HB Wealth Management LLC Increases Position in Cardinal Health, Inc. (NYSE:CAH)

Key Points

• HB Wealth Management LLC increased its holdings in Cardinal Health, Inc. by 65.7% during the first quarter, acquiring an additional 4,135 shares, bringing its total to 10,431 shares valued at approximately $1.44 million.
• Cardinal Health declared a quarterly dividend of $0.5107, which is an increase from the previous $0.51 dividend, representing an annual yield of 1.30%.
• Analysts have shown positive sentiment towards Cardinal Health, with multiple firms raising their price targets, with a consensus target price of $158.07 and a majority rating the stock as a "Moderate Buy."

HB Wealth Management LLC increased its stake in Cardinal Health, Inc. (NYSE:CAH - Free Report) by 65.7% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 10,431 shares of the company's stock after acquiring an additional 4,135 shares during the period. HB Wealth Management LLC's holdings in Cardinal Health were worth $1,437,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Geode Capital Management LLC grew its position in Cardinal Health by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 5,859,132 shares of the company's stock worth $691,145,000 after acquiring an additional 109,273 shares in the last quarter. Invesco Ltd. grew its position in Cardinal Health by 4.6% in the fourth quarter. Invesco Ltd. now owns 3,182,514 shares of the company's stock worth $376,396,000 after acquiring an additional 140,368 shares in the last quarter. Marshall Wace LLP lifted its stake in Cardinal Health by 154.6% in the fourth quarter. Marshall Wace LLP now owns 3,151,736 shares of the company's stock worth $372,756,000 after purchasing an additional 1,913,892 shares during the last quarter. Northern Trust Corp lifted its stake in Cardinal Health by 16.2% in the fourth quarter. Northern Trust Corp now owns 3,037,849 shares of the company's stock worth $359,286,000 after purchasing an additional 422,755 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Cardinal Health by 4.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,321,797 shares of the company's stock worth $274,599,000 after purchasing an additional 94,768 shares during the last quarter. 87.17% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Robert W. Baird boosted their price target on shares of Cardinal Health from $156.00 to $170.00 and gave the stock an "outperform" rating in a research note on Friday, May 2nd. Morgan Stanley boosted their price target on shares of Cardinal Health from $181.00 to $190.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Wall Street Zen raised shares of Cardinal Health from a "buy" rating to a "strong-buy" rating in a research note on Monday, May 5th. Wells Fargo & Company raised shares of Cardinal Health from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $136.00 to $179.00 in a research note on Tuesday, June 3rd. Finally, 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 note on Thursday, June 12th. Three equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $158.07.

Cardinal Health Price Performance

CAH stock traded up $0.75 during trading on Friday, reaching $155.97. The company had a trading volume of 1,592,812 shares, compared to its average volume of 1,631,874. Cardinal Health, Inc. has a 52 week low of $96.05 and a 52 week high of $168.44. The company has a market cap of $37.23 billion, a P/E ratio of 24.33, a PEG ratio of 1.54 and a beta of 0.67. The business has a 50 day moving average of $159.67 and a 200 day moving average of $142.48.

Cardinal Health (NYSE:CAH - Get Free Report) last released 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. Cardinal Health had a net margin of 0.70% and a negative return on equity of 68.84%. The company had revenue of $54.88 billion during the quarter, compared to the consensus estimate of $55.33 billion. During the same period in the prior year, the firm earned $2.08 earnings per share. Cardinal Health's revenue was up .0% on a year-over-year basis. Research analysts expect that Cardinal Health, Inc. will post 7.95 earnings per share for the current 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 paid a $0.5107 dividend. The ex-dividend date of this dividend was Tuesday, July 1st. This is an increase from Cardinal Health's previous quarterly dividend of $0.51. This represents a $2.04 dividend on an annualized basis and a yield of 1.3%. Cardinal Health's payout ratio is currently 31.83%.

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.