Meridian Wealth Management LLC Raises Stake in Cardinal Health, Inc. (NYSE:CAH)

Meridian Wealth Management LLC grew its holdings in Cardinal Health, Inc. (NYSE:CAH) by 10.5% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 8,771 shares of the company’s stock after buying an additional 836 shares during the period. Meridian Wealth Management LLC’s holdings in Cardinal Health were worth $969,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in CAH. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Cardinal Health in the 1st quarter valued at approximately $182,000. CreativeOne Wealth LLC purchased a new position in Cardinal Health during the 1st quarter worth $421,000. Axxcess Wealth Management LLC acquired a new stake in shares of Cardinal Health in the 1st quarter worth $217,000. LRI Investments LLC purchased a new stake in shares of Cardinal Health in the first quarter valued at about $122,000. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of Cardinal Health by 0.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,730,854 shares of the company’s stock worth $305,584,000 after acquiring an additional 14,030 shares during the period. Institutional investors and hedge funds own 87.17% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on CAH shares. Mizuho lifted their price objective on Cardinal Health from $110.00 to $120.00 and gave the company a “neutral” rating in a report on Monday, November 4th. Evercore ISI raised their target price on Cardinal Health from $105.00 to $115.00 and gave the company an “in-line” rating in a report on Thursday, August 15th. Argus upped their price target on shares of Cardinal Health from $115.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. Wells Fargo & Company increased their price target on shares of Cardinal Health from $95.00 to $101.00 and gave the company an “underweight” rating in a report on Thursday, August 15th. Finally, Robert W. Baird boosted their price objective on shares of Cardinal Health from $130.00 to $137.00 and gave the stock an “outperform” rating in a report on Thursday, August 15th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company. According to 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 NYSE:CAH opened at $121.84 on Friday. The business’s fifty day moving average price is $113.90 and its two-hundred day moving average price is $105.91. The stock has a market cap of $29.49 billion, a PE ratio of 23.70, a price-to-earnings-growth ratio of 1.54 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 posted its quarterly earnings data on Friday, November 1st. The company reported $1.88 EPS for the quarter, topping analysts’ consensus estimates of $1.62 by $0.26. The firm had revenue of $52.28 billion during the quarter, compared to analysts’ expectations of $50.90 billion. Cardinal Health had a negative return on equity of 56.56% and a net margin of 0.56%. The firm’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same quarter last year, the business posted $1.73 EPS. As a group, equities research analysts predict that Cardinal Health, Inc. will post 7.83 earnings per share for the current fiscal year.

Cardinal Health Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Thursday, January 2nd will be given a dividend of $0.5056 per share. The ex-dividend date is Thursday, January 2nd. This represents a $2.02 dividend on an annualized basis and a yield of 1.66%. Cardinal Health’s dividend payout ratio (DPR) is currently 39.30%.

Cardinal Health 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.