Royal Bank of Canada grew its holdings in Cardinal Health, Inc. (NYSE:CAH – Free Report) by 30.3% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 952,686 shares of the company’s stock after buying an additional 221,376 shares during the period. Royal Bank of Canada’s holdings in Cardinal Health were worth $201,312,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently made changes to their positions in CAH. Norges Bank acquired a new position in Cardinal Health in the 4th quarter valued at about $790,344,000. Wellington Management Group LLP raised its position in Cardinal Health by 153.2% in the third quarter. Wellington Management Group LLP now owns 5,804,090 shares of the company’s stock valued at $911,010,000 after purchasing an additional 3,511,579 shares during the period. Marshall Wace LLP lifted its stake in shares of Cardinal Health by 1,328.1% in the 4th quarter. Marshall Wace LLP now owns 951,259 shares of the company’s stock valued at $195,484,000 after purchasing an additional 884,648 shares during the last quarter. Bessemer Group Inc. increased its position in shares of Cardinal Health by 7,053.4% during the 1st quarter. Bessemer Group Inc. now owns 750,038 shares of the company’s stock worth $158,491,000 after purchasing an additional 739,553 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in Cardinal Health by 2.0% in the 4th quarter. Vanguard Group Inc. now owns 31,441,258 shares of the company’s stock valued at $6,461,179,000 after buying an additional 617,775 shares during the period. Institutional investors and hedge funds own 87.17% of the company’s stock.
Wall Street Analyst Weigh In
CAH has been the topic of a number of recent analyst reports. Wall Street Zen raised shares of Cardinal Health from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 4th. Zacks Research lowered Cardinal Health from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 12th. Mizuho raised their price target on Cardinal Health from $235.00 to $240.00 and gave the stock an “outperform” rating in a research report on Thursday, July 23rd. Evercore dropped their price objective on Cardinal Health from $260.00 to $240.00 and set an “outperform” rating for the company in a research note on Wednesday, April 8th. Finally, Morgan Stanley boosted their price objective on Cardinal Health from $245.00 to $255.00 and gave the company an “overweight” rating in a report on Tuesday, April 28th. Fifteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $251.73.
Cardinal Health Stock Performance
Shares of CAH stock opened at $229.37 on Thursday. Cardinal Health, Inc. has a fifty-two week low of $137.75 and a fifty-two week high of $243.21. The company has a 50 day moving average price of $221.82 and a 200 day moving average price of $215.01. The stock has a market capitalization of $53.72 billion, a P/E ratio of 35.07, a price-to-earnings-growth ratio of 1.14 and a beta of 0.49.
Cardinal Health (NYSE:CAH – Get Free Report) last released its earnings results on Thursday, April 30th. The company reported $3.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.79 by $0.38. Cardinal Health had a net margin of 0.62% and a negative return on equity of 92.61%. The company had revenue of $60.94 billion for the quarter, compared to analyst estimates of $62.10 billion. During the same period in the prior year, the business earned $2.35 EPS. The firm’s quarterly revenue was up 11.0% on a year-over-year basis. On average, research analysts forecast that Cardinal Health, Inc. will post 10.77 EPS for the current fiscal year.
Cardinal Health Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Wednesday, July 1st were paid a $0.5158 dividend. The ex-dividend date was Wednesday, July 1st. This is an increase from Cardinal Health’s previous quarterly dividend of $0.51. This represents a $2.06 annualized dividend and a dividend yield of 0.9%. Cardinal Health’s payout ratio is 31.50%.
Cardinal Health Company 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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