Cardinal Health, Inc. (NYSE:CAH) was the target of a significant growth in short interest in the month of June. As of June 30th, there was short interest totalling 10,498,346 shares, a growth of 55.4% from the June 15th total of 6,756,952 shares. Currently, 3.3% of the shares of the company are short sold. Based on an average daily volume of 2,700,926 shares, the short-interest ratio is currently 3.9 days.
CAH has been the topic of a number of recent analyst reports. Vetr lowered Cardinal Health from a “buy” rating to a “hold” rating and set a $77.92 price objective on the stock. in a research note on Thursday, June 1st. Cowen and Company dropped their price objective on Cardinal Health from $89.00 to $82.00 and set a “market perform” rating on the stock in a research note on Tuesday, April 25th. Evercore ISI lifted their price objective on Cardinal Health from $77.50 to $78.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 2nd. ValuEngine lowered Cardinal Health from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, Zacks Investment Research lowered Cardinal Health from a “hold” rating to a “sell” rating in a research note on Tuesday, July 4th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and five have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $82.99.
In other news, CEO of Cardinal Health’s pharmaceutical segment Jon L. Giacomin sold 23,270 shares of Cardinal Health stock in a transaction dated Friday, May 12th. The stock was sold at an average price of $72.87, for a total value of $1,695,684.90. Following the transaction, the insider now directly owns 55,440 shares in the company, valued at $4,039,912.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.94% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in CAH. Advisory Services Network LLC acquired a new position in shares of Cardinal Health during the first quarter worth about $120,000. Quadrant Capital Group LLC raised its position in shares of Cardinal Health by 6.3% in the first quarter. Quadrant Capital Group LLC now owns 1,972 shares of the company’s stock worth $156,000 after buying an additional 116 shares during the last quarter. Alpha Windward LLC raised its position in shares of Cardinal Health by 1.8% in the first quarter. Alpha Windward LLC now owns 2,282 shares of the company’s stock worth $186,000 after buying an additional 41 shares during the last quarter. MCF Advisors LLC raised its position in shares of Cardinal Health by 11.5% in the first quarter. MCF Advisors LLC now owns 2,478 shares of the company’s stock worth $202,000 after buying an additional 256 shares during the last quarter. Finally, First Mercantile Trust Co. raised its position in shares of Cardinal Health by 18.5% in the first quarter. First Mercantile Trust Co. now owns 2,539 shares of the company’s stock worth $207,000 after buying an additional 397 shares during the last quarter. Hedge funds and other institutional investors own 87.52% of the company’s stock.
Shares of Cardinal Health (NYSE:CAH) opened at 78.09 on Tuesday. The firm has a market capitalization of $24.67 billion, a P/E ratio of 18.64 and a beta of 0.81. Cardinal Health has a 12-month low of $62.70 and a 12-month high of $85.52. The firm’s 50-day moving average price is $75.06 and its 200-day moving average price is $76.65.
Cardinal Health (NYSE:CAH) last announced its earnings results on Monday, May 1st. The company reported $1.53 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.46 by $0.07. Cardinal Health had a net margin of 1.05% and a return on equity of 25.78%. The firm had revenue of $31.82 billion for the quarter, compared to analyst estimates of $32.30 billion. During the same quarter in the prior year, the business posted $1.43 EPS. The business’s revenue was up 3.8% compared to the same quarter last year. Equities analysts predict that Cardinal Health will post $5.35 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Saturday, July 15th. Shareholders of record on Monday, July 3rd were given a dividend of $0.4624 per share. This represents a $1.85 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date was Thursday, June 29th. This is a positive change from Cardinal Health’s previous quarterly dividend of $0.45. Cardinal Health’s dividend payout ratio is presently 44.05%.
About Cardinal Health
Cardinal Health, Inc is a healthcare services and products company. The Company operates through two segments: Pharmaceutical and Medical. The Pharmaceutical segment distributes branded and generic pharmaceutical, specialty pharmaceutical, over-the-counter healthcare and consumer products. This segment also operates nuclear pharmacies and cyclotron facilities; provides pharmacy management services to hospitals, as well as medication therapy management and patient outcomes services to hospitals, other healthcare providers and payers, and provides services to healthcare companies.
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