Covenant Asset Management LLC Purchases 6,309 Shares of Cardinal Health, Inc. $CAH

Key Points

• Covenant Asset Management increased its Cardinal Health stake by 44.1% in the third quarter, purchasing 6,309 shares to bring its holdings to 20,611 shares valued at approximately $4.6 million. Institutional investors collectively own 87.17% of CAH.
• Analysts remain positive on Cardinal Health, with 16 Buy ratings and three Holds producing a consensus “Moderate Buy” rating and an average price target of $266.56.
• Cardinal Health reported quarterly EPS of $2.91, beating estimates of $2.42, while revenue rose 5.8% year over year to $63.67 billion. The company also declared a quarterly dividend of $0.5158 per share, representing an annualized yield of about 0.8%.

Covenant Asset Management LLC grew its position in Cardinal Health, Inc. (NYSE:CAH - Free Report) by 44.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,611 shares of the company's stock after buying an additional 6,309 shares during the period. Covenant Asset Management LLC's holdings in Cardinal Health were worth $4,586,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in CAH. LWM Advisors Inc. lifted its holdings in Cardinal Health by 4.4% in the second quarter. LWM Advisors Inc. now owns 1,028 shares of the company's stock valued at $244,000 after acquiring an additional 43 shares during the last quarter. Parkside Financial Bank & Trust grew its position in Cardinal Health by 2.5% in the second quarter. Parkside Financial Bank & Trust now owns 1,793 shares of the company's stock worth $426,000 after acquiring an additional 43 shares during the period. Kathmere Capital Management LLC grew its position in Cardinal Health by 1.2% in the first quarter. Kathmere Capital Management LLC now owns 4,242 shares of the company's stock worth $896,000 after acquiring an additional 49 shares during the period. V Square Quantitative Management LLC increased its stake in Cardinal Health by 2.6% during the first quarter. V Square Quantitative Management LLC now owns 2,002 shares of the company's stock worth $423,000 after acquiring an additional 50 shares during the last quarter. Finally, Gryphon Financial Partners LLC increased its stake in Cardinal Health by 4.5% during the first quarter. Gryphon Financial Partners LLC now owns 1,239 shares of the company's stock worth $262,000 after acquiring an additional 53 shares during the last quarter. Institutional investors and hedge funds own 87.17% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CAH shares. Mizuho lifted their target price on Cardinal Health from $240.00 to $250.00 and gave the company an "outperform" rating in a research report on Wednesday, August 12th. Weiss Ratings upgraded Cardinal Health from a "buy (b)" rating to a "buy (b+)" rating in a report on Thursday, October 8th. TD Cowen raised their price objective on Cardinal Health from $275.00 to $280.00 and gave the stock a "buy" rating in a research report on Thursday, August 13th. UBS Group raised their price objective on Cardinal Health from $274.00 to $280.00 and gave the stock a "buy" rating in a research report on Wednesday, August 12th. Finally, Bank of America boosted their price objective on shares of Cardinal Health from $240.00 to $260.00 and gave the company a "buy" rating in a report on Thursday, July 2nd. Sixteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $266.56.

Cardinal Health Stock Performance

Shares of CAH stock opened at $247.32 on Thursday. The firm's 50 day moving average price is $233.88 and its 200-day moving average price is $221.67. Cardinal Health, Inc. has a one year low of $152.46 and a one year high of $258.30. The firm has a market cap of $57.27 billion, a P/E ratio of 34.21, a P/E/G ratio of 1.44 and a beta of 0.50.

Cardinal Health (NYSE:CAH - Get Free Report) last posted its quarterly earnings data on Tuesday, August 11th. The company reported $2.91 earnings per share for the quarter, topping analysts' consensus estimates of $2.42 by $0.49. Cardinal Health had a net margin of 0.67% and a negative return on equity of 98.53%. The firm had revenue of $63.67 billion during the quarter, compared to analysts' expectations of $65.15 billion. During the same quarter last year, the company posted $2.08 EPS. The firm's quarterly revenue was up 5.8% on a year-over-year basis. Cardinal Health has set its FY 2027 guidance at 12.400-12.600 EPS. As a group, research analysts predict that Cardinal Health, Inc. will post 12.55 EPS for the current fiscal year.

Cardinal Health Announces Dividend

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

Insider Buying and Selling at Cardinal Health

In other news, insider Michelle Greene sold 11,650 shares of the firm's stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $235.72, for a total transaction of $2,746,138.00. Following the completion of the transaction, the insider directly owned 10,330 shares in the company, valued at $2,434,987.60. This trade represents a 53.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Jason Hollar sold 80,000 shares of Cardinal Health stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $235.74, for a total value of $18,859,200.00. Following the completion of the sale, the chief executive officer directly owned 235,132 shares of the company's stock, valued at $55,430,017.68. The trade was a 25.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 210,271 shares of company stock valued at $49,626,657. Corporate insiders own 0.12% of the company's stock.

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.

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