Cardinal Health, Inc. $CAH Stock: Assenagon Asset Management S.A. Increases Holdings

Key Points

• Assenagon Asset Management increased its Cardinal Health stake by 1,175.4% in the third quarter, ending with 154,192 shares valued at approximately $34.3 million. Institutional investors collectively own 87.17% of the company.
• Cardinal Health shares opened at $253.86, near their 52-week high of $258.30. The company beat quarterly EPS estimates with $2.91 versus $2.42 expected, while revenue rose 5.8% year over year.
• Insiders sold 210,271 shares worth about $49.6 million over the past 90 days, while analysts maintain a “Moderate Buy” consensus rating with an average price target of $267.50.

Assenagon Asset Management S.A. increased its position in shares of Cardinal Health, Inc. (NYSE:CAH - Free Report) by 1,175.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 154,192 shares of the company's stock after acquiring an additional 142,102 shares during the quarter. Assenagon Asset Management S.A. owned about 0.07% of Cardinal Health worth $34,308,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. bought a new position in shares of Cardinal Health in the 2nd quarter valued at about $6,293,115,000. Wellington Management Group LLP raised its holdings in shares of Cardinal Health by 247.5% in the 2nd quarter. Wellington Management Group LLP now owns 14,860,271 shares of the company's stock valued at $3,530,206,000 after purchasing an additional 10,584,119 shares during the period. Bank of America Corp DE bought a new stake in shares of Cardinal Health in the 2nd quarter valued at about $689,066,000. Legal & General Group Plc bought a new stake in shares of Cardinal Health in the 2nd quarter valued at about $438,870,000. Finally, Bank of New York Mellon Corp acquired a new stake in Cardinal Health in the 2nd quarter valued at about $308,640,000. Institutional investors and hedge funds own 87.17% of the company's stock.

Insider Activity at Cardinal Health

In related news, CEO Stephen Mason sold 35,000 shares of Cardinal Health stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $236.40, for a total transaction of $8,274,000.00. Following the completion of the sale, the chief executive officer directly owned 18,061 shares of the company's stock, valued at approximately $4,269,620.40. This trade represents a 65.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Jason Hollar sold 80,000 shares of Cardinal Health stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $235.74, for a total value of $18,859,200.00. Following the sale, the chief executive officer directly owned 235,132 shares of the company's stock, valued at approximately $55,430,017.68. The trade was a 25.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 210,271 shares of company stock valued at $49,626,657 in the last 90 days. Corporate insiders own 0.12% of the company's stock.

Cardinal Health Stock Performance

NYSE CAH opened at $253.86 on Friday. The stock has a market cap of $58.78 billion, a PE ratio of 35.11, a P/E/G ratio of 1.53 and a beta of 0.50. The firm has a 50-day moving average of $234.54 and a 200-day moving average of $222.22. Cardinal Health, Inc. has a 52-week low of $152.46 and a 52-week high of $258.30.

Cardinal Health (NYSE:CAH - Get Free Report) last announced 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 for the quarter, compared to analyst estimates of $65.15 billion. Cardinal Health had a net margin of 0.67% and a negative return on equity of 98.53%. Cardinal Health's quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.08 EPS. Cardinal Health has set its FY 2027 guidance at 12.400-12.600 EPS. As a group, analysts predict that Cardinal Health, Inc. will post 12.55 EPS for the current fiscal year.

Cardinal Health Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Thursday, October 1st were paid a dividend of $0.5158 per share. The ex-dividend date was Thursday, October 1st. This represents a $2.06 dividend on an annualized basis and a dividend yield of 0.8%. Cardinal Health's dividend payout ratio (DPR) is 28.49%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Evercore reiterated an "outperform" rating and set a $270.00 price target on shares of Cardinal Health in a report on Wednesday, August 12th. Mizuho upped their price objective on Cardinal Health from $240.00 to $250.00 and gave the company an "outperform" rating in a research note on Wednesday, August 12th. Citigroup upped their price objective on Cardinal Health from $265.00 to $280.00 and gave the company a "buy" rating in a research note on Wednesday, August 12th. Wall Street Zen cut Cardinal Health from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Finally, JPMorgan Chase & Co. lifted their target price on Cardinal Health from $215.00 to $260.00 and gave the stock a "neutral" rating in a research note on Thursday, August 13th. Sixteen 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, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $267.50.

Cardinal Health Company Profile

Cardinal Health, Inc is a healthcare services and products company that supports pharmacies, hospitals, ambulatory surgery centers, physician offices and other healthcare providers. Its operations are primarily organized into Pharmaceutical and Medical segments.

The Pharmaceutical segment distributes branded, generic, specialty and over-the-counter medicines, as well as consumer health products. It also provides services related to specialty pharmaceuticals, pharmaceutical sourcing, nuclear and precision health products, and data and analytics for pharmaceutical manufacturers and healthcare organizations.

The Medical segment distributes medical and surgical products, including gloves, apparel, incontinence supplies, laboratory products and other essential items.

Want to see what other hedge funds are holding CAH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cardinal Health, Inc. (NYSE:CAH - Free Report).

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.