Premier Path Wealth Partners LLC Takes $230,000 Position in Cardinal Health, Inc. (NYSE:CAH)

Premier Path Wealth Partners LLC purchased a new position in shares of Cardinal Health, Inc. (NYSE:CAH - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,669 shares of the company's stock, valued at approximately $230,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. State of Alaska Department of Revenue raised its position in Cardinal Health by 1.2% during the first quarter. State of Alaska Department of Revenue now owns 57,486 shares of the company's stock worth $7,919,000 after acquiring an additional 695 shares in the last quarter. Kingswood Wealth Advisors LLC raised its position in shares of Cardinal Health by 17.2% in the first quarter. Kingswood Wealth Advisors LLC now owns 3,119 shares of the company's stock valued at $429,000 after purchasing an additional 457 shares during the period. Insigneo Advisory Services LLC bought a new position in shares of Cardinal Health in the first quarter valued at about $285,000. Smith Shellnut Wilson LLC ADV raised its position in shares of Cardinal Health by 2.1% in the first quarter. Smith Shellnut Wilson LLC ADV now owns 4,399 shares of the company's stock valued at $606,000 after purchasing an additional 91 shares during the period. Finally, Inscription Capital LLC bought a new position in shares of Cardinal Health in the first quarter valued at about $847,000. 87.17% of the stock is owned by institutional investors.

Cardinal Health Stock Down 1.4%

Cardinal Health stock traded down $2.32 during midday trading on Friday, hitting $163.08. 4,642,719 shares of the stock were exchanged, compared to its average volume of 2,226,594. Cardinal Health, Inc. has a 52-week low of $93.17 and a 52-week high of $166.32. The stock has a market capitalization of $38.92 billion, a price-to-earnings ratio of 25.44, a price-to-earnings-growth ratio of 1.82 and a beta of 0.66. The business's 50-day moving average price is $149.53 and its 200-day moving average price is $134.12.

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

Cardinal Health Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st will be paid a $0.5107 dividend. This is an increase from Cardinal Health's previous quarterly dividend of $0.51. The ex-dividend date is Tuesday, July 1st. This represents a $2.04 annualized dividend and a yield of 1.25%. Cardinal Health's dividend payout ratio is presently 31.51%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on CAH shares. Evercore ISI reissued an "outperform" rating and issued a $180.00 price objective (up from $175.00) on shares of Cardinal Health in a research report on Thursday, June 12th. UBS Group increased their price objective on shares of Cardinal Health from $150.00 to $160.00 and gave the stock a "buy" rating in a research note on Tuesday, April 29th. Robert W. Baird increased their price objective on shares of Cardinal Health from $156.00 to $170.00 and gave the stock an "outperform" rating in a research note on Friday, May 2nd. Mizuho raised their price target on shares of Cardinal Health from $142.00 to $150.00 and gave the company an "outperform" rating in a research note on Monday, March 31st. Finally, Bank of America raised their price target on shares of Cardinal Health from $165.00 to $170.00 and gave the company a "buy" rating in a research note on Tuesday, June 10th. Three investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $157.43.

Cardinal Health Company 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.