Cardinal Health, Inc. $CAH Shares Acquired by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia increased its stake in Cardinal Health by 137.4% in Q3, buying 227,716 shares to hold 393,474 shares worth about $61.76 million (0.17% of the company).
• Cardinal Health beat quarterly EPS expectations, reporting $2.63 vs. $2.31 and revenue of $65.63 billion (up 18.8% YoY), though profitability metrics remain thin with a net margin of 0.68% and a negative ROE (~-92.5%).
• Wall Street sentiment has turned more bullish with multiple upgrades and a consensus "Moderate Buy" and an average target of $245.67; the company also declared a quarterly dividend of $0.5107 (annualized $2.04, yield 0.9%, ex-dividend Apr 1).

Bank of Nova Scotia increased its position in shares of Cardinal Health, Inc. (NYSE:CAH - Free Report) by 137.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 393,474 shares of the company's stock after purchasing an additional 227,716 shares during the period. Bank of Nova Scotia owned 0.17% of Cardinal Health worth $61,760,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of CAH. SJS Investment Consulting Inc. lifted its holdings in Cardinal Health by 1,363.6% during the 3rd quarter. SJS Investment Consulting Inc. now owns 161 shares of the company's stock worth $25,000 after buying an additional 150 shares during the last quarter. Vermillion & White Wealth Management Group LLC increased its holdings in shares of Cardinal Health by 55.0% in the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 200 shares of the company's stock valued at $34,000 after acquiring an additional 71 shares during the last quarter. American Capital Advisory LLC raised its position in shares of Cardinal Health by 5,200.0% during the 3rd quarter. American Capital Advisory LLC now owns 212 shares of the company's stock worth $33,000 after acquiring an additional 208 shares in the last quarter. Quent Capital LLC purchased a new stake in Cardinal Health during the third quarter worth approximately $35,000. Finally, AlphaCore Capital LLC purchased a new position in Cardinal Health in the second quarter valued at approximately $41,000. Hedge funds and other institutional investors own 87.17% of the company's stock.

Cardinal Health Trading Down 1.0%

Shares of CAH stock opened at $216.95 on Monday. The company has a market capitalization of $51.05 billion, a P/E ratio of 31.22, a price-to-earnings-growth ratio of 1.40 and a beta of 0.65. The business's 50 day moving average is $216.83 and its two-hundred day moving average is $192.50. Cardinal Health, Inc. has a twelve month low of $120.72 and a twelve month high of $233.60.

Cardinal Health (NYSE:CAH - Get Free Report) last released its quarterly earnings results on Thursday, February 5th. The company reported $2.63 EPS for the quarter, topping the consensus estimate of $2.31 by $0.32. Cardinal Health had a negative return on equity of 92.50% and a net margin of 0.68%.The business had revenue of $65.63 billion during the quarter, compared to analysts' expectations of $64.88 billion. During the same quarter in the prior year, the business earned $1.93 earnings per share. The company's quarterly revenue was up 18.8% compared to the same quarter last year. As a group, equities analysts predict that Cardinal Health, Inc. will post 7.95 earnings per share for the current fiscal year.

Cardinal Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Wednesday, April 1st will be paid a $0.5107 dividend. This represents a $2.04 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Wednesday, April 1st. Cardinal Health's dividend payout ratio (DPR) is 29.35%.

Wall Street Analyst Weigh In

CAH has been the subject of several recent analyst reports. Citigroup upgraded shares of Cardinal Health from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $190.00 to $244.00 in a research report on Friday, January 9th. Jefferies Financial Group increased their target price on shares of Cardinal Health from $220.00 to $270.00 and gave the company a "buy" rating in a research report on Thursday, January 22nd. Robert W. Baird set a $252.00 price target on shares of Cardinal Health in a research report on Friday, February 6th. Leerink Partners restated an "outperform" rating and issued a $275.00 price objective on shares of Cardinal Health in a research note on Monday, March 9th. Finally, TD Cowen raised their price objective on Cardinal Health from $233.00 to $251.00 and gave the stock a "buy" rating in a report on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Cardinal Health presently has an average rating of "Moderate Buy" and an average target price of $245.67.

About Cardinal Health

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.

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