Iron Triangle Partners LP Raises Holdings in Cardinal Health, Inc. $CAH

Key Points

• Iron Triangle Partners raised its stake in Cardinal Health by 31.1% to 138,011 shares (~$21.66M), and multiple large institutions (Wellington, Norges, Holocene, Barclays, Prudential) also materially increased or initiated positions, leaving institutional ownership at 87.17%.
• Cardinal Health beat quarterly expectations with EPS of $2.63 and revenue of $65.63B (up 18.8% YoY), and analysts have lifted ratings and targets—consensus is a "Moderate Buy" with an average price target of $245.67.

Iron Triangle Partners LP raised its holdings in Cardinal Health, Inc. (NYSE:CAH - Free Report) by 31.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 138,011 shares of the company's stock after acquiring an additional 32,754 shares during the quarter. Cardinal Health accounts for about 3.1% of Iron Triangle Partners LP's holdings, making the stock its 16th biggest position. Iron Triangle Partners LP owned about 0.06% of Cardinal Health worth $21,662,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the company. Wellington Management Group LLP raised its stake in shares of Cardinal Health by 153.2% during the 3rd quarter. Wellington Management Group LLP now owns 5,804,090 shares of the company's stock worth $911,010,000 after buying an additional 3,511,579 shares during the last quarter. Norges Bank purchased a new position in Cardinal Health during the 2nd quarter valued at about $584,420,000. Holocene Advisors LP lifted its holdings in shares of Cardinal Health by 141.4% in the third quarter. Holocene Advisors LP now owns 1,926,170 shares of the company's stock valued at $302,332,000 after purchasing an additional 1,128,358 shares in the last quarter. Barclays PLC grew its position in shares of Cardinal Health by 109.3% in the third quarter. Barclays PLC now owns 1,584,214 shares of the company's stock valued at $248,658,000 after purchasing an additional 827,446 shares during the last quarter. Finally, Prudential Financial Inc. increased its stake in shares of Cardinal Health by 476.8% during the 2nd quarter. Prudential Financial Inc. now owns 883,348 shares of the company's stock worth $148,402,000 after purchasing an additional 730,209 shares in the last quarter. 87.17% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on CAH shares. Wall Street Zen lowered Cardinal Health from a "strong-buy" rating to a "buy" rating in a research note on Saturday, February 21st. Robert W. Baird set a $252.00 price target on Cardinal Health in a report on Friday, February 6th. Evercore increased their price objective on Cardinal Health from $250.00 to $260.00 in a research note on Friday, February 6th. Leerink Partners reissued an "outperform" rating and issued a $275.00 target price on shares of Cardinal Health in a research note on Monday, March 9th. Finally, Citigroup raised shares of Cardinal Health from a "neutral" rating to a "buy" rating and raised their price target for the stock from $190.00 to $244.00 in a research note on Friday, January 9th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Cardinal Health presently has an average rating of "Moderate Buy" and an average price target of $245.67.

Cardinal Health Trading Down 1.0%

CAH stock opened at $216.95 on Monday. The stock has a 50-day moving average price of $216.83 and a two-hundred day moving average price of $192.50. The company has a market cap of $51.05 billion, a PE ratio of 31.22, a price-to-earnings-growth ratio of 1.40 and a beta of 0.65. Cardinal Health, Inc. has a 12-month low of $120.72 and a 12-month high of $233.60.

Cardinal Health (NYSE:CAH - Get Free Report) last released its quarterly earnings data on Thursday, February 5th. The company reported $2.63 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.32. Cardinal Health had a negative return on equity of 92.50% and a net margin of 0.68%.The business had revenue of $65.63 billion for the quarter, compared to analyst estimates of $64.88 billion. During the same period in the previous year, the company posted $1.93 EPS. The company's revenue was up 18.8% compared to the same quarter last year. Equities analysts forecast that Cardinal Health, Inc. will post 7.95 EPS for the current fiscal year.

Cardinal Health Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Wednesday, April 1st will be issued a dividend of $0.5107 per share. The ex-dividend date is Wednesday, April 1st. This represents a $2.04 annualized dividend and a dividend yield of 0.9%. Cardinal Health's payout ratio is presently 29.35%.

Cardinal Health Profile

Cardinal Health is a multinational healthcare services and products company headquartered in Dublin, Ohio. Tracing its roots to the early 1970s, the company has grown into a major provider of supply chain and distribution services for the healthcare sector. Cardinal Health operates across a range of service lines that support hospitals, health systems, pharmacies, physician offices and clinical laboratories.

The company's core activities include the wholesale distribution of branded and generic pharmaceuticals, the supply and distribution of medical-surgical products, and the provision of logistics and inventory management solutions.

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