Bank of New York Mellon Corp Reduces Holdings in Cardinal Health, Inc. (NYSE:CAH)

Bank of New York Mellon Corp lowered its stake in shares of Cardinal Health, Inc. (NYSE:CAH - Free Report) by 0.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,595,812 shares of the company's stock after selling 13,985 shares during the quarter. Bank of New York Mellon Corp owned about 0.66% of Cardinal Health worth $219,855,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Principal Financial Group Inc. increased its position in shares of Cardinal Health by 5.3% during the first quarter. Principal Financial Group Inc. now owns 315,817 shares of the company's stock worth $43,510,000 after purchasing an additional 15,956 shares in the last quarter. Huntington National Bank increased its holdings in shares of Cardinal Health by 1.2% during the fourth quarter. Huntington National Bank now owns 10,920 shares of the company's stock valued at $1,292,000 after acquiring an additional 128 shares in the last quarter. Kingswood Wealth Advisors LLC increased its holdings in shares of Cardinal Health by 17.2% during the first quarter. Kingswood Wealth Advisors LLC now owns 3,119 shares of the company's stock valued at $429,000 after acquiring an additional 457 shares in the last quarter. Golden State Wealth Management LLC boosted its stake in Cardinal Health by 569.5% in the 1st quarter. Golden State Wealth Management LLC now owns 395 shares of the company's stock worth $54,000 after purchasing an additional 336 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its position in Cardinal Health by 25.8% during the 1st quarter. Assenagon Asset Management S.A. now owns 13,147 shares of the company's stock worth $1,811,000 after purchasing an additional 2,694 shares during the last quarter. 87.17% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have weighed in on CAH shares. Mizuho boosted their target price on shares of Cardinal Health from $142.00 to $150.00 and gave the stock an "outperform" rating in a research report on Monday, March 31st. Bank of America lifted their target price on Cardinal Health from $165.00 to $170.00 and gave the stock a "buy" rating in a report on Tuesday, June 10th. Robert W. Baird lifted their target price on Cardinal Health from $156.00 to $170.00 and gave the stock an "outperform" rating in a report on Friday, May 2nd. Morgan Stanley set a $181.00 target price on Cardinal Health and gave the stock an "overweight" rating in a report on Friday, June 13th. Finally, Evercore ISI reaffirmed an "outperform" rating and set a $180.00 target price (up previously from $175.00) on shares of Cardinal Health in a report on Thursday, June 12th. Three equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $157.43.

Cardinal Health Price Performance

NYSE:CAH traded down $3.20 during trading hours on Tuesday, reaching $164.43. The company had a trading volume of 2,066,881 shares, compared to its average volume of 2,244,219. The firm has a market cap of $39.25 billion, a PE ratio of 25.65, a price-to-earnings-growth ratio of 1.63 and a beta of 0.68. Cardinal Health, Inc. has a 1-year low of $93.17 and a 1-year high of $168.88. The business's 50 day moving average price is $156.17 and its 200-day moving average price is $137.79.

Cardinal Health (NYSE:CAH - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported $2.35 EPS for the quarter, beating analysts' consensus estimates of $2.15 by $0.20. The business had revenue of $54.88 billion during the quarter, compared to analysts' expectations of $55.33 billion. Cardinal Health had a negative return on equity of 68.84% and a net margin of 0.70%. The business's revenue was up .0% compared to the same quarter last year. During the same period in the previous year, the business earned $2.08 earnings per share. On average, analysts expect that Cardinal Health, Inc. will post 7.95 earnings per share for the current fiscal year.

Cardinal Health Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st will be given a $0.5107 dividend. The ex-dividend date of this dividend is Tuesday, July 1st. This is a boost from Cardinal Health's previous quarterly dividend of $0.51. This represents a $2.04 dividend on an annualized basis and a dividend yield of 1.24%. Cardinal Health's payout ratio is 31.83%.

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.