NewEdge Advisors LLC Decreases Holdings in Cardinal Health, Inc. $CAH

Key Points

• NewEdge Advisors cut its Cardinal Health stake by 25.4% in the second quarter, selling 8,633 shares and retaining 25,306 shares valued at approximately $6.0 million.
• Institutional investors own 87.17% of Cardinal Health, while insiders sold 210,271 shares worth about $49.6 million over the past 90 days, including significant sales by the CEO and another insider.
• Cardinal Health exceeded quarterly earnings expectations with adjusted EPS of $2.91 versus the $2.42 consensus estimate. Analysts maintain a “Moderate Buy” rating with an average price target of $266.56, and the company declared a quarterly dividend of $0.5158 per share.

NewEdge Advisors LLC reduced its holdings in shares of Cardinal Health, Inc. (NYSE:CAH - Free Report) by 25.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 25,306 shares of the company's stock after selling 8,633 shares during the quarter. NewEdge Advisors LLC's holdings in Cardinal Health were worth $6,012,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the business. California State Teachers Retirement System boosted its holdings in Cardinal Health by 22,881.2% in the second quarter. California State Teachers Retirement System now owns 85,193,767 shares of the company's stock valued at $20,238,631,000 after purchasing an additional 84,823,056 shares in the last quarter. BlackRock Inc. purchased a new position in Cardinal Health in the second quarter valued at approximately $6,293,115,000. Wellington Management Group LLP raised its holdings in Cardinal Health by 247.5% during the second quarter. Wellington Management Group LLP now owns 14,860,271 shares of the company's stock worth $3,530,206,000 after purchasing an additional 10,584,119 shares in the last quarter. State Street Corp lifted its position in shares of Cardinal Health by 1.8% during the 4th quarter. State Street Corp now owns 12,509,230 shares of the company's stock worth $2,570,647,000 after buying an additional 221,497 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Cardinal Health by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 6,529,013 shares of the company's stock worth $1,336,750,000 after buying an additional 43,924 shares during the last quarter. Hedge funds and other institutional investors own 87.17% of the company's stock.

Insider Activity

In related news, insider Michelle Greene sold 11,650 shares of the business's stock in a transaction dated 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 transaction, the insider owned 10,330 shares in the company, valued at $2,434,987.60. The trade was a 53.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Stephen Mason sold 35,000 shares of the company's stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $236.40, for a total value of $8,274,000.00. Following the sale, the chief executive officer directly owned 18,061 shares of the company's stock, valued at approximately $4,269,620.40. This represents a 65.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 210,271 shares of company stock valued at $49,626,657. Insiders own 0.12% of the company's stock.

Cardinal Health Trading Down 0.0%

Shares of CAH opened at $234.54 on Monday. The firm has a market cap of $54.55 billion, a PE ratio of 32.44, a price-to-earnings-growth ratio of 1.41 and a beta of 0.51. The company's 50 day simple moving average is $234.38 and its 200-day simple moving average is $219.70. Cardinal Health, Inc. has a 12-month low of $145.87 and a 12-month high of $258.30.

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

Cardinal Health Announces Dividend

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

Wall Street Analyst Weigh In

A number of research firms recently commented on CAH. Evercore reaffirmed an "outperform" rating and issued a $270.00 target price on shares of Cardinal Health in a research report on Wednesday, August 12th. Wall Street Zen raised shares of Cardinal Health from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 4th. Bank of America upped their price objective on shares of Cardinal Health from $240.00 to $260.00 and gave the company a "buy" rating in a research note on Thursday, July 2nd. Leerink Partners set a $292.00 price objective on Cardinal Health in a report on Tuesday, August 11th. Finally, Morgan Stanley lifted their target price on Cardinal Health from $255.00 to $265.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 12th. Sixteen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $266.56.

About Cardinal Health

Cardinal Health, Inc is a healthcare services and products company that supports the pharmaceutical and medical industries. Its Pharmaceutical and Specialty Solutions segment distributes branded, generic and specialty pharmaceuticals, over-the-counter products and consumer health items to pharmacies, hospitals, health systems and other healthcare providers. The segment also provides specialty pharmaceutical services, nuclear and radiopharmaceutical products, and related support for manufacturers and providers.

Through its Global Medical Products and Distribution segment, Cardinal Health manufactures, sources and distributes medical and surgical products, including gloves, gowns, syringes, exam-room supplies and other essential equipment.

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