Sierra Summit Advisors LLC Purchases New Stake in Cardinal Health, Inc. $CAH

Sierra Summit Advisors LLC acquired a new position in shares of Cardinal Health, Inc. (NYSE:CAH) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 63,053 shares of the company’s stock, valued at approximately $9,897,000. Cardinal Health comprises approximately 1.5% of Sierra Summit Advisors LLC’s holdings, making the stock its 25th largest holding.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Latitude Advisors LLC increased its stake in shares of Cardinal Health by 2.1% during the 3rd quarter. Latitude Advisors LLC now owns 2,598 shares of the company’s stock worth $408,000 after purchasing an additional 53 shares during the last quarter. WESPAC Advisors LLC grew its holdings in Cardinal Health by 1.0% during the third quarter. WESPAC Advisors LLC now owns 6,644 shares of the company’s stock valued at $1,043,000 after purchasing an additional 63 shares during the period. Kathmere Capital Management LLC increased its position in Cardinal Health by 1.6% in the third quarter. Kathmere Capital Management LLC now owns 4,091 shares of the company’s stock worth $642,000 after buying an additional 65 shares during the last quarter. Vermillion & White Wealth Management Group LLC raised its stake in shares of Cardinal Health by 55.0% in the second quarter. Vermillion & White Wealth Management Group LLC now owns 200 shares of the company’s stock valued at $34,000 after buying an additional 71 shares during the period. Finally, Woodward Diversified Capital LLC lifted its position in shares of Cardinal Health by 4.0% during the 3rd quarter. Woodward Diversified Capital LLC now owns 1,854 shares of the company’s stock valued at $291,000 after buying an additional 72 shares during the last quarter. 87.17% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Evercore lifted their price objective on Cardinal Health from $250.00 to $260.00 in a report on Friday, February 6th. Wells Fargo & Company increased their target price on shares of Cardinal Health from $237.00 to $256.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 10th. Weiss Ratings reiterated a “buy (b)” rating on shares of Cardinal Health in a research note on Wednesday, January 21st. Argus upped their price target on shares of Cardinal Health from $232.00 to $248.00 and gave the company a “buy” rating in a research note on Wednesday, February 11th. Finally, Morgan Stanley set a $255.00 price objective on shares of Cardinal Health in a report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Cardinal Health has a consensus rating of “Moderate Buy” and an average price target of $245.20.

Cardinal Health Price Performance

Shares of NYSE:CAH opened at $228.85 on Friday. The firm has a fifty day moving average price of $214.08 and a two-hundred day moving average price of $187.22. The company has a market cap of $53.85 billion, a price-to-earnings ratio of 32.93, a PEG ratio of 1.48 and a beta of 0.64. Cardinal Health, Inc. has a one year low of $120.72 and a one year high of $230.81.

Cardinal Health (NYSE:CAH) last issued its quarterly earnings data on Thursday, February 5th. The company reported $2.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.32. The company had revenue of $65.63 billion for the quarter, compared to the consensus estimate of $64.88 billion. Cardinal Health had a negative return on equity of 92.50% and a net margin of 0.68%.The firm’s revenue was up 18.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.93 earnings per share. Equities research analysts expect that Cardinal Health, Inc. will post 7.95 EPS for the current fiscal year.

Cardinal Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Wednesday, April 1st will be given a dividend of $0.5107 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Wednesday, April 1st. Cardinal Health’s dividend payout ratio (DPR) is 29.35%.

Cardinal Health Company Profile

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.