State of New Jersey Common Pension Fund D Has $10.65 Million Stake in Cardinal Health, Inc. (NYSE:CAH)

Key Points

• The State of New Jersey Common Pension Fund D has reduced its stake in Cardinal Health, Inc. by 11.6%, now holding 77,282 shares valued at approximately $10.65 million.
• Cardinal Health reported a quarterly earnings per share of $2.08, slightly exceeding analyst expectations, while the company’s revenue was $60.16 billion, which fell short of projections.
• The company has declared a quarterly dividend of $0.5107, with a yield of 1.4%, illustrating ongoing commitment to shareholder returns.

State of New Jersey Common Pension Fund D trimmed its position in shares of Cardinal Health, Inc. (NYSE:CAH - Free Report) by 11.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 77,282 shares of the company's stock after selling 10,112 shares during the period. State of New Jersey Common Pension Fund D's holdings in Cardinal Health were worth $10,647,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Principal Financial Group Inc. lifted its position in Cardinal Health by 5.3% during the first quarter. Principal Financial Group Inc. now owns 315,817 shares of the company's stock worth $43,510,000 after purchasing an additional 15,956 shares during the period. Kingswood Wealth Advisors LLC increased its stake 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 buying an additional 457 shares during the period. Assenagon Asset Management S.A. increased its stake in shares of Cardinal Health by 25.8% in the first quarter. Assenagon Asset Management S.A. now owns 13,147 shares of the company's stock valued at $1,811,000 after buying an additional 2,694 shares during the period. Golden State Wealth Management LLC increased its stake in shares of Cardinal Health by 569.5% in the first quarter. Golden State Wealth Management LLC now owns 395 shares of the company's stock valued at $54,000 after buying an additional 336 shares during the period. Finally, North Capital Inc. acquired a new stake in Cardinal Health during the 1st quarter valued at approximately $83,000. 87.17% of the stock is currently owned by institutional investors and hedge funds.

Cardinal Health Price Performance

NYSE:CAH opened at $149.49 on Friday. The business has a 50 day moving average of $159.63 and a 200 day moving average of $144.61. The company has a market capitalization of $35.70 billion, a price-to-earnings ratio of 23.18, a PEG ratio of 1.32 and a beta of 0.67. Cardinal Health, Inc. has a 1-year low of $106.54 and a 1-year high of $168.44.

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

Cardinal Health Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CAH. Wells Fargo & Company reissued an "overweight" rating and set a $185.00 target price (up previously from $183.00) on shares of Cardinal Health in a research report on Wednesday. Jefferies Financial Group set a $150.00 price target on Cardinal Health in a report on Tuesday, August 12th. Bank of America increased their target price on Cardinal Health from $165.00 to $170.00 and gave the stock a "buy" rating in a report on Tuesday, June 10th. Evercore ISI cut their target price on Cardinal Health from $200.00 to $190.00 and set an "outperform" rating on the stock in a report on Wednesday. Finally, Robert W. Baird raised their price objective on Cardinal Health from $197.00 to $203.00 and gave the company an "outperform" rating in a research note on Wednesday. Three investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $163.20.

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.

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