Convergence Investment Partners LLC Reduces Position in Cardinal Health, Inc. (NYSE:CAH)

Convergence Investment Partners LLC lowered its holdings in Cardinal Health, Inc. (NYSE:CAH) by 3.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 28,388 shares of the company’s stock after selling 1,164 shares during the period. Cardinal Health accounts for 1.5% of Convergence Investment Partners LLC’s investment portfolio, making the stock its 12th biggest position. Convergence Investment Partners LLC’s holdings in Cardinal Health were worth $2,862,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cornerstone Wealth Management LLC purchased a new stake in shares of Cardinal Health in the fourth quarter valued at $209,000. Nordea Investment Management AB grew its position in shares of Cardinal Health by 50.5% in the fourth quarter. Nordea Investment Management AB now owns 184,537 shares of the company’s stock valued at $18,649,000 after purchasing an additional 61,933 shares during the period. Vest Financial LLC grew its position in Cardinal Health by 15.9% during the fourth quarter. Vest Financial LLC now owns 282,440 shares of the company’s stock valued at $28,470,000 after acquiring an additional 38,769 shares during the period. Bellwether Advisors LLC acquired a new stake in Cardinal Health during the fourth quarter worth about $6,290,000. Finally, DekaBank Deutsche Girozentrale increased its stake in Cardinal Health by 30.1% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 547,525 shares of the company’s stock worth $54,618,000 after acquiring an additional 126,668 shares during the last quarter. Hedge funds and other institutional investors own 87.17% of the company’s stock.

Analysts Set New Price Targets

CAH has been the subject of several research analyst reports. SVB Leerink initiated coverage on Cardinal Health in a research note on Monday, February 26th. They set an “outperform” rating and a $125.00 price target for the company. Leerink Partnrs restated an “outperform” rating on shares of Cardinal Health in a research note on Monday, February 26th. Barclays initiated coverage on Cardinal Health in a research note on Wednesday, January 3rd. They set an “overweight” rating and a $117.00 price target for the company. StockNews.com lowered Cardinal Health from a “strong-buy” rating to a “buy” rating in a research note on Wednesday. Finally, Argus upgraded Cardinal Health from a “hold” rating to a “buy” rating in a research note on Friday, February 9th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $103.07.

Cardinal Health Stock Down 0.6 %

Shares of NYSE CAH traded down $0.60 on Friday, hitting $103.21. The company had a trading volume of 1,399,916 shares, compared to its average volume of 1,705,735. Cardinal Health, Inc. has a 12-month low of $77.56 and a 12-month high of $116.04. The business has a 50 day moving average of $109.51 and a two-hundred day moving average of $104.76. The firm has a market capitalization of $25.10 billion, a P/E ratio of 40.63, a PEG ratio of 1.04 and a beta of 0.68.

Cardinal Health (NYSE:CAH) last issued its quarterly earnings results on Thursday, February 1st. The company reported $1.82 EPS for the quarter, beating analysts’ consensus estimates of $1.56 by $0.26. The firm had revenue of $57.45 billion during the quarter, compared to the consensus estimate of $57.02 billion. Cardinal Health had a negative return on equity of 57.44% and a net margin of 0.30%. Cardinal Health’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.32 earnings per share. On average, sell-side analysts anticipate that Cardinal Health, Inc. will post 7.28 earnings per share for the current year.

Cardinal Health Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Monday, April 1st were issued a $0.5006 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date of this dividend was Thursday, March 28th. Cardinal Health’s dividend payout ratio is currently 78.74%.

About Cardinal Health

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.