Independent Advisor Alliance Acquires 3,262 Shares of Cardinal Health, Inc. (NYSE:CAH)

Independent Advisor Alliance lifted its stake in Cardinal Health, Inc. (NYSE:CAH) by 26.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,821 shares of the company’s stock after purchasing an additional 3,262 shares during the quarter. Independent Advisor Alliance’s holdings in Cardinal Health were worth $1,749,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. California State Teachers Retirement System raised its position in shares of Cardinal Health by 1.7% in the 1st quarter. California State Teachers Retirement System now owns 402,696 shares of the company’s stock worth $45,062,000 after purchasing an additional 6,904 shares during the last quarter. Plato Investment Management Ltd increased its stake in Cardinal Health by 5,609.6% during the 1st quarter. Plato Investment Management Ltd now owns 4,739 shares of the company’s stock valued at $530,000 after purchasing an additional 4,656 shares in the last quarter. New Covenant Trust Company N.A. purchased a new position in Cardinal Health in the first quarter worth about $40,000. Wahed Invest LLC lifted its stake in shares of Cardinal Health by 14.2% in the first quarter. Wahed Invest LLC now owns 4,806 shares of the company’s stock worth $538,000 after buying an additional 599 shares in the last quarter. Finally, LRI Investments LLC purchased a new stake in shares of Cardinal Health during the first quarter valued at approximately $32,000. Hedge funds and other institutional investors own 87.17% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the company. JPMorgan Chase & Co. lifted their target price on Cardinal Health from $111.00 to $123.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Barclays boosted their target price on Cardinal Health from $117.00 to $133.00 and gave the stock an “overweight” rating in a research report on Monday, November 4th. Evercore ISI raised their price target on shares of Cardinal Health from $105.00 to $115.00 and gave the company an “in-line” rating in a report on Thursday, August 15th. Mizuho lifted their price target on shares of Cardinal Health from $110.00 to $120.00 and gave the stock a “neutral” rating in a research note on Monday, November 4th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Cardinal Health from $119.00 to $124.00 and gave the company a “hold” rating in a research report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $123.00.

Cardinal Health Stock Performance

Shares of CAH opened at $122.45 on Wednesday. The stock has a 50-day moving average of $114.07 and a two-hundred day moving average of $106.13. The stock has a market cap of $29.63 billion, a P/E ratio of 23.82, a P/E/G ratio of 1.52 and a beta of 0.60. Cardinal Health, Inc. has a one year low of $93.17 and a one year high of $126.14.

Cardinal Health (NYSE:CAH) last issued its earnings results on Friday, November 1st. The company reported $1.88 EPS for the quarter, beating analysts’ consensus estimates of $1.62 by $0.26. Cardinal Health had a negative return on equity of 56.56% and a net margin of 0.56%. The firm had revenue of $52.28 billion for the quarter, compared to analyst estimates of $50.90 billion. During the same quarter in the prior year, the firm earned $1.73 earnings per share. Cardinal Health’s revenue for the quarter was down 4.3% on a year-over-year basis. Analysts predict that Cardinal Health, Inc. will post 7.83 EPS for the current fiscal year.

Cardinal Health Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Thursday, January 2nd will be paid a $0.5056 dividend. The ex-dividend date is Thursday, January 2nd. This represents a $2.02 dividend on an annualized basis and a dividend yield of 1.65%. Cardinal Health’s payout ratio is currently 39.30%.

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.