Cardinal Health (NYSE:CAH) Hits New 12-Month High – Here’s What Happened

Cardinal Health, Inc. (NYSE:CAH) hit a new 52-week high during trading on Wednesday . The company traded as high as $165.11 and last traded at $164.89, with a volume of 2176144 shares traded. The stock had previously closed at $162.41.

Wall Street Analysts Forecast Growth

CAH has been the subject of several recent analyst reports. Bank of America upped their target price on Cardinal Health from $165.00 to $170.00 and gave the stock a “buy” rating in a research note on Tuesday, June 10th. Morgan Stanley set a $181.00 price objective on Cardinal Health and gave the stock an “overweight” rating in a research report on Friday, June 13th. UBS Group lifted their target price on Cardinal Health from $150.00 to $160.00 and gave the company a “buy” rating in a research report on Tuesday, April 29th. Citigroup reissued a “neutral” rating and set a $170.00 target price (up previously from $157.00) on shares of Cardinal Health in a research note on Friday, June 13th. Finally, Mizuho raised their price target on shares of Cardinal Health from $142.00 to $150.00 and gave the company an “outperform” rating in a research note on Monday, March 31st. Three analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $157.43.

Cardinal Health Stock Performance

The business has a fifty day moving average of $147.47 and a 200-day moving average of $133.26. The company has a market capitalization of $39.36 billion, a P/E ratio of 25.72, a PEG ratio of 1.81 and a beta of 0.66.

Cardinal Health (NYSE:CAH) last released its quarterly earnings results on Thursday, May 1st. The company reported $2.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.20. The business had revenue of $54.88 billion during the quarter, compared to the consensus estimate of $55.33 billion. Cardinal Health had a negative return on equity of 68.84% and a net margin of 0.70%. The company’s quarterly revenue was up .0% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.08 EPS. Sell-side analysts anticipate that Cardinal Health, Inc. will post 7.95 EPS for the current year.

Cardinal Health Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Tuesday, July 1st will be paid a $0.5107 dividend. This is a positive change from Cardinal Health’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $2.04 annualized dividend and a yield of 1.24%. Cardinal Health’s dividend payout ratio (DPR) is 31.51%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CAH. Cyrus J. Lawrence LLC bought a new position in shares of Cardinal Health during the 4th quarter worth $26,000. Greykasell Wealth Strategies Inc. bought a new stake in Cardinal Health in the 1st quarter valued at about $26,000. Jones Financial Companies Lllp lifted its holdings in Cardinal Health by 198.3% during the first quarter. Jones Financial Companies Lllp now owns 21,112 shares of the company’s stock valued at $27,000 after purchasing an additional 14,034 shares during the last quarter. Promus Capital LLC bought a new position in Cardinal Health during the fourth quarter worth about $30,000. Finally, Bellwether Advisors LLC bought a new position in Cardinal Health during the fourth quarter worth about $32,000. 87.17% of the stock is currently owned by hedge funds and other institutional investors.

Cardinal Health Company 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.