Resona Asset Management Co. Ltd. Raises Stake in Cardinal Health, Inc. (NYSE:CAH)

Key Points

• Resona Asset Management Co. Ltd. increased its holdings in Cardinal Health, Inc. by 5.0% during the first quarter, acquiring an additional 4,904 shares for a total of 103,853 shares valued at approximately $14.27 million.
• Institutional investors collectively own 87.17% of Cardinal Health's stock, with significant increases in stakes from firms like Marshall Wace LLP and JPMorgan Chase & Co..
• Analysts have mixed views on Cardinal Health's stock, with a consensus rating of "Moderate Buy" and a price target of $163.20, showing optimism despite some recent downgrades by investment firms.

Resona Asset Management Co. Ltd. raised its stake in Cardinal Health, Inc. (NYSE:CAH - Free Report) by 5.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 103,853 shares of the company's stock after buying an additional 4,904 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Cardinal Health were worth $14,274,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in CAH. Sterling Capital Management LLC boosted its position in Cardinal Health by 28.0% in the 4th quarter. Sterling Capital Management LLC now owns 8,201 shares of the company's stock valued at $970,000 after buying an additional 1,796 shares during the period. Townsquare Capital LLC raised its holdings in shares of Cardinal Health by 31.2% in the 4th quarter. Townsquare Capital LLC now owns 4,229 shares of the company's stock valued at $500,000 after purchasing an additional 1,005 shares in the last quarter. SageView Advisory Group LLC bought a new stake in shares of Cardinal Health in the 4th quarter valued at about $447,000. Cohen & Steers Inc. raised its holdings in shares of Cardinal Health by 5.4% in the 4th quarter. Cohen & Steers Inc. now owns 2,281 shares of the company's stock valued at $270,000 after purchasing an additional 116 shares in the last quarter. Finally, Mariner LLC raised its holdings in shares of Cardinal Health by 5.4% in the 4th quarter. Mariner LLC now owns 52,160 shares of the company's stock valued at $6,169,000 after purchasing an additional 2,685 shares in the last quarter. 87.17% of the stock is owned by hedge funds and other institutional investors.

Cardinal Health Stock Performance

CAH stock traded down $0.73 during trading on Friday, hitting $149.49. The stock had a trading volume of 2,571,830 shares, compared to its average volume of 2,351,408. The company's 50 day moving average price is $159.63 and its two-hundred day moving average price is $144.61. Cardinal Health, Inc. has a 1-year low of $106.54 and a 1-year high of $168.44. The stock has a market cap of $35.70 billion, a price-to-earnings ratio of 23.18, a price-to-earnings-growth ratio of 1.32 and a beta of 0.67.

Cardinal Health (NYSE:CAH - Get Free Report) last announced its earnings results on Tuesday, August 12th. The company reported $2.08 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.05. Cardinal Health had a net margin of 0.70% and a negative return on equity of 74.45%. The firm had revenue of $60.16 billion during the quarter, compared to the consensus estimate of $60.91 billion. During the same quarter in the previous year, the company posted $1.84 EPS. The firm's revenue for the quarter was up .5% on a year-over-year basis. As a group, sell-side analysts forecast that Cardinal Health, Inc. will post 7.95 earnings per share for the current fiscal year.

Cardinal Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Wednesday, October 1st will be paid a dividend of $0.5107 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 1.4%. Cardinal Health's dividend payout ratio is currently 31.63%.

Wall Street Analysts Forecast Growth

CAH has been the subject of several recent analyst reports. Citigroup reiterated a "neutral" rating and set a $170.00 price objective (up previously from $157.00) on shares of Cardinal Health in a research note on Friday, June 13th. Bank of America upped their price objective on shares of Cardinal Health from $165.00 to $170.00 and gave the stock a "buy" rating in a research report on Tuesday, June 10th. Robert W. Baird increased their target price on shares of Cardinal Health from $197.00 to $203.00 and gave the company an "outperform" rating in a research report on Wednesday. Wells Fargo & Company restated an "overweight" rating and set a $185.00 price objective (up from $183.00) on shares of Cardinal Health in a research report on Wednesday. Finally, UBS Group restated a "buy" rating on shares of Cardinal Health in a research report on Tuesday, August 12th. Three investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $163.20.

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.