Cardinal Health (NYSE:CAH) Shares Gap Up on Better-Than-Expected Earnings

Cardinal Health, Inc. (NYSE:CAH)’s share price gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $102.58, but opened at $109.00. Cardinal Health shares last traded at $107.38, with a volume of 636,654 shares trading hands.

The company reported $1.84 EPS for the quarter, beating the consensus estimate of $1.72 by $0.12. Cardinal Health had a net margin of 0.25% and a negative return on equity of 54.74%. The business had revenue of $59.87 billion during the quarter, compared to the consensus estimate of $58.74 billion. During the same quarter in the prior year, the firm earned $1.55 EPS. The business’s revenue was up 12.1% on a year-over-year basis.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Citigroup reduced their price objective on Cardinal Health from $115.00 to $107.00 and set a “neutral” rating on the stock in a research note on Friday, July 19th. Wells Fargo & Company reduced their price target on Cardinal Health from $96.00 to $94.00 and set an “underweight” rating on the stock in a report on Monday, April 29th. Robert W. Baird boosted their price objective on shares of Cardinal Health from $129.00 to $130.00 and gave the company an “outperform” rating in a research report on Tuesday, July 9th. Evercore ISI lowered their target price on Cardinal Health from $115.00 to $105.00 and set an “in-line” rating for the company in a report on Tuesday, July 9th. Finally, Argus reduced their price objective on shares of Cardinal Health from $120.00 to $115.00 and set a “buy” rating for the company in a research note on Wednesday, May 15th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $109.67.

Institutional Trading of Cardinal Health

Several institutional investors and hedge funds have recently bought and sold shares of the business. Pacer Advisors Inc. raised its holdings in shares of Cardinal Health by 9.9% during the second quarter. Pacer Advisors Inc. now owns 4,099,082 shares of the company’s stock worth $403,022,000 after purchasing an additional 370,181 shares during the last quarter. Acadian Asset Management LLC raised its stake in shares of Cardinal Health by 19.1% during the 1st quarter. Acadian Asset Management LLC now owns 3,723,159 shares of the company’s stock valued at $416,585,000 after buying an additional 598,002 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Cardinal Health by 0.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,730,854 shares of the company’s stock valued at $305,584,000 after buying an additional 14,030 shares during the period. Norges Bank purchased a new stake in shares of Cardinal Health in the fourth quarter worth about $258,499,000. Finally, ProShare Advisors LLC grew its holdings in Cardinal Health by 5.1% during the second quarter. ProShare Advisors LLC now owns 1,759,299 shares of the company’s stock worth $172,974,000 after acquiring an additional 85,247 shares during the period. 87.17% of the stock is currently owned by institutional investors and hedge funds.

Cardinal Health Stock Up 3.4 %

The company has a market capitalization of $25.83 billion, a PE ratio of 45.59, a PEG ratio of 1.14 and a beta of 0.61. The firm has a 50-day moving average of $98.80 and a two-hundred day moving average of $103.15.

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.