Bank of America Corp DE Purchases Shares of 2,900,596 Cardinal Health, Inc. $CAH

Bank of America Corp DE acquired a new position in shares of Cardinal Health, Inc. (NYSE:CAH - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 2,900,596 shares of the company's stock, valued at approximately $689,066,000. Bank of America Corp DE owned 1.25% of Cardinal Health as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Cardinal Health in the second quarter valued at about $6,293,115,000. Norges Bank bought a new stake in Cardinal Health in the 4th quarter valued at about $790,344,000. Legal & General Group Plc purchased a new stake in shares of Cardinal Health during the second quarter worth $438,870,000. Bank of New York Mellon Corp bought a new position in shares of Cardinal Health in the second quarter worth $308,640,000. Finally, Deutsche Bank AG purchased a new position in shares of Cardinal Health in the second quarter valued at $238,933,000. 87.17% of the stock is currently owned by institutional investors and hedge funds.

Cardinal Health Stock Down 1.0%

Shares of CAH opened at $232.48 on Wednesday. The stock has a market capitalization of $54.07 billion, a P/E ratio of 32.16, a PEG ratio of 1.41 and a beta of 0.51. The firm has a fifty day simple moving average of $234.20 and a two-hundred day simple moving average of $219.81. Cardinal Health, Inc. has a twelve month low of $145.87 and a twelve month high of $258.30.

Cardinal Health (NYSE:CAH - Get Free Report) last released its quarterly earnings results on Tuesday, August 11th. The company reported $2.91 EPS for the quarter, beating analysts' consensus estimates of $2.42 by $0.49. The business had revenue of $63.67 billion during the quarter, compared to analyst estimates of $65.15 billion. Cardinal Health had a negative return on equity of 98.53% and a net margin of 0.67%.Cardinal Health's quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.08 EPS. Cardinal Health has set its FY 2027 guidance at 12.400-12.600 EPS. Sell-side analysts expect that Cardinal Health, Inc. will post 12.55 EPS for the current fiscal year.

Cardinal Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, October 1st will be paid a $0.5158 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $2.06 dividend on an annualized basis and a yield of 0.9%. Cardinal Health's dividend payout ratio (DPR) is presently 28.49%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on CAH shares. JPMorgan Chase & Co. boosted their price objective on Cardinal Health from $215.00 to $260.00 and gave the company a "neutral" rating in a research note on Thursday, August 13th. Wells Fargo & Company raised their target price on Cardinal Health from $245.00 to $277.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 12th. Weiss Ratings lowered Cardinal Health from a "buy (b+)" rating to a "buy (b)" rating in a report on Wednesday, August 19th. UBS Group upped their price target on shares of Cardinal Health from $274.00 to $280.00 and gave the stock a "buy" rating in a report on Wednesday, August 12th. Finally, Mizuho upped their price objective on shares of Cardinal Health from $240.00 to $250.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 12th. Sixteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Cardinal Health currently has an average rating of "Moderate Buy" and a consensus price target of $266.56.

Insider Buying and Selling

In related news, CEO Deborah Weitzman sold 7,354 shares of Cardinal Health stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $235.45, for a total value of $1,731,499.30. Following the sale, the chief executive officer owned 77,901 shares in the company, valued at $18,341,790.45. The trade was a 8.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Michelle Greene sold 11,650 shares of the business's stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $235.72, for a total transaction of $2,746,138.00. Following the transaction, the insider directly owned 10,330 shares in the company, valued at approximately $2,434,987.60. The trade was a 53.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 210,271 shares of company stock valued at $49,626,657 over the last three months. Insiders own 0.12% of the company's stock.

Cardinal Health Profile

Cardinal Health, Inc is a healthcare services and products company that supports the pharmaceutical and medical industries. Its Pharmaceutical and Specialty Solutions segment distributes branded, generic and specialty pharmaceuticals, over-the-counter products and consumer health items to pharmacies, hospitals, health systems and other healthcare providers. The segment also provides specialty pharmaceutical services, nuclear and radiopharmaceutical products, and related support for manufacturers and providers.

Through its Global Medical Products and Distribution segment, Cardinal Health manufactures, sources and distributes medical and surgical products, including gloves, gowns, syringes, exam-room supplies and other essential equipment.

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