Jennison Associates LLC Invests $35.11 Million in Cardinal Health, Inc. (NYSE:CAH)

Jennison Associates LLC acquired a new position in shares of Cardinal Health, Inc. (NYSE:CAH - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 254,817 shares of the company's stock, valued at approximately $35,106,000. Jennison Associates LLC owned 0.11% of Cardinal Health at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Forte Capital LLC ADV purchased a new position in Cardinal Health in the first quarter valued at approximately $212,000. Commerzbank Aktiengesellschaft FI raised its holdings in Cardinal Health by 6.1% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 16,055 shares of the company's stock valued at $2,212,000 after buying an additional 919 shares during the period. Kingsview Wealth Management LLC raised its holdings in Cardinal Health by 97.1% in the first quarter. Kingsview Wealth Management LLC now owns 4,456 shares of the company's stock valued at $614,000 after buying an additional 2,195 shares during the period. Bailard Inc. raised its holdings in Cardinal Health by 5.6% in the first quarter. Bailard Inc. now owns 6,349 shares of the company's stock valued at $875,000 after buying an additional 337 shares during the period. Finally, Graypoint LLC raised its holdings in Cardinal Health by 22.8% in the first quarter. Graypoint LLC now owns 5,168 shares of the company's stock valued at $712,000 after buying an additional 960 shares during the period. Institutional investors and hedge funds own 87.17% of the company's stock.

Cardinal Health Trading Down 0.6%

NYSE:CAH traded down $0.90 during trading hours on Monday, hitting $158.66. 1,323,683 shares of the company traded hands, compared to its average volume of 2,419,707. The stock has a market capitalization of $37.87 billion, a price-to-earnings ratio of 24.75, a P/E/G ratio of 1.58 and a beta of 0.68. Cardinal Health, Inc. has a twelve month low of $94.85 and a twelve month high of $168.44. The firm has a 50-day moving average of $158.68 and a 200 day moving average of $140.50.

Cardinal Health (NYSE:CAH - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported $2.35 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $54.88 billion during the quarter, compared to analysts' expectations of $55.33 billion. During the same period in the prior year, the company earned $2.08 EPS. The business's quarterly revenue was up .0% compared to the same quarter last year. Equities research analysts predict that Cardinal Health, Inc. will post 7.95 earnings per share for the current fiscal year.

Cardinal Health Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st were issued a $0.5107 dividend. This is a positive change from Cardinal Health's previous quarterly dividend of $0.51. The ex-dividend date was Tuesday, July 1st. This represents a $2.04 annualized dividend and a dividend yield of 1.29%. Cardinal Health's dividend payout ratio is presently 31.83%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CAH. Bank of America lifted their price target on shares of Cardinal Health from $165.00 to $170.00 and gave the stock a "buy" rating in a research note on Tuesday, June 10th. UBS Group lifted their price target on shares of Cardinal Health from $150.00 to $160.00 and gave the company a "buy" rating in a report on Tuesday, April 29th. Citigroup reaffirmed a "neutral" rating and issued a $170.00 price target (up from $157.00) on shares of Cardinal Health in a report on Friday, June 13th. Wells Fargo & Company raised shares of Cardinal Health from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $136.00 to $179.00 in a report on Tuesday, June 3rd. Finally, Mizuho boosted their price target on shares of Cardinal Health from $142.00 to $150.00 and gave the company an "outperform" rating in a report on Monday, March 31st. Three investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Cardinal Health has a consensus rating of "Moderate Buy" and a consensus target price of $158.07.

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.