC. now owns 6,678 shares of the company’s stock valued at $673,000 after purchasing an additional 164 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in Cardinal Health by 86.8% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 69,423 shares of the company’s stock worth $6,998,000 after acquiring an additional 32,250 shares during the period. Pinebridge Investments L.P. grew its stake in Cardinal Health by 237.7% during the 4th quarter. Pinebridge Investments L.P. now owns 171,530 shares of the company’s stock valued at $17,290,000 after acquiring an additional 120,740 shares in the last quarter. Tobam increased its holdings in shares of Cardinal Health by 773.4% in the 1st quarter. Tobam now owns 49,111 shares of the company’s stock valued at $5,496,000 after purchasing an additional 43,488 shares during the period. Finally, Nomura Holdings Inc. lifted its position in shares of Cardinal Health by 12.3% in the fourth quarter. Nomura Holdings Inc. now owns 220,661 shares of the company’s stock worth $22,243,000 after purchasing an additional 24,222 shares in the last quarter. 87.17% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cardinal Health

In related news, insider Jessica L. Mayer sold 16,573 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $109.39, for a total transaction of $1,812,920.47. Following the sale, the insider now directly owns 75,971 shares in the company, valued at $8,310,467.69. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Cardinal Health news, CFO Aaron E. Alt sold 2,323 shares of the stock in a transaction on Monday, August 19th. The shares were sold at an average price of $108.91, for a total value of $252,997.93. Following the completion of the sale, the chief financial officer now owns 36,867 shares in the company, valued at $4,015,184.97. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Jessica L. Mayer sold 16,573 shares of Cardinal Health stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $109.39, for a total transaction of $1,812,920.47. Following the completion of the transaction, the insider now directly owns 75,971 shares of the company’s stock, valued at approximately $8,310,467.69. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 113,963 shares of company stock valued at $12,379,980. Company insiders own 0.15% of the company’s stock.

Cardinal Health Stock Performance

NYSE:CAH traded up $0.17 on Monday, hitting $109.61. 1,161,638 shares of the stock were exchanged, compared to its average volume of 2,124,825. Cardinal Health, Inc. has a 52 week low of $85.82 and a 52 week high of $116.04. The stock has a market capitalization of $26.70 billion, a price-to-earnings ratio of 48.62, a P/E/G ratio of 1.14 and a beta of 0.61. The company’s 50-day moving average price is $100.39 and its 200 day moving average price is $103.35.

Cardinal Health (NYSE:CAH) last announced its quarterly earnings data on Wednesday, August 14th. The company reported $1.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.10. Cardinal Health had a net margin of 0.25% and a negative return on equity of 54.74%. The firm had revenue of $59.87 billion for the quarter, compared to analysts’ expectations of $58.74 billion. During the same period last year, the firm earned $1.55 earnings per share. The business’s revenue for the quarter was up 12.1% on a year-over-year basis. As a group, equities research analysts predict that Cardinal Health, Inc. will post 7.35 earnings per share for the current year.

Cardinal Health Increases Dividend

The firm 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. The ex-dividend date is Tuesday, October 1st. This is a positive change from Cardinal Health’s previous quarterly dividend of $0.51. This represents a $2.02 annualized dividend and a yield of 1.85%. Cardinal Health’s payout ratio is currently 89.78%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CAH. Deutsche Bank Aktiengesellschaft upped their target price on Cardinal Health from $115.00 to $119.00 and gave the stock a “hold” rating in a research report on Friday, August 16th. Evercore ISI raised 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 report on Thursday, August 15th. Robert W. Baird boosted their target price on shares of Cardinal Health from $130.00 to $137.00 and gave the stock an “outperform” rating in a research report on Thursday, August 15th. JPMorgan Chase & Co. raised their price target on shares of Cardinal Health from $111.00 to $123.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Finally, UBS Group upped their price objective on shares of Cardinal Health from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. One analyst has rated the stock with a sell rating, four have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $118.45.

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.