Sit Investment Associates Inc. Sells 5,880 Shares of Cardinal Health, Inc. (NYSE:CAH)

Key Points

• Sit Investment Associates Inc. has reduced its holdings in Cardinal Health by 6.3%, selling 5,880 shares and leaving them with a total of 86,855 shares worth approximately $11.97 million.
• Cardinal Health's latest earnings report indicated an EPS of $2.08, exceeding estimates, while the company reported revenue of $60.16 billion, slightly below analyst expectations.
• A majority of analysts are positive about Cardinal Health, with an average rating of "Moderate Buy" and a consensus price target of $163.20.

Sit Investment Associates Inc. trimmed its stake in shares of Cardinal Health, Inc. (NYSE:CAH - Free Report) by 6.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 86,855 shares of the company's stock after selling 5,880 shares during the quarter. Sit Investment Associates Inc.'s holdings in Cardinal Health were worth $11,966,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Marshall Wace LLP boosted its holdings in shares of Cardinal Health by 154.6% in the 4th quarter. Marshall Wace LLP now owns 3,151,736 shares of the company's stock worth $372,756,000 after acquiring an additional 1,913,892 shares in the last quarter. Castlekeep Investment Advisors LLC acquired a new position in Cardinal Health during the 4th quarter worth $141,963,000. JPMorgan Chase & Co. lifted its holdings in Cardinal Health by 40.0% during the 1st quarter. JPMorgan Chase & Co. now owns 4,175,992 shares of the company's stock worth $575,327,000 after buying an additional 1,193,983 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Cardinal Health by 17,589.1% during the 1st quarter. GAMMA Investing LLC now owns 964,941 shares of the company's stock worth $132,940,000 after buying an additional 959,486 shares in the last quarter. Finally, Junto Capital Management LP acquired a new position in Cardinal Health during the 4th quarter worth $92,811,000. 87.17% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have commented on CAH shares. Morgan Stanley reiterated an "overweight" rating on shares of Cardinal Health in a research report on Tuesday. Jefferies Financial Group set a $150.00 target price on shares of Cardinal Health in a research report on Tuesday. Robert W. Baird upped their price objective on shares of Cardinal Health from $197.00 to $203.00 and gave the company an "outperform" rating in a research report on Wednesday. Evercore ISI lowered their price objective on shares of Cardinal Health from $200.00 to $190.00 and set an "outperform" rating for the company in a research report on Wednesday. Finally, Citigroup reaffirmed a "neutral" rating and issued a $170.00 target price (up from $157.00) on shares of Cardinal Health in a research note on Friday, June 13th. Three equities research 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 company has a consensus rating of "Moderate Buy" and an average price target of $163.20.

Cardinal Health Trading Down 0.5%

Shares of Cardinal Health stock traded down $0.73 during trading hours on Friday, reaching $149.49. 2,571,830 shares of the company's stock were exchanged, compared to its average volume of 2,351,408. The company has a 50 day moving average of $159.63 and a two-hundred day moving average of $144.61. Cardinal Health, Inc. has a fifty-two week low of $106.54 and a fifty-two week high of $168.44. The stock has a market cap of $35.70 billion, a P/E ratio of 23.18, a P/E/G ratio of 1.32 and a beta of 0.67.

Cardinal Health (NYSE:CAH - Get Free Report) last posted its quarterly earnings data on Tuesday, August 12th. The company reported $2.08 EPS for the quarter, topping analysts' consensus estimates 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 company had revenue of $60.16 billion during the quarter, compared to the consensus estimate of $60.91 billion. During the same period in the prior year, the business posted $1.84 EPS. The company's quarterly revenue was up .5% on a year-over-year basis. 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 company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, October 1st will be paid a $0.5107 dividend. This represents a $2.04 annualized dividend and a yield of 1.4%. Cardinal Health's dividend payout ratio (DPR) is currently 31.63%.

About Cardinal Health

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.