Longbow Finance SA Decreases Stake in Cardinal Health, Inc. (NYSE:CAH)

Key Points

• Longbow Finance SA has decreased its holdings in Cardinal Health, Inc. by 17.7%, now owning 69,064 shares valued at approximately $9.5 million.
• The company has reported earnings per share (EPS) of $2.35 for the last quarter, exceeding analysts' expectations of $2.15.
• Cardinal Health recently declared a quarterly dividend increase, now at $0.5107 per share, representing an annual yield of 1.29%.

Longbow Finance SA trimmed its stake in Cardinal Health, Inc. (NYSE:CAH - Free Report) by 17.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 69,064 shares of the company's stock after selling 14,831 shares during the period. Cardinal Health accounts for approximately 1.1% of Longbow Finance SA's holdings, making the stock its 24th largest position. Longbow Finance SA's holdings in Cardinal Health were worth $9,515,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Pinnacle Bancorp Inc. raised its stake in Cardinal Health by 11.2% in the first quarter. Pinnacle Bancorp Inc. now owns 767 shares of the company's stock worth $106,000 after buying an additional 77 shares in the last quarter. CSS LLC IL lifted its position in Cardinal Health by 0.8% during the fourth quarter. CSS LLC IL now owns 11,190 shares of the company's stock valued at $1,323,000 after purchasing an additional 90 shares during the period. Perigon Wealth Management LLC raised its position in shares of Cardinal Health by 4.2% in the first quarter. Perigon Wealth Management LLC now owns 2,242 shares of the company's stock worth $309,000 after acquiring an additional 90 shares during the period. Smith Shellnut Wilson LLC ADV raised its position in shares of Cardinal Health by 2.1% in the first quarter. Smith Shellnut Wilson LLC ADV now owns 4,399 shares of the company's stock worth $606,000 after acquiring an additional 91 shares during the period. Finally, TIAA Trust National Association increased its stake in Cardinal Health by 4.5% during the 4th quarter. TIAA Trust National Association now owns 2,183 shares of the company's stock worth $258,000 after buying an additional 94 shares in the last quarter. 87.17% of the stock is currently owned by hedge funds and other institutional investors.

Cardinal Health Price Performance

CAH stock traded down $1.19 during midday trading on Friday, reaching $157.10. 1,212,904 shares of the company were exchanged, compared to its average volume of 1,857,181. The business has a 50-day moving average price of $159.42 and a two-hundred day moving average price of $141.65. Cardinal Health, Inc. has a one year low of $96.05 and a one year high of $168.44. The firm has a market capitalization of $37.50 billion, a price-to-earnings ratio of 24.51, a price-to-earnings-growth ratio of 1.56 and a beta of 0.68.

Cardinal Health (NYSE:CAH - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported $2.35 EPS for the quarter, topping the consensus estimate of $2.15 by $0.20. The firm had revenue of $54.88 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was up .0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.08 earnings per share. As a group, analysts anticipate that Cardinal Health, Inc. will post 7.95 earnings per share for the current fiscal year.

Cardinal Health Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st were given a $0.5107 dividend. This is a positive change from Cardinal Health's previous quarterly dividend of $0.51. This represents a $2.04 dividend on an annualized basis and a yield of 1.30%. The ex-dividend date of this dividend was Tuesday, July 1st. Cardinal Health's dividend payout ratio is presently 31.83%.

Wall Street Analysts Forecast Growth

CAH has been the subject of several analyst reports. Wells Fargo & Company raised shares of Cardinal Health from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $136.00 to $179.00 in a research note on Tuesday, June 3rd. Evercore ISI reaffirmed an "outperform" rating and set a $180.00 price objective (up from $175.00) on shares of Cardinal Health in a research report on Thursday, June 12th. Citigroup restated a "neutral" rating and issued a $170.00 price objective (up from $157.00) on shares of Cardinal Health in a research note on Friday, June 13th. Morgan Stanley lifted their target price on shares of Cardinal Health from $181.00 to $190.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. Finally, Wall Street Zen raised shares of Cardinal Health from a "buy" rating to a "strong-buy" rating in a report on Monday, May 5th. Three investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Cardinal Health has a consensus rating of "Moderate Buy" and an average target price of $158.07.

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.