Cardinal Health, Inc. (NYSE:CAH) Shares Purchased by Picton Mahoney Asset Management

Key Points

• Picton Mahoney Asset Management significantly increased its stake in Cardinal Health, acquiring an astounding 1,032,740.0% more shares, raising their total holdings to 103,284 shares valued at approximately $14.23 million.
• Cardinal Health reported earnings of $2.35 per share, exceeding estimates of $2.15, while quarterly revenue came in at $54.88 billion, slightly below expectations.
• The company announced a quarterly dividend of $0.5107 per share, achieving an annual estimated yield of 1.30%, which reflects a positive adjustment from its previous dividend payout.

Picton Mahoney Asset Management grew its holdings in shares of Cardinal Health, Inc. (NYSE:CAH - Free Report) by 1,032,740.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 103,284 shares of the company's stock after purchasing an additional 103,274 shares during the quarter. Picton Mahoney Asset Management's holdings in Cardinal Health were worth $14,229,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of CAH. Pinnacle Bancorp Inc. lifted its holdings in shares of Cardinal Health by 11.2% during the 1st quarter. Pinnacle Bancorp Inc. now owns 767 shares of the company's stock worth $106,000 after acquiring an additional 77 shares during the period. Applied Finance Capital Management LLC lifted its holdings in shares of Cardinal Health by 1.4% during the 1st quarter. Applied Finance Capital Management LLC now owns 6,049 shares of the company's stock worth $833,000 after acquiring an additional 85 shares during the period. CSS LLC IL lifted its holdings in shares of Cardinal Health by 0.8% during the 4th quarter. CSS LLC IL now owns 11,190 shares of the company's stock worth $1,323,000 after acquiring an additional 90 shares during the period. Perigon Wealth Management LLC lifted its holdings in shares of Cardinal Health by 4.2% during the 1st quarter. Perigon Wealth Management LLC now owns 2,242 shares of the company's stock worth $309,000 after acquiring an additional 90 shares during the period. Finally, Smith Shellnut Wilson LLC ADV lifted its holdings in shares of Cardinal Health by 2.1% during the 1st quarter. Smith Shellnut Wilson LLC ADV now owns 4,399 shares of the company's stock worth $606,000 after acquiring an additional 91 shares during the period. Institutional investors own 87.17% of the company's stock.

Cardinal Health Trading Up 0.6%

NYSE:CAH traded up $0.99 during mid-day trading on Friday, reaching $156.21. The company's stock had a trading volume of 806,200 shares, compared to its average volume of 2,373,722. Cardinal Health, Inc. has a 12-month low of $96.05 and a 12-month high of $168.44. The firm's fifty day moving average price is $159.67 and its two-hundred day moving average price is $142.48. The stock has a market cap of $37.28 billion, a P/E ratio of 24.36, a PEG ratio of 1.57 and a beta of 0.68.

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

Cardinal Health Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st were paid a $0.5107 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 1.3%. This is a boost from Cardinal Health's previous quarterly dividend of $0.51. The ex-dividend date was Tuesday, July 1st. Cardinal Health's dividend payout ratio (DPR) is 31.83%.

Analyst Upgrades and Downgrades

CAH has been the subject of several analyst reports. Wall Street Zen raised shares of Cardinal Health from a "buy" rating to a "strong-buy" rating in a report on Monday, May 5th. Morgan Stanley upped their price target on shares of Cardinal Health from $181.00 to $190.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. Wells Fargo & Company raised shares of Cardinal Health from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $136.00 to $179.00 in a research report on Tuesday, June 3rd. Evercore ISI reaffirmed an "outperform" rating and set a $180.00 price target (up from $175.00) on shares of Cardinal Health in a research report on Thursday, June 12th. Finally, Robert W. Baird increased their price objective on Cardinal Health from $156.00 to $170.00 and gave the company an "outperform" rating in a report on Friday, May 2nd. Three research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Cardinal Health presently has an average rating of "Moderate Buy" and a consensus target price of $158.07.

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.