Cardinal Health, Inc. $CAH Stock: Illinois Municipal Retirement Fund Cuts Stake

Illinois Municipal Retirement Fund lessened its holdings in Cardinal Health, Inc. (NYSE:CAH) by 16.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,001 shares of the company’s stock after selling 3,041 shares during the period. Illinois Municipal Retirement Fund’s holdings in Cardinal Health were worth $3,560,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. BlackRock Inc. acquired a new position in Cardinal Health during the second quarter worth $6,293,115,000. Wellington Management Group LLP lifted its position in shares of Cardinal Health by 247.5% in the second quarter. Wellington Management Group LLP now owns 14,860,271 shares of the company’s stock worth $3,530,206,000 after buying an additional 10,584,119 shares during the last quarter. Bank of America Corp DE acquired a new stake in shares of Cardinal Health in the second quarter worth about $689,066,000. Legal & General Group Plc bought a new stake in shares of Cardinal Health during the 2nd quarter worth about $438,870,000. Finally, Pacer Advisors Inc. boosted its stake in shares of Cardinal Health by 14.7% during the 1st quarter. Pacer Advisors Inc. now owns 1,565,131 shares of the company’s stock worth $330,728,000 after acquiring an additional 200,021 shares in the last quarter. 87.17% of the stock is currently owned by institutional investors.

Insider Transactions at Cardinal Health

In other news, insider Michelle D. Greene sold 11,650 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $235.72, for a total transaction of $2,746,138.00. Following the completion of the transaction, the insider directly owned 10,330 shares in the company, valued at $2,434,987.60. The trade was a 53.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jessica L. Mayer sold 29,436 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $236.19, for a total value of $6,952,488.84. Following the transaction, the insider owned 33,076 shares of the company’s stock, valued at approximately $7,812,220.44. This trade represents a 47.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 210,271 shares of company stock worth $49,626,657. Insiders own 0.12% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on CAH. Weiss Ratings raised Cardinal Health from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, November 9th. Argus boosted their target price on Cardinal Health from $264.00 to $309.00 and gave the stock a “buy” rating in a report on Thursday. Wells Fargo & Company upped their target price on Cardinal Health from $245.00 to $277.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 12th. TD Cowen upped their target price on Cardinal Health from $280.00 to $304.00 and gave the stock a “buy” rating in a research report on Monday, November 9th. Finally, Barclays increased their price target on Cardinal Health from $258.00 to $275.00 and gave the company an “overweight” rating in a report on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Cardinal Health has a consensus rating of “Moderate Buy” and an average target price of $279.44.

Cardinal Health Trading Up 1.2%

Cardinal Health stock traded up $3.41 on Friday, reaching $281.55. 1,261,589 shares of the stock were exchanged, compared to its average volume of 1,807,750. The stock has a market cap of $65.08 billion, a PE ratio of 36.42, a PEG ratio of 2.13 and a beta of 0.53. Cardinal Health, Inc. has a twelve month low of $180.45 and a twelve month high of $286.29. The firm has a fifty day moving average price of $244.15 and a two-hundred day moving average price of $225.24.

Cardinal Health (NYSE:CAH) last issued its quarterly earnings results on Thursday, November 5th. The company reported $3.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.94 by $0.32. The company had revenue of $67.51 billion for the quarter, compared to the consensus estimate of $66.67 billion. Cardinal Health had a negative return on equity of 102.72% and a net margin of 0.71%. The firm’s revenue was up 5.5% compared to the same quarter last year. During the same period last year, the business posted $2.55 earnings per share. Equities analysts anticipate that Cardinal Health, Inc. will post 12.97 EPS for the current fiscal year.

Cardinal Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 15th. Investors of record on Monday, January 4th will be given a dividend of $0.5158 per share. This represents a $2.06 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Monday, January 4th. Cardinal Health’s payout ratio is currently 26.65%.

About Cardinal Health

Cardinal Health is a healthcare services and products company that distributes pharmaceuticals and medical supplies. Its customers include pharmacies, hospitals, surgery centers, physician offices and other healthcare providers. The company’s businesses include pharmaceutical distribution and specialty services, as well as the sourcing and distribution of medical and surgical products. Its offerings support areas such as specialty medications, medication management and supply-chain operations. Cardinal Health traces its roots to a wholesale business founded in Ohio in 1971 and later expanded into pharmaceutical distribution.