Cardinal Health, Inc. (NYSE:CAH) Stock Position Boosted by Burney Co.

Burney Co. increased its stake in Cardinal Health, Inc. (NYSE:CAH) by 2.3% in the 2nd quarter, HoldingsChannel reports. The fund owned 39,062 shares of the company’s stock after acquiring an additional 876 shares during the period. Burney Co.’s holdings in Cardinal Health were worth $3,841,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Norges Bank bought a new position in Cardinal Health during the 4th quarter valued at $258,499,000. Acadian Asset Management LLC boosted its stake in Cardinal Health by 19.1% during the first 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 in the last quarter. Jupiter Asset Management Ltd. acquired a new position in Cardinal Health during the first quarter worth about $56,454,000. Jacobs Levy Equity Management Inc. grew its holdings in Cardinal Health by 265.6% during the first quarter. Jacobs Levy Equity Management Inc. now owns 657,526 shares of the company’s stock worth $73,577,000 after acquiring an additional 477,682 shares during the period. Finally, CIBC Private Wealth Group LLC raised its position in Cardinal Health by 1,941.9% in the fourth quarter. CIBC Private Wealth Group LLC now owns 458,160 shares of the company’s stock worth $46,183,000 after acquiring an additional 435,722 shares in the last quarter. Institutional investors and hedge funds own 87.17% of the company’s stock.

Insiders Place Their Bets

In other news, insider Jessica L. Mayer sold 16,573 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $109.39, for a total transaction of $1,812,920.47. Following the transaction, the insider now directly owns 75,971 shares in the company, valued at approximately $8,310,467.69. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, insider Jessica L. Mayer sold 16,573 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $109.39, for a total transaction of $1,812,920.47. Following the completion of the sale, the insider now directly owns 75,971 shares of the company’s stock, valued at approximately $8,310,467.69. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Aaron E. Alt sold 2,323 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $108.91, for a total value of $252,997.93. Following the completion of the sale, the chief financial officer now directly owns 36,867 shares of the company’s stock, valued at approximately $4,015,184.97. The disclosure for this sale can be found here. Insiders sold a total of 113,963 shares of company stock worth $12,379,980 in the last quarter. 0.15% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CAH. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Cardinal Health from $115.00 to $119.00 and gave the company a “hold” rating in a research report on Friday, August 16th. Argus reduced their target price on shares of Cardinal Health from $120.00 to $115.00 and set a “buy” rating for the company in a report on Wednesday, May 15th. Robert W. Baird upped their price target on Cardinal Health from $130.00 to $137.00 and gave the company an “outperform” rating in a report on Thursday, August 15th. Citigroup cut their price objective on Cardinal Health from $115.00 to $107.00 and set a “neutral” rating for the company in a research report on Friday, July 19th. Finally, Morgan Stanley lifted their target price on Cardinal Health from $114.00 to $119.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $118.45.

Cardinal Health Stock Performance

Shares of CAH stock traded up $1.21 on Thursday, reaching $112.25. 645,880 shares of the company’s stock traded hands, compared to its average volume of 2,107,313. The company has a market capitalization of $27.34 billion, a P/E ratio of 49.60, a price-to-earnings-growth ratio of 1.14 and a beta of 0.61. Cardinal Health, Inc. has a 12-month low of $85.82 and a 12-month high of $116.04. The business’s 50 day moving average price is $100.82 and its two-hundred day moving average price is $103.49.

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

Cardinal Health Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be paid a $0.506 dividend. This represents a $2.02 annualized dividend and a yield of 1.80%. The ex-dividend date of this dividend is Tuesday, October 1st. This is a positive change from Cardinal Health’s previous quarterly dividend of $0.51. Cardinal Health’s dividend payout ratio is currently 89.78%.

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.