Cardinal Health, Inc. $CAH Holdings Lowered by Kornitzer Capital Management Inc. KS

Key Points

• Kornitzer Capital Management cut its Cardinal Health stake by 27.5% in Q1, selling 5,000 shares and leaving it with 13,164 shares valued at about $2.78 million.
• Cardinal Health reported strong quarterly earnings, posting $3.17 EPS versus $2.79 expected, while revenue rose 11% year over year to $60.94 billion.
• The company also raised its dividend to $0.5158 per share quarterly, and analysts remain largely positive with a consensus rating of “Moderate Buy” and an average price target of $249.13.

Kornitzer Capital Management Inc. KS decreased its stake in Cardinal Health, Inc. (NYSE:CAH - Free Report) by 27.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 13,164 shares of the company's stock after selling 5,000 shares during the quarter. Kornitzer Capital Management Inc. KS's holdings in Cardinal Health were worth $2,782,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of CAH. Nordea Investment Management AB raised its stake in Cardinal Health by 328.3% during the 4th quarter. Nordea Investment Management AB now owns 645,436 shares of the company's stock valued at $133,741,000 after purchasing an additional 494,731 shares during the period. Procyon Advisors LLC lifted its holdings in shares of Cardinal Health by 78.7% in the fourth quarter. Procyon Advisors LLC now owns 17,025 shares of the company's stock valued at $3,499,000 after purchasing an additional 7,499 shares in the last quarter. Bank of Nova Scotia boosted its position in shares of Cardinal Health by 137.4% in the third quarter. Bank of Nova Scotia now owns 393,474 shares of the company's stock worth $61,760,000 after buying an additional 227,716 shares during the period. Swiss Life Asset Management Ltd grew its holdings in shares of Cardinal Health by 73.3% during the third quarter. Swiss Life Asset Management Ltd now owns 76,736 shares of the company's stock valued at $12,044,000 after buying an additional 32,464 shares in the last quarter. Finally, Achmea Investment Management B.V. grew its holdings in shares of Cardinal Health by 4.3% during the third quarter. Achmea Investment Management B.V. now owns 203,341 shares of the company's stock valued at $31,917,000 after buying an additional 8,381 shares in the last quarter. Hedge funds and other institutional investors own 87.17% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on CAH shares. Weiss Ratings downgraded Cardinal Health from a "buy (b+)" rating to a "buy (b)" rating in a research note on Tuesday, May 19th. Morgan Stanley lifted their target price on Cardinal Health from $245.00 to $255.00 and gave the company an "overweight" rating in a research note on Tuesday, April 28th. TD Cowen upped their target price on Cardinal Health from $255.00 to $275.00 and gave the company a "buy" rating in a report on Thursday. Robert W. Baird set a $248.00 price target on shares of Cardinal Health in a research report on Friday, May 1st. Finally, Citigroup restated a "buy" rating on shares of Cardinal Health in a report on Thursday, July 2nd. Fifteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, Cardinal Health presently has an average rating of "Moderate Buy" and an average price target of $249.13.

Cardinal Health Stock Performance

Shares of NYSE CAH traded up $1.77 during trading hours on Friday, hitting $235.54. The stock had a trading volume of 2,842,646 shares, compared to its average volume of 2,287,700. The firm's 50-day moving average price is $212.35 and its two-hundred day moving average price is $212.99. Cardinal Health, Inc. has a 52 week low of $137.75 and a 52 week high of $243.21. The company has a market capitalization of $55.16 billion, a P/E ratio of 36.01, a P/E/G ratio of 1.16 and a beta of 0.49.

Cardinal Health (NYSE:CAH - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The company reported $3.17 earnings per share for the quarter, beating the consensus estimate of $2.79 by $0.38. The firm had revenue of $60.94 billion for the quarter, compared to analyst estimates of $62.10 billion. Cardinal Health had a net margin of 0.62% and a negative return on equity of 92.61%. The company's revenue for the quarter was up 11.0% on a year-over-year basis. During the same quarter last year, the firm earned $2.35 earnings per share. Cardinal Health has set its FY 2026 guidance at 10.700-10.80 EPS. As a group, analysts expect that Cardinal Health, Inc. will post 10.77 EPS for the current fiscal year.

Cardinal Health Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st will be given a dividend of $0.5158 per share. The ex-dividend date of this dividend is Wednesday, July 1st. This is a positive change from Cardinal Health's previous quarterly dividend of $0.51. This represents a $2.06 annualized dividend and a yield of 0.9%. Cardinal Health's dividend payout ratio (DPR) is currently 31.50%.

Cardinal Health Company Profile

Cardinal Health is a multinational healthcare services and products company headquartered in Dublin, Ohio. Tracing its roots to the early 1970s, the company has grown into a major provider of supply chain and distribution services for the healthcare sector. Cardinal Health operates across a range of service lines that support hospitals, health systems, pharmacies, physician offices and clinical laboratories.

The company's core activities include the wholesale distribution of branded and generic pharmaceuticals, the supply and distribution of medical-surgical products, and the provision of logistics and inventory management solutions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.