Cardinal Health (NYSE:CAH) Reaches New 12-Month High – Time to Buy?

Cardinal Health, Inc. (NYSE:CAH)’s stock price reached a new 52-week high on Thursday . The company traded as high as $244.87 and last traded at $240.5860, with a volume of 63666 shares changing hands. The stock had previously closed at $239.23.

Analyst Upgrades and Downgrades

CAH has been the topic of a number of recent analyst reports. UBS Group upped their price target on Cardinal Health from $260.00 to $274.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Wells Fargo & Company lowered their target price on shares of Cardinal Health from $256.00 to $245.00 and set an “overweight” rating for the company in a research note on Friday, May 1st. Morgan Stanley boosted their price target on Cardinal Health from $245.00 to $255.00 and gave the company an “overweight” rating in a research note on Tuesday, April 28th. Wall Street Zen upgraded shares of Cardinal Health from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 4th. Finally, JPMorgan Chase & Co. dropped their target price on Cardinal Health from $243.00 to $215.00 and set a “neutral” rating on the stock in a report on Monday, May 4th. Fifteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, Cardinal Health currently has an average rating of “Moderate Buy” and a consensus price target of $251.73.

Cardinal Health Trading Down 0.5%

The business has a fifty day simple moving average of $226.64 and a two-hundred day simple moving average of $216.23. The company has a market cap of $55.41 billion, a PE ratio of 36.17, a price-to-earnings-growth ratio of 1.16 and a beta of 0.49.

Hedge Funds Weigh In On Cardinal Health

Institutional investors and hedge funds have recently bought and sold shares of the business. Integrated Wealth Concepts LLC boosted its holdings in shares of Cardinal Health by 6.9% during the 1st quarter. Integrated Wealth Concepts LLC now owns 4,363 shares of the company’s stock worth $601,000 after purchasing an additional 280 shares during the last quarter. Jones Financial Companies Lllp increased its holdings in shares of Cardinal Health by 198.3% in the first quarter. Jones Financial Companies Lllp now owns 21,112 shares of the company’s stock valued at $27,000 after purchasing an additional 14,034 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in Cardinal Health during the second quarter worth approximately $1,935,000. Cerity Partners LLC boosted its stake in Cardinal Health by 17.0% during the second quarter. Cerity Partners LLC now owns 40,426 shares of the company’s stock worth $6,792,000 after buying an additional 5,880 shares during the last quarter. Finally, Nebula Research & Development LLC grew its holdings in Cardinal Health by 34.4% in the 2nd quarter. Nebula Research & Development LLC now owns 10,334 shares of the company’s stock valued at $1,736,000 after buying an additional 2,646 shares in the last quarter. 87.17% of the stock is currently owned by institutional investors and hedge funds.

About Cardinal Health

Cardinal Health is a multinational healthcare services and products company headquartered in Dublin, Ohio. Tracing its roots to the early 1970s, the company has grown into a major provider of supply chain and distribution services for the healthcare sector. Cardinal Health operates across a range of service lines that support hospitals, health systems, pharmacies, physician offices and clinical laboratories.

The company’s core activities include the wholesale distribution of branded and generic pharmaceuticals, the supply and distribution of medical-surgical products, and the provision of logistics and inventory management solutions.