Convergence Investment Partners LLC Trims Stock Holdings in Cardinal Health, Inc. (NYSE:CAH)

Convergence Investment Partners LLC decreased its holdings in shares of Cardinal Health, Inc. (NYSE:CAH - Free Report) by 11.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 29,451 shares of the company's stock after selling 3,674 shares during the quarter. Cardinal Health comprises about 1.1% of Convergence Investment Partners LLC's investment portfolio, making the stock its 19th largest position. Convergence Investment Partners LLC's holdings in Cardinal Health were worth $4,057,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of CAH. Bellwether Advisors LLC purchased a new stake in shares of Cardinal Health in the fourth quarter valued at $32,000. Tompkins Financial Corp raised its stake in shares of Cardinal Health by 106.7% in the first quarter. Tompkins Financial Corp now owns 248 shares of the company's stock valued at $34,000 after acquiring an additional 128 shares during the period. Itau Unibanco Holding S.A. bought a new position in shares of Cardinal Health in the fourth quarter worth about $36,000. GW&K Investment Management LLC grew its holdings in shares of Cardinal Health by 113.4% in the first quarter. GW&K Investment Management LLC now owns 271 shares of the company's stock worth $37,000 after purchasing an additional 144 shares during the last quarter. Finally, Measured Risk Portfolios Inc. bought a new position in Cardinal Health during the 4th quarter worth about $47,000. Hedge funds and other institutional investors own 87.17% of the company's stock.

Cardinal Health Stock Down 0.7%

Shares of NYSE CAH traded down $1.19 during midday trading on Friday, reaching $157.10. 1,212,904 shares of the stock were exchanged, compared to its average volume of 1,857,181. The firm has a 50-day simple moving average of $159.42 and a two-hundred day simple moving average of $141.52. Cardinal Health, Inc. has a twelve month low of $96.05 and a twelve month high of $168.44. The firm has a market cap of $37.50 billion, a price-to-earnings ratio of 24.51, a PEG ratio of 1.57 and a beta of 0.68.

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

Cardinal Health Increases Dividend

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

Analyst Ratings Changes

Several research firms have commented on CAH. Mizuho increased their price target on shares of Cardinal Health from $142.00 to $150.00 and gave the company an "outperform" rating in a research report on Monday, March 31st. Bank of America increased their price objective on shares of Cardinal Health from $165.00 to $170.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Citigroup reaffirmed a "neutral" rating and issued a $170.00 price objective (up from $157.00) on shares of Cardinal Health in a research report on Friday, June 13th. UBS Group increased their price objective on shares of Cardinal Health from $150.00 to $160.00 and gave the company a "buy" rating in a research report on Tuesday, April 29th. Finally, Morgan Stanley raised their price target on shares of Cardinal Health from $181.00 to $190.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. 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 stock. According to MarketBeat.com, Cardinal Health presently 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.