Summit Global Investments Purchases Shares of 14,684 Cardinal Health, Inc. $CAH

Key Points

• Summit Global Investments purchased 14,684 shares of Cardinal Health during the second quarter, valued at approximately $3.49 million. Institutional investors collectively own 87.17% of the company.
• Cardinal Health reported quarterly earnings of $2.91 per share, beating analyst expectations of $2.42, while revenue rose 5.8% year over year to $63.67 billion.
• Analysts maintain a generally positive view, with 15 Buy ratings and three Holds; the stock has an average price target of $265.93 versus its recent price of $234.92. The company also declared a quarterly dividend of $0.5158 per share.

Summit Global Investments purchased a new stake in shares of Cardinal Health, Inc. (NYSE:CAH - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 14,684 shares of the company's stock, valued at approximately $3,488,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Stack Financial Management Inc acquired a new stake in shares of Cardinal Health in the second quarter valued at $24,681,000. Oppenheimer Asset Management Inc. bought a new position in Cardinal Health during the second quarter valued at about $533,000. Laraway Financial Advisors Inc acquired a new position in Cardinal Health during the second quarter worth about $359,000. Wedge Capital Management L L P NC grew its holdings in Cardinal Health by 0.8% during the second quarter. Wedge Capital Management L L P NC now owns 139,784 shares of the company's stock worth $33,207,000 after acquiring an additional 1,175 shares during the period. Finally, Investors Research Corp bought a new stake in Cardinal Health in the second quarter worth about $29,000. Institutional investors own 87.17% of the company's stock.

Cardinal Health Stock Up 1.6%

Shares of Cardinal Health stock opened at $234.92 on Friday. Cardinal Health, Inc. has a 12-month low of $145.87 and a 12-month high of $258.30. The firm has a market capitalization of $54.64 billion, a PE ratio of 32.49, a price-to-earnings-growth ratio of 1.37 and a beta of 0.49. The stock's fifty day moving average is $230.30 and its 200-day moving average is $217.14.

Cardinal Health (NYSE:CAH - Get Free Report) last released its quarterly earnings results on Tuesday, August 11th. The company reported $2.91 earnings per share for the quarter, beating analysts' consensus estimates of $2.42 by $0.49. The business had revenue of $63.67 billion during the quarter, compared to analyst estimates of $65.15 billion. Cardinal Health had a negative return on equity of 98.53% and a net margin of 0.67%.Cardinal Health's revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter last year, the company posted $2.08 EPS. Cardinal Health has set its FY 2027 guidance at 12.400-12.600 EPS. Analysts expect that Cardinal Health, Inc. will post 12.52 EPS for the current year.

Cardinal Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, October 1st will be issued a $0.5158 dividend. This represents a $2.06 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Thursday, October 1st. Cardinal Health's dividend payout ratio (DPR) is presently 28.49%.

Wall Street Analyst Weigh In

CAH has been the subject of a number of research analyst reports. William Blair began coverage on shares of Cardinal Health in a report on Tuesday, April 28th. They issued an "outperform" rating for the company. Mizuho lifted their price objective on shares of Cardinal Health from $240.00 to $250.00 and gave the stock an "outperform" rating in a research note on Wednesday. Wall Street Zen upgraded shares of Cardinal Health from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 4th. Morgan Stanley increased their target price on shares of Cardinal Health from $255.00 to $265.00 and gave the company an "overweight" rating in a research note on Wednesday. Finally, TD Cowen raised their target price on shares of Cardinal Health from $275.00 to $280.00 and gave the stock a "buy" rating in a report on Thursday. Fifteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $265.93.

Cardinal Health Profile

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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