Picton Mahoney Asset Management Trims Stake in Cardinal Health, Inc. $CAH

Key Points

• Picton Mahoney Asset Management cut its stake in Cardinal Health by 59.6% in Q3, selling 68,360 shares and leaving 46,339 shares valued at about $7.274 million.
• Cardinal Health beat quarterly expectations with EPS of $2.63 versus $2.31 expected and revenue of $65.63 billion (+18.8% YoY), and analysts maintain a consensus "Moderate Buy" with an average target of $245.67.
• The company announced a quarterly dividend of $0.5107 (annualized $2.04) with an ex-dividend date of April 1, implying a yield of roughly 0.9%.

Picton Mahoney Asset Management lessened its stake in shares of Cardinal Health, Inc. (NYSE:CAH - Free Report) by 59.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 46,339 shares of the company's stock after selling 68,360 shares during the quarter. Picton Mahoney Asset Management's holdings in Cardinal Health were worth $7,274,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. SJS Investment Consulting Inc. boosted its stake in shares of Cardinal Health by 1,363.6% during the third quarter. SJS Investment Consulting Inc. now owns 161 shares of the company's stock valued at $25,000 after acquiring an additional 150 shares during the last quarter. Vermillion & White Wealth Management Group LLC lifted its holdings in Cardinal Health by 55.0% in the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 200 shares of the company's stock valued at $34,000 after purchasing an additional 71 shares in the last quarter. American Capital Advisory LLC lifted its holdings in Cardinal Health by 5,200.0% in the 3rd quarter. American Capital Advisory LLC now owns 212 shares of the company's stock valued at $33,000 after purchasing an additional 208 shares in the last quarter. NewSquare Capital LLC boosted its stake in shares of Cardinal Health by 100.0% during the 2nd quarter. NewSquare Capital LLC now owns 214 shares of the company's stock worth $36,000 after purchasing an additional 107 shares during the last quarter. Finally, Quent Capital LLC purchased a new stake in shares of Cardinal Health during the third quarter worth about $35,000. 87.17% of the stock is owned by institutional investors and hedge funds.

Cardinal Health Stock Down 1.4%

CAH stock opened at $223.11 on Thursday. The company has a market cap of $52.50 billion, a price-to-earnings ratio of 32.10, a PEG ratio of 1.46 and a beta of 0.65. The business has a fifty day simple moving average of $215.28 and a 200-day simple moving average of $188.84. Cardinal Health, Inc. has a 52 week low of $120.72 and a 52 week high of $233.60.

Cardinal Health (NYSE:CAH - Get Free Report) last posted its quarterly earnings results on Thursday, February 5th. The company reported $2.63 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.31 by $0.32. The firm had revenue of $65.63 billion during the quarter, compared to the consensus estimate of $64.88 billion. Cardinal Health had a negative return on equity of 92.50% and a net margin of 0.68%.The firm's quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.93 earnings per share. As a group, analysts expect that Cardinal Health, Inc. will post 7.95 earnings per share for the current fiscal year.

Cardinal Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Wednesday, April 1st will be given a dividend of $0.5107 per share. This represents a $2.04 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend is Wednesday, April 1st. Cardinal Health's dividend payout ratio is 29.35%.

Analyst Ratings Changes

Several equities analysts recently issued reports on CAH shares. Argus upped their price objective on shares of Cardinal Health from $232.00 to $248.00 and gave the company a "buy" rating in a research note on Wednesday, February 11th. Citigroup upgraded Cardinal Health from a "neutral" rating to a "buy" rating and boosted their price target for the company from $190.00 to $244.00 in a report on Friday, January 9th. Evercore raised their price objective on Cardinal Health from $250.00 to $260.00 in a report on Friday, February 6th. Jefferies Financial Group lifted their price objective on Cardinal Health from $220.00 to $270.00 and gave the company a "buy" rating in a research report on Thursday, January 22nd. Finally, Robert W. Baird set a $252.00 target price on Cardinal Health in a research report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, Cardinal Health presently has a consensus rating of "Moderate Buy" and a consensus target price of $245.67.

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.

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