Man Group plc Invests $222.01 Million in Cardinal Health, Inc. $CAH

Key Points

• Man Group acquired 934,556 Cardinal Health shares worth approximately $222 million in the second quarter, giving it a 0.40% stake. Institutional investors collectively own 87.17% of the company.
• Cardinal Health reported quarterly EPS of $2.91, exceeding estimates of $2.42, while revenue rose 5.8% year over year to $63.67 billion but fell short of expectations.
• The company declared a quarterly dividend of $0.5158 per share, or $2.06 annually, representing a 0.9% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $266.56 versus the reported share price of $238.

Man Group plc acquired a new stake in shares of Cardinal Health, Inc. (NYSE:CAH - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 934,556 shares of the company's stock, valued at approximately $222,013,000. Man Group plc owned about 0.40% of Cardinal Health at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. University of Texas Texas AM Investment Management Co. acquired a new position in Cardinal Health in the 4th quarter worth about $26,000. Bank of Jackson Hole Trust acquired a new stake in shares of Cardinal Health during the 4th quarter valued at about $27,000. Jones Financial Companies Lllp grew its stake in shares of Cardinal Health by 198.3% in the 1st quarter. Jones Financial Companies Lllp now owns 21,112 shares of the company's stock valued at $27,000 after buying an additional 14,034 shares in the last quarter. Palladiem LLC bought a new stake in shares of Cardinal Health in the 4th quarter valued at approximately $28,000. Finally, Indiana Trust & Investment Management Co acquired a new position in Cardinal Health in the first quarter worth approximately $29,000. Hedge funds and other institutional investors own 87.17% of the company's stock.

Cardinal Health Price Performance

Shares of CAH opened at $238.00 on Wednesday. The company has a market capitalization of $55.35 billion, a PE ratio of 32.92, a price-to-earnings-growth ratio of 1.24 and a beta of 0.49. Cardinal Health, Inc. has a one year low of $145.87 and a one year high of $258.30. The company's fifty day moving average price is $232.34 and its 200 day moving average price is $218.18.

Cardinal Health (NYSE:CAH - Get Free Report) last released its earnings results on Tuesday, August 11th. The company reported $2.91 earnings per share for the quarter, topping analysts' consensus estimates of $2.42 by $0.49. The firm had revenue of $63.67 billion during the quarter, compared to analyst estimates of $65.15 billion. Cardinal Health had a net margin of 0.67% and a negative return on equity of 98.53%. The business's revenue was up 5.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.08 EPS. Cardinal Health has set its FY 2027 guidance at 12.400-12.600 EPS. Analysts anticipate that Cardinal Health, Inc. will post 12.55 earnings per share for the current year.

Cardinal Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, October 1st will be given a dividend of $0.5158 per share. This represents a $2.06 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Thursday, October 1st. Cardinal Health's payout ratio is currently 28.49%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CAH. William Blair initiated coverage on shares of Cardinal Health in a research report on Tuesday, April 28th. They set an "outperform" rating on the stock. TD Cowen increased their target price on shares of Cardinal Health from $275.00 to $280.00 and gave the stock a "buy" rating in a research report on Thursday, August 13th. Zacks Research lowered Cardinal Health from a "strong-buy" rating to a "hold" rating in a report on Friday, June 12th. Leerink Partners set a $292.00 price target on Cardinal Health in a research note on Tuesday, August 11th. Finally, Weiss Ratings lowered Cardinal Health from a "buy (b+)" rating to a "buy (b)" rating in a report on Wednesday, August 19th. Sixteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Cardinal Health has an average rating of "Moderate Buy" and a consensus price target of $266.56.

Insider Activity

In other Cardinal Health news, insider Michelle D. Greene sold 11,650 shares of the firm's stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $235.72, for a total value of $2,746,138.00. Following the sale, the insider owned 10,330 shares of the company's stock, valued at $2,434,987.60. This trade represents a 53.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Mary C. Scherer sold 2,302 shares of Cardinal Health stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $237.39, for a total value of $546,471.78. Following the completion of the transaction, the chief accounting officer directly owned 2,811 shares in the company, valued at approximately $667,303.29. This represents a 45.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 210,271 shares of company stock worth $49,626,657 over the last 90 days. Company insiders own 0.12% of the company's stock.

About Cardinal Health

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source