Sector Gamma AS grew its stake in shares of Cardinal Health, Inc. (NYSE:CAH – Free Report) by 4.0% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 61,946 shares of the company’s stock after acquiring an additional 2,410 shares during the period. Cardinal Health makes up approximately 2.9% of Sector Gamma AS’s portfolio, making the stock its 12th biggest position. Sector Gamma AS’s holdings in Cardinal Health were worth $12,730,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Aventura Private Wealth LLC bought a new stake in shares of Cardinal Health during the fourth quarter worth $25,000. Jones Financial Companies Lllp grew its stake in shares of Cardinal Health by 198.3% during the first quarter. Jones Financial Companies Lllp now owns 21,112 shares of the company’s stock worth $27,000 after buying an additional 14,034 shares during the last quarter. Palladiem LLC bought a new stake in shares of Cardinal Health during the fourth quarter worth $28,000. JPL Wealth Management LLC bought a new stake in shares of Cardinal Health during the third quarter worth $31,000. Finally, Turning Point Benefit Group Inc. bought a new stake in shares of Cardinal Health during the third quarter worth $31,000. Institutional investors own 87.17% of the company’s stock.
Cardinal Health Stock Up 2.4%
Shares of Cardinal Health stock opened at $221.58 on Friday. The stock has a market cap of $51.90 billion, a price-to-earnings ratio of 33.88, a P/E/G ratio of 1.18 and a beta of 0.52. The company’s fifty day moving average is $202.98 and its 200 day moving average is $208.74. Cardinal Health, Inc. has a twelve month low of $137.75 and a twelve month high of $233.60.
Cardinal Health Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st will be given a dividend of $0.5158 per share. This represents a $2.06 dividend on an annualized basis and a yield of 0.9%. This is an increase from Cardinal Health’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend is Wednesday, July 1st. Cardinal Health’s payout ratio is currently 31.19%.
Analysts Set New Price Targets
Several analysts recently weighed in on the stock. Wells Fargo & Company reduced their price objective on shares of Cardinal Health from $256.00 to $245.00 and set an “overweight” rating on the stock in a research note on Friday, May 1st. Morgan Stanley boosted their price objective on shares of Cardinal Health from $245.00 to $255.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 28th. Leerink Partners reissued an “outperform” rating and issued a $275.00 price objective on shares of Cardinal Health in a research note on Monday, March 9th. Weiss Ratings cut shares of Cardinal Health from a “buy (b+)” rating to a “buy (b)” rating in a research note on Tuesday, May 19th. Finally, Barclays boosted their price objective on shares of Cardinal Health from $243.00 to $258.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 24th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Cardinal Health currently has an average rating of “Moderate Buy” and an average price target of $246.93.
Read Our Latest Stock Report on CAH
Cardinal Health Profile
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.
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