Mackenzie Financial Corp Sells 63,865 Shares of Cardinal Health, Inc. (NYSE:CAH)

Key Points

• Mackenzie Financial Corp has reduced its stake in Cardinal Health by 70.7%, selling 63,865 shares in the first quarter, leaving them with a total of 26,407 shares valued at approximately $3.6 million.
• Cardinal Health received several positive ratings upgrades from analysts, with Bank of America and others raising their price targets, leading to a consensus rating of "Moderate Buy" and an average price target of $158.07.
• The company recently updated its quarterly dividend, now at $0.5107 per share, reflecting a slight increase from the previous dividend, and presenting a 1.3% yield.

Mackenzie Financial Corp cut its stake in shares of Cardinal Health, Inc. (NYSE:CAH - Free Report) by 70.7% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 26,407 shares of the company's stock after selling 63,865 shares during the period. Mackenzie Financial Corp's holdings in Cardinal Health were worth $3,638,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Pinnacle Bancorp Inc. grew its position in Cardinal Health by 11.2% in the first quarter. Pinnacle Bancorp Inc. now owns 767 shares of the company's stock worth $106,000 after acquiring an additional 77 shares in the last quarter. Applied Finance Capital Management LLC lifted its stake in shares of Cardinal Health by 1.4% in the 1st quarter. Applied Finance Capital Management LLC now owns 6,049 shares of the company's stock valued at $833,000 after purchasing an additional 85 shares during the last quarter. CSS LLC IL boosted its holdings in Cardinal Health by 0.8% in the fourth quarter. CSS LLC IL now owns 11,190 shares of the company's stock worth $1,323,000 after purchasing an additional 90 shares in the last quarter. Perigon Wealth Management LLC increased its position in Cardinal Health by 4.2% during the first quarter. Perigon Wealth Management LLC now owns 2,242 shares of the company's stock worth $309,000 after buying an additional 90 shares during the last quarter. Finally, Smith Shellnut Wilson LLC ADV raised its holdings in Cardinal Health by 2.1% during the first quarter. Smith Shellnut Wilson LLC ADV now owns 4,399 shares of the company's stock valued at $606,000 after buying an additional 91 shares in the last quarter. Institutional investors and hedge funds own 87.17% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CAH shares. Wall Street Zen lowered Cardinal Health from a "strong-buy" rating to a "buy" rating in a report on Saturday. Citigroup reissued a "neutral" rating and issued a $170.00 price target (up previously from $157.00) on shares of Cardinal Health in a research report on Friday, June 13th. Wells Fargo & Company raised shares of Cardinal Health from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $136.00 to $179.00 in a report on Tuesday, June 3rd. Bank of America boosted their target price on shares of Cardinal Health from $165.00 to $170.00 and gave the stock a "buy" rating in a research report on Tuesday, June 10th. Finally, Evercore ISI reaffirmed an "outperform" rating and issued a $180.00 price target (up from $175.00) on shares of Cardinal Health in a research report on Thursday, June 12th. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $158.07.

Cardinal Health Stock Up 1.7%

Shares of CAH stock traded up $2.64 during mid-day trading on Monday, reaching $158.64. The stock had a trading volume of 1,639,340 shares, compared to its average volume of 2,374,359. Cardinal Health, Inc. has a one year low of $96.05 and a one year high of $168.44. The firm has a market cap of $37.86 billion, a PE ratio of 24.75, a P/E/G ratio of 1.55 and a beta of 0.67. The firm's 50 day simple moving average is $159.74 and its 200 day simple moving average is $142.94.

Cardinal Health (NYSE:CAH - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported $2.35 EPS for the quarter, topping the consensus estimate of $2.15 by $0.20. The firm had revenue of $54.88 billion during the quarter, compared to analysts' expectations of $55.33 billion. Cardinal Health had a negative return on equity of 68.84% and a net margin of 0.70%. Cardinal Health's quarterly revenue was up .0% compared to the same quarter last year. During the same period last year, the business earned $2.08 earnings per share. Sell-side analysts forecast that Cardinal Health, Inc. will post 7.95 earnings per share for the current fiscal year.

Cardinal Health 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.