Truist Financial Corp Reduces Position in Cardinal Health, Inc. $CAH

Key Points

• Truist Financial Corp reduced its stake in Cardinal Health by 1.6% in Q2, resulting in ownership of 109,312 shares valued at $18.36 million.
• Several hedge funds increased their positions in Cardinal Health, with Golden State Wealth Management boosting its holding by an impressive 569.5% during Q1.
• Cardinal Health reported earnings per share (EPS) of $2.08 for the quarter, surpassing estimates, while its revenue was slightly lower than analysts expected.

Truist Financial Corp decreased its stake in shares of Cardinal Health, Inc. (NYSE:CAH - Free Report) by 1.6% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 109,312 shares of the company's stock after selling 1,751 shares during the period. Truist Financial Corp's holdings in Cardinal Health were worth $18,364,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in CAH. Principal Financial Group Inc. grew 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 valued at $43,510,000 after acquiring an additional 15,956 shares during the period. Kingswood Wealth Advisors LLC grew its position in Cardinal Health by 17.2% during the first quarter. Kingswood Wealth Advisors LLC now owns 3,119 shares of the company's stock valued at $429,000 after acquiring an additional 457 shares during the period. Assenagon Asset Management S.A. grew its position in Cardinal Health by 25.8% during the first quarter. Assenagon Asset Management S.A. now owns 13,147 shares of the company's stock valued at $1,811,000 after acquiring an additional 2,694 shares during the period. Golden State Wealth Management LLC grew its position in Cardinal Health by 569.5% during the first quarter. Golden State Wealth Management LLC now owns 395 shares of the company's stock valued at $54,000 after acquiring an additional 336 shares during the period. Finally, North Capital Inc. purchased a new stake in Cardinal Health during the first quarter valued at about $83,000. Hedge funds and other institutional investors own 87.17% of the company's stock.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Bank of America boosted their target price 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. Wall Street Zen cut Cardinal Health from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 2nd. UBS Group restated a "buy" rating on shares of Cardinal Health in a report on Tuesday, August 12th. Evercore ISI cut 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, August 13th. Finally, Leerink Partners cut their price objective on shares of Cardinal Health from $188.00 to $186.00 and set an "outperform" rating for the company in a research report on Tuesday, August 12th. Twelve research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Cardinal Health currently has an average rating of "Moderate Buy" and a consensus target price of $165.93.

Cardinal Health Price Performance

Cardinal Health stock opened at $154.50 on Friday. The stock has a fifty day moving average price of $152.07 and a two-hundred day moving average price of $150.25. Cardinal Health, Inc. has a 52-week low of $106.98 and a 52-week high of $168.44. The firm has a market capitalization of $36.71 billion, a P/E ratio of 23.95, a P/E/G ratio of 1.34 and a beta of 0.71.

Cardinal Health (NYSE:CAH - Get Free Report) last released its quarterly earnings results on Tuesday, August 12th. The company reported $2.08 earnings per share for the quarter, beating analysts' consensus estimates of $2.03 by $0.05. The firm had revenue of $60.16 billion during 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 revenue was up .5% on a year-over-year basis. During the same period last year, the firm posted $1.84 EPS. Cardinal Health has set its FY 2026 guidance at 9.300-9.500 EPS. On average, equities research analysts predict that Cardinal Health, Inc. will post 7.95 EPS for the current fiscal year.

Cardinal Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Wednesday, October 1st will be issued a $0.5107 dividend. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $2.04 dividend on an annualized basis and a dividend yield of 1.3%. Cardinal Health's dividend payout ratio (DPR) is currently 31.63%.

Insider Activity at Cardinal Health

In other news, CEO Jason M. Hollar sold 35,901 shares of Cardinal Health stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $150.04, for a total transaction of $5,386,586.04. Following the completion of the sale, the chief executive officer owned 200,000 shares in the company, valued at $30,008,000. The trade was a 15.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jessica L. Mayer sold 38,078 shares of Cardinal Health stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $148.82, for a total transaction of $5,666,767.96. Following the sale, the insider owned 48,457 shares of the company's stock, valued at approximately $7,211,370.74. This represents a 44.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 271,676 shares of company stock worth $40,489,525 over the last 90 days. Insiders own 0.12% of the company's stock.

Cardinal Health 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.

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