Empirical Financial Services LLC d.b.a. Empirical Wealth Management Grows Stock Position in Cardinal Health, Inc. (NYSE:CAH)

Key Points

• Empirical Financial Services LLC increased its holdings in Cardinal Health, Inc. by 11.0% during the first quarter, now owning 17,736 shares valued at approximately $2.44 million.
• Cardinal Health recently declared a quarterly dividend of $0.5107, an increase from the previous $0.51, reflecting a 1.3% dividend yield.
• Analysts are optimistic about Cardinal Health's growth, with multiple entities raising price targets to $170.00 and recommending a rating of "buy" or "strong-buy" on the stock.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its position in Cardinal Health, Inc. (NYSE:CAH - Free Report) by 11.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 17,736 shares of the company's stock after purchasing an additional 1,754 shares during the quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in Cardinal Health were worth $2,444,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Principal Financial Group Inc. lifted its holdings in shares of Cardinal Health by 5.3% during the first quarter. Principal Financial Group Inc. now owns 315,817 shares of the company's stock worth $43,510,000 after purchasing an additional 15,956 shares during the period. Huntington National Bank lifted its holdings in shares of Cardinal Health by 1.2% during the fourth quarter. Huntington National Bank now owns 10,920 shares of the company's stock worth $1,292,000 after purchasing an additional 128 shares during the period. Kingswood Wealth Advisors LLC lifted its holdings in shares of Cardinal Health by 17.2% during the first quarter. Kingswood Wealth Advisors LLC now owns 3,119 shares of the company's stock worth $429,000 after purchasing an additional 457 shares during the period. Assenagon Asset Management S.A. raised its position in Cardinal Health by 25.8% during the first quarter. Assenagon Asset Management S.A. now owns 13,147 shares of the company's stock valued at $1,811,000 after acquiring an additional 2,694 shares in the last quarter. Finally, Golden State Wealth Management LLC raised its position in Cardinal Health by 569.5% during the first quarter. Golden State Wealth Management LLC now owns 395 shares of the company's stock valued at $54,000 after acquiring an additional 336 shares in the last quarter. Institutional investors and hedge funds own 87.17% of the company's stock.

Cardinal Health Price Performance

Shares of NYSE:CAH opened at $155.10 on Friday. The business's 50 day moving average price is $159.67 and its 200-day moving average price is $142.48. The firm has a market capitalization of $37.02 billion, a PE ratio of 24.20, a P/E/G ratio of 1.57 and a beta of 0.68. Cardinal Health, Inc. has a 1 year low of $96.05 and a 1 year high of $168.44.

Cardinal Health (NYSE:CAH - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported $2.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.15 by $0.20. The firm 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 business's revenue was up .0% on a year-over-year basis. During the same period in the previous year, the company posted $2.08 earnings per share. As a group, analysts expect that Cardinal Health, Inc. will post 7.95 earnings per share for the current year.

Cardinal Health Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st were paid a $0.5107 dividend. This is a boost from Cardinal Health's previous quarterly dividend of $0.51. This represents a $2.04 dividend on an annualized basis and a dividend yield of 1.3%. 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

Several research analysts recently weighed in on CAH shares. Robert W. Baird lifted their price target on Cardinal Health from $156.00 to $170.00 and gave the company an "outperform" rating in a research report on Friday, May 2nd. Citigroup reiterated a "neutral" rating and set a $170.00 price target (up from $157.00) on shares of Cardinal Health in a research report on Friday, June 13th. Bank of America lifted their price target on Cardinal Health from $165.00 to $170.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Wall Street Zen upgraded Cardinal Health from a "buy" rating to a "strong-buy" rating in a research report on Monday, May 5th. Finally, Evercore ISI reiterated an "outperform" rating and set a $180.00 price target (up from $175.00) on shares of Cardinal Health in a research report on Thursday, June 12th. Three equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target 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.

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