Q3 Asset Management Invests $487,000 in Cardinal Health, Inc. $CAH

Q3 Asset Management bought a new position in Cardinal Health, Inc. (NYSE:CAH) during the 4th quarter, HoldingsChannel reports. The fund bought 2,372 shares of the company’s stock, valued at approximately $487,000.

Several other large investors have also made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Cardinal Health by 0.8% in the 3rd quarter. Vanguard Group Inc. now owns 30,823,483 shares of the company’s stock worth $4,838,054,000 after purchasing an additional 247,667 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Cardinal Health by 153.2% in the 3rd quarter. Wellington Management Group LLP now owns 5,804,090 shares of the company’s stock worth $911,010,000 after purchasing an additional 3,511,579 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Cardinal Health by 3.2% in the 3rd quarter. Bank of America Corp DE now owns 3,592,775 shares of the company’s stock worth $563,922,000 after purchasing an additional 111,582 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Cardinal Health by 14.7% in the 3rd quarter. Invesco Ltd. now owns 3,483,207 shares of the company’s stock worth $546,724,000 after purchasing an additional 445,425 shares during the last quarter. Finally, Victory Capital Management Inc. grew its holdings in shares of Cardinal Health by 44.9% in the 3rd quarter. Victory Capital Management Inc. now owns 2,284,115 shares of the company’s stock worth $352,165,000 after purchasing an additional 707,495 shares during the last quarter. Institutional investors own 87.17% of the company’s stock.

Wall Street Analysts Forecast Growth

CAH has been the topic of several analyst reports. Morgan Stanley set a $255.00 target price on shares of Cardinal Health in a report on Friday, February 6th. JPMorgan Chase & Co. upped their target price on shares of Cardinal Health from $209.00 to $243.00 and gave the stock a “neutral” rating in a report on Tuesday, February 10th. Wall Street Zen lowered shares of Cardinal Health from a “strong-buy” rating to a “buy” rating in a report on Sunday, April 12th. Wells Fargo & Company increased their price objective on shares of Cardinal Health from $237.00 to $256.00 and gave the stock an “overweight” rating in a report on Tuesday, February 10th. Finally, Zacks Research upgraded shares of Cardinal Health from a “hold” rating to a “strong-buy” rating in a research report on Thursday, February 12th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $244.33.

Cardinal Health Trading Down 0.1%

Shares of NYSE CAH opened at $213.85 on Monday. The firm has a market capitalization of $50.32 billion, a PE ratio of 30.77, a price-to-earnings-growth ratio of 1.38 and a beta of 0.64. The firm’s 50-day moving average is $217.24 and its 200-day moving average is $203.22. Cardinal Health, Inc. has a 1 year low of $129.52 and a 1 year high of $233.60.

Cardinal Health (NYSE:CAH) last announced its quarterly earnings results on Thursday, February 5th. The company reported $2.63 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.32. The business had revenue of $65.63 billion for the quarter, compared to the consensus estimate of $64.88 billion. Cardinal Health had a net margin of 0.68% and a negative return on equity of 92.50%. Cardinal Health’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period last year, the company posted $1.93 EPS. As a group, equities research analysts anticipate that Cardinal Health, Inc. will post 7.95 earnings per share for the current fiscal year.

Cardinal Health Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Wednesday, April 1st were given a $0.5107 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Wednesday, April 1st. Cardinal Health’s dividend payout ratio (DPR) is currently 29.35%.

About Cardinal Health

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.