Cardinal Health, Inc. (NYSE:CAH) CEO Sells $2,908,570.92 in Stock

Cardinal Health, Inc. (NYSE:CAH) CEO Jason M. Hollar sold 26,716 shares of the firm’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $108.87, for a total value of $2,908,570.92. Following the completion of the transaction, the chief executive officer now owns 244,091 shares in the company, valued at approximately $26,574,187.17. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Cardinal Health Stock Up 0.7 %

CAH opened at $109.65 on Thursday. Cardinal Health, Inc. has a 52 week low of $85.11 and a 52 week high of $116.04. The business has a fifty day simple moving average of $99.80 and a 200-day simple moving average of $103.24. The firm has a market cap of $26.71 billion, a P/E ratio of 48.73, a P/E/G ratio of 1.14 and a beta of 0.61.

Cardinal Health (NYSE:CAH) last posted its earnings results on Wednesday, August 14th. The company reported $1.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.10. The firm had revenue of $59.87 billion for the quarter, compared to analyst estimates of $58.74 billion. Cardinal Health had a negative return on equity of 54.74% and a net margin of 0.25%. Cardinal Health’s revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.55 EPS. Sell-side analysts expect that Cardinal Health, Inc. will post 7.35 earnings per share for the current year.

Cardinal Health Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be paid a dividend of $0.506 per share. This is an increase from Cardinal Health’s previous quarterly dividend of $0.51. This represents a $2.02 annualized dividend and a yield of 1.85%. The ex-dividend date of this dividend is Tuesday, October 1st. Cardinal Health’s dividend payout ratio is presently 89.78%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on CAH shares. Citigroup cut their price objective on shares of Cardinal Health from $115.00 to $107.00 and set a “neutral” rating for the company in a report on Friday, July 19th. Evercore ISI raised their price objective on shares of Cardinal Health from $105.00 to $115.00 and gave the stock an “in-line” rating in a research report on Thursday, August 15th. Morgan Stanley lifted their target price on shares of Cardinal Health from $114.00 to $119.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Cardinal Health from $115.00 to $119.00 and gave the company a “hold” rating in a research note on Friday, August 16th. Finally, UBS Group lifted their price target on shares of Cardinal Health from $120.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. One 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 given a strong buy rating to the company. Based on data from MarketBeat, Cardinal Health currently has a consensus rating of “Moderate Buy” and an average target price of $118.45.

Institutional Investors Weigh In On Cardinal Health

Hedge funds have recently added to or reduced their stakes in the business. Norges Bank purchased a new position in Cardinal Health in the fourth quarter valued at $258,499,000. Point72 Asset Management L.P. purchased a new position in Cardinal Health in the second quarter worth approximately $90,440,000. California Public Employees Retirement System grew its holdings in Cardinal Health by 118.9% during the 4th quarter. California Public Employees Retirement System now owns 1,516,035 shares of the company’s stock worth $152,816,000 after acquiring an additional 823,520 shares in the last quarter. Acadian Asset Management LLC increased its position in shares of Cardinal Health by 19.1% in the 1st quarter. Acadian Asset Management LLC now owns 3,723,159 shares of the company’s stock valued at $416,585,000 after purchasing an additional 598,002 shares during the last quarter. Finally, Jupiter Asset Management Ltd. acquired a new stake in shares of Cardinal Health in the 1st quarter valued at $56,454,000. 87.17% of the stock is currently owned by institutional investors and hedge funds.

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.