First United Bank & Trust Cuts Stock Holdings in Cardinal Health, Inc. (NYSE:CAH)

First United Bank & Trust reduced its stake in shares of Cardinal Health, Inc. (NYSE:CAH) by 46.2% during the third quarter, Holdings Channel reports. The institutional investor owned 500 shares of the company’s stock after selling 429 shares during the quarter. First United Bank & Trust’s holdings in Cardinal Health were worth $55,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Tobam increased its stake in Cardinal Health by 773.4% in the 1st quarter. Tobam now owns 49,111 shares of the company’s stock worth $5,496,000 after purchasing an additional 43,488 shares during the period. Mitsubishi UFJ Trust & Banking Corp raised its holdings in Cardinal Health by 101.1% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 321,558 shares of the company’s stock valued at $36,010,000 after buying an additional 161,656 shares during the last quarter. State Board of Administration of Florida Retirement System raised its holdings in Cardinal Health by 5.2% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 314,213 shares of the company’s stock valued at $35,160,000 after buying an additional 15,663 shares during the last quarter. Banque Cantonale Vaudoise purchased a new stake in Cardinal Health during the 1st quarter valued at $3,832,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in Cardinal Health by 1.7% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 393,350 shares of the company’s stock worth $44,016,000 after acquiring an additional 6,752 shares during the last quarter. Hedge funds and other institutional investors own 87.17% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. StockNews.com raised Cardinal Health from a “buy” rating to a “strong-buy” rating in a research note on Thursday. Robert W. Baird lifted their price objective on 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. upped their target price on Cardinal Health from $111.00 to $123.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Citigroup cut their price target on shares of Cardinal Health from $115.00 to $107.00 and set a “neutral” rating on the stock in a report on Friday, July 19th. 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 equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $119.36.

Cardinal Health Stock Performance

CAH opened at $112.55 on Thursday. The company’s 50-day simple moving average is $110.50 and its two-hundred day simple moving average is $103.95. The stock has a market capitalization of $27.41 billion, a P/E ratio of 50.02, a P/E/G ratio of 1.57 and a beta of 0.60. Cardinal Health, Inc. has a 52-week low of $90.19 and a 52-week high of $116.05.

Cardinal Health (NYSE:CAH) last issued its quarterly earnings data on Wednesday, August 14th. The company reported $1.84 earnings per share for the quarter, beating analysts’ consensus estimates of $1.74 by $0.10. Cardinal Health had a net margin of 0.37% and a negative return on equity of 54.85%. The company had revenue of $59.87 billion for the quarter, compared to the consensus estimate of $58.74 billion. During the same quarter in the prior year, the firm earned $1.55 earnings per share. The firm’s revenue for the quarter was up 12.1% compared to the same quarter last year. Research analysts forecast that Cardinal Health, Inc. will post 7.61 EPS for the current fiscal year.

Cardinal Health Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st were issued a $0.506 dividend. The ex-dividend date was Tuesday, October 1st. This represents a $2.02 annualized dividend and a dividend yield of 1.80%. This is a positive change from Cardinal Health’s previous quarterly dividend of $0.51. Cardinal Health’s payout ratio is presently 89.78%.

Insider Activity at Cardinal Health

In other Cardinal Health news, CEO Jason M. Hollar sold 46,455 shares of the business’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $109.02, for a total transaction of $5,064,524.10. Following the completion of the sale, the chief executive officer now directly owns 197,636 shares in the company, valued at $21,546,276.72. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Jason M. Hollar sold 46,455 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $109.02, for a total value of $5,064,524.10. Following the transaction, the chief executive officer now owns 197,636 shares of the company’s stock, valued at approximately $21,546,276.72. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jessica L. Mayer sold 16,573 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $8,310,467.69. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 113,963 shares of company stock worth $12,379,980. 0.15% of the stock is owned by insiders.

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.