Canandaigua National Bank & Trust Co. increased its stake in Cardinal Health, Inc. (NYSE:CAH – Free Report) by 377.0% during the third quarter, Holdings Channel.com reports. The institutional investor owned 17,526 shares of the company’s stock after buying an additional 13,852 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Cardinal Health were worth $3,900,000 as of its most recent filing with the SEC.
Other institutional investors also recently added to or reduced their stakes in the company. Ferguson Wellman Capital Management Inc. raised its holdings in shares of Cardinal Health by 78.1% in the 3rd quarter. Ferguson Wellman Capital Management Inc. now owns 9,313 shares of the company’s stock worth $2,072,000 after purchasing an additional 4,083 shares during the period. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Cardinal Health by 6,447.7% in the third quarter. MassMutual Private Wealth & Trust FSB now owns 108,364 shares of the company’s stock worth $24,111,000 after acquiring an additional 106,709 shares during the period. CX Institutional grew its position in shares of Cardinal Health by 158.9% in the third quarter. CX Institutional now owns 6,647 shares of the company’s stock valued at $1,479,000 after purchasing an additional 4,080 shares in the last quarter. Montecito Bank & Trust bought a new stake in shares of Cardinal Health during the 3rd quarter valued at $229,000. Finally, QRG Capital Management Inc. raised its stake in shares of Cardinal Health by 176.8% during the 2nd quarter. QRG Capital Management Inc. now owns 167,009 shares of the company’s stock valued at $39,675,000 after purchasing an additional 106,682 shares during the period. Institutional investors own 87.17% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research firms have recently commented on CAH. Bank of America raised their price objective on shares of Cardinal Health from $240.00 to $260.00 and gave the company a “buy” rating in a research report on Thursday, July 2nd. Leerink Partners set a $292.00 target price on shares of Cardinal Health in a research note on Tuesday, August 11th. Royal Bank Of Canada assumed coverage on shares of Cardinal Health in a report on Wednesday, August 19th. They issued an “outperform” rating and a $276.00 price target for the company. UBS Group boosted their price target on shares of Cardinal Health from $274.00 to $280.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Finally, Zacks Research cut shares of Cardinal Health from a “strong-buy” rating to a “hold” rating in a report on Friday, June 12th. Sixteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $266.56.
Insider Buying and Selling at Cardinal Health
In other news, insider Michelle Greene sold 11,650 shares of Cardinal Health stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $235.72, for a total value of $2,746,138.00. Following the transaction, the insider owned 10,330 shares in the company, valued at approximately $2,434,987.60. The trade was a 53.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Deborah Weitzman sold 7,354 shares of the stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $235.45, for a total value of $1,731,499.30. Following the sale, the chief executive officer owned 77,901 shares of the company’s stock, valued at $18,341,790.45. This represents a 8.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 210,271 shares of company stock valued at $49,626,657. 0.12% of the stock is currently owned by insiders.
Cardinal Health Price Performance
NYSE CAH traded down $1.74 during trading hours on Wednesday, reaching $231.70. 1,096,754 shares of the stock traded hands, compared to its average volume of 1,976,181. The company has a market cap of $53.65 billion, a price-to-earnings ratio of 32.05, a price-to-earnings-growth ratio of 1.40 and a beta of 0.50. The stock has a 50 day simple moving average of $233.11 and a two-hundred day simple moving average of $220.38. Cardinal Health, Inc. has a 1 year low of $151.87 and a 1 year high of $258.30.
Cardinal Health (NYSE:CAH – Get Free Report) last announced its quarterly earnings data on Tuesday, August 11th. The company reported $2.91 earnings per share for the quarter, beating analysts’ consensus estimates of $2.42 by $0.49. Cardinal Health had a negative return on equity of 98.53% and a net margin of 0.67%.The company had revenue of $63.67 billion for the quarter, compared to analysts’ expectations of $65.15 billion. During the same period last year, the firm posted $2.08 EPS. Cardinal Health’s revenue for the quarter was up 5.8% compared to the same quarter last year. Cardinal Health has set its FY 2027 guidance at 12.400-12.600 EPS. On average, sell-side analysts forecast that Cardinal Health, Inc. will post 12.55 EPS for the current fiscal year.
Cardinal Health Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, October 1st will be given a $0.5158 dividend. This represents a $2.06 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Thursday, October 1st. Cardinal Health’s dividend payout ratio (DPR) is presently 28.49%.
About Cardinal Health
Cardinal Health, Inc is a healthcare services and products company that supports pharmacies, hospitals, ambulatory surgery centers, physician offices and other healthcare providers. Its operations are primarily organized into Pharmaceutical and Medical segments.
The Pharmaceutical segment distributes branded, generic, specialty and over-the-counter medicines, as well as consumer health products. It also provides services related to specialty pharmaceuticals, pharmaceutical sourcing, nuclear and precision health products, and data and analytics for pharmaceutical manufacturers and healthcare organizations.
The Medical segment distributes medical and surgical products, including gloves, apparel, incontinence supplies, laboratory products and other essential items.
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