SevenBridge Financial Group LLC Takes Position in Cardinal Health, Inc. (NYSE:CAH)

SevenBridge Financial Group LLC acquired a new stake in Cardinal Health, Inc. (NYSE:CAH) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor acquired 1,800 shares of the company’s stock, valued at approximately $219,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Larson Financial Group LLC increased its stake in shares of Cardinal Health by 71.7% during the third quarter. Larson Financial Group LLC now owns 8,960 shares of the company’s stock valued at $990,000 after buying an additional 3,742 shares during the period. Swedbank AB lifted its stake in Cardinal Health by 0.3% in the third quarter. Swedbank AB now owns 435,371 shares of the company’s stock worth $48,117,000 after acquiring an additional 1,112 shares during the period. Algert Global LLC bought a new position in Cardinal Health during the 3rd quarter worth about $1,008,000. Cerity Partners LLC grew its holdings in Cardinal Health by 35.9% during the 3rd quarter. Cerity Partners LLC now owns 32,964 shares of the company’s stock worth $3,643,000 after acquiring an additional 8,707 shares in the last quarter. Finally, Meridian Wealth Management LLC increased its position in Cardinal Health by 10.5% during the 3rd quarter. Meridian Wealth Management LLC now owns 8,771 shares of the company’s stock valued at $969,000 after purchasing an additional 836 shares during the period. 87.17% of the stock is currently owned by institutional investors.

Cardinal Health Stock Down 1.3 %

CAH opened at $121.84 on Monday. The company has a market cap of $29.49 billion, a P/E ratio of 23.70, a price-to-earnings-growth ratio of 1.54 and a beta of 0.60. The firm’s 50-day moving average price is $113.90 and its 200-day moving average price is $105.96. Cardinal Health, Inc. has a 52-week low of $93.17 and a 52-week high of $126.14.

Cardinal Health (NYSE:CAH) last issued its quarterly earnings results on Friday, November 1st. The company reported $1.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.62 by $0.26. Cardinal Health had a net margin of 0.56% and a negative return on equity of 56.56%. The business had revenue of $52.28 billion for the quarter, compared to analyst estimates of $50.90 billion. During the same quarter in the prior year, the business posted $1.73 EPS. Cardinal Health’s revenue for the quarter was down 4.3% compared to the same quarter last year. On average, research analysts anticipate that Cardinal Health, Inc. will post 7.83 EPS for the current fiscal year.

Cardinal Health Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Thursday, January 2nd will be given a dividend of $0.5056 per share. The ex-dividend date of this dividend 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 is currently 39.30%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Evercore ISI upped their price target 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. Robert W. Baird increased their target price on Cardinal Health from $130.00 to $137.00 and gave the company an “outperform” rating in a research report on Thursday, August 15th. Deutsche Bank Aktiengesellschaft lifted their price target on Cardinal Health from $119.00 to $124.00 and gave the company a “hold” rating in a report on Monday, November 4th. StockNews.com cut Cardinal Health from a “strong-buy” rating to a “buy” rating in a research note on Sunday, November 3rd. Finally, Wells Fargo & Company lifted their target price on Cardinal Health from $95.00 to $101.00 and gave the company an “underweight” rating in a research note on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $123.00.

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.