Invesco Ltd. Reduces Holdings in Cardinal Health, Inc. (NYSE:CAH)

Key Points

• Invesco Ltd. has reduced its stake in Cardinal Health, Inc. by 11.1%, owning 2,830,032 shares after selling 352,482 shares in the first quarter.
• Brokerages such as Evercore ISI and Citi Group have raised their price targets for Cardinal Health, showing a positive outlook with an average rating of "Moderate Buy."
• Approximately 87.17% of Cardinal Health's stock is held by institutional investors, highlighting strong institutional support for the company.

Invesco Ltd. cut its stake in Cardinal Health, Inc. (NYSE:CAH - Free Report) by 11.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,830,032 shares of the company's stock after selling 352,482 shares during the period. Invesco Ltd. owned 1.19% of Cardinal Health worth $389,894,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in CAH. Marshall Wace LLP boosted its holdings in shares of Cardinal Health by 154.6% during the 4th quarter. Marshall Wace LLP now owns 3,151,736 shares of the company's stock worth $372,756,000 after buying an additional 1,913,892 shares in the last quarter. Castlekeep Investment Advisors LLC acquired a new position in shares of Cardinal Health during the fourth quarter worth approximately $141,963,000. JPMorgan Chase & Co. raised its position in shares of Cardinal Health by 40.0% during the first quarter. JPMorgan Chase & Co. now owns 4,175,992 shares of the company's stock worth $575,327,000 after purchasing an additional 1,193,983 shares during the period. GAMMA Investing LLC raised its position in shares of Cardinal Health by 17,589.1% during the first quarter. GAMMA Investing LLC now owns 964,941 shares of the company's stock worth $132,940,000 after purchasing an additional 959,486 shares during the period. Finally, Junto Capital Management LP acquired a new position in shares of Cardinal Health during the fourth quarter worth approximately $92,811,000. 87.17% of the stock is currently owned by institutional investors.

Cardinal Health Stock Performance

NYSE:CAH traded up $2.26 during trading on Thursday, reaching $150.38. The company's stock had a trading volume of 2,787,266 shares, compared to its average volume of 2,420,521. The firm has a market cap of $35.89 billion, a price-to-earnings ratio of 23.31, a price-to-earnings-growth ratio of 1.44 and a beta of 0.67. The firm has a 50 day moving average of $159.80 and a 200-day moving average of $144.20. Cardinal Health, Inc. has a 12 month low of $105.01 and a 12 month high of $168.44.

Cardinal Health (NYSE:CAH - Get Free Report) last announced its quarterly earnings data on Tuesday, August 12th. The company reported $2.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.03 by $0.05. Cardinal Health had a negative return on equity of 74.45% and a net margin of 0.70%. The firm had revenue of $60.16 billion during the quarter, compared to the consensus estimate of $60.91 billion. During the same quarter in the prior year, the company earned $1.84 EPS. The business's revenue for the quarter was up .5% on a year-over-year basis. Equities research analysts forecast that Cardinal Health, Inc. will post 7.95 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CAH has been the topic of a number of research reports. Citigroup reaffirmed a "neutral" rating and set a $170.00 target price (up from $157.00) on shares of Cardinal Health in a research report on Friday, June 13th. Morgan Stanley reiterated an "overweight" rating on shares of Cardinal Health in a report on Tuesday. Leerink Partners set a $186.00 price target on Cardinal Health and gave the stock an "outperform" rating in a report on Tuesday. Wells Fargo & Company reaffirmed an "overweight" rating and set a $185.00 price objective (up from $183.00) on shares of Cardinal Health in a report on Wednesday. Finally, Robert W. Baird raised their price target on shares of Cardinal Health from $197.00 to $203.00 and gave the company an "outperform" rating in a research report on Wednesday. Three equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Cardinal Health currently has a consensus rating of "Moderate Buy" and a consensus target price of $163.20.

About Cardinal Health

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.