Miracle Mile Advisors LLC Takes Position in Cardinal Health, Inc. (NYSE:CAH)

Miracle Mile Advisors LLC acquired a new position in Cardinal Health, Inc. (NYSE:CAH) during the first quarter, HoldingsChannel.com reports. The fund acquired 2,011 shares of the company’s stock, valued at approximately $225,000.

Several other institutional investors have also added to or reduced their stakes in CAH. Clearstead Trust LLC acquired a new position in shares of Cardinal Health in the 4th quarter worth approximately $25,000. Raleigh Capital Management Inc. boosted its position in Cardinal Health by 4,466.7% during the fourth quarter. Raleigh Capital Management Inc. now owns 274 shares of the company’s stock valued at $28,000 after acquiring an additional 268 shares during the last quarter. BKM Wealth Management LLC bought a new stake in Cardinal Health during the fourth quarter valued at $30,000. Hexagon Capital Partners LLC raised its position in shares of Cardinal Health by 53.6% in the 4th quarter. Hexagon Capital Partners LLC now owns 338 shares of the company’s stock worth $34,000 after acquiring an additional 118 shares in the last quarter. Finally, Wetzel Investment Advisors Inc. acquired a new position in shares of Cardinal Health in the 4th quarter valued at about $36,000. 87.17% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on CAH shares. Robert W. Baird decreased their target price on Cardinal Health from $134.00 to $128.00 and set an “outperform” rating for the company in a research note on Friday, May 3rd. Wells Fargo & Company lowered their price objective on shares of Cardinal Health from $96.00 to $94.00 and set an “underweight” rating for the company in a research note on Monday, April 29th. Argus cut their target price on shares of Cardinal Health from $120.00 to $115.00 and set a “buy” rating on the stock in a research note on Wednesday, May 15th. StockNews.com cut shares of Cardinal Health from a “strong-buy” rating to a “buy” rating in a report on Tuesday. Finally, Evercore ISI upped their price objective on shares of Cardinal Health from $110.00 to $115.00 and gave the company an “in-line” rating in a report on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Cardinal Health has an average rating of “Moderate Buy” and an average target price of $109.67.

Cardinal Health Price Performance

CAH opened at $96.54 on Wednesday. The firm has a market capitalization of $23.51 billion, a PE ratio of 42.91, a P/E/G ratio of 1.11 and a beta of 0.61. Cardinal Health, Inc. has a fifty-two week low of $85.11 and a fifty-two week high of $116.04. The company’s 50-day moving average is $99.64 and its 200 day moving average is $104.42.

Cardinal Health (NYSE:CAH) last posted its earnings results on Thursday, May 2nd. The company reported $2.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.95 by $0.13. Cardinal Health had a negative return on equity of 54.74% and a net margin of 0.25%. The company had revenue of $54.90 billion for the quarter, compared to analyst estimates of $56.05 billion. During the same quarter last year, the company earned $1.74 earnings per share. The company’s revenue for the quarter was up 8.7% on a year-over-year basis. As a group, analysts expect that Cardinal Health, Inc. will post 7.35 EPS for the current year.

Cardinal Health Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Monday, July 1st will be issued a $0.5056 dividend. The ex-dividend date of this dividend is Monday, July 1st. This represents a $2.02 annualized dividend and a dividend yield of 2.09%. This is an increase from Cardinal Health’s previous quarterly dividend of $0.50. Cardinal Health’s dividend payout ratio is currently 88.89%.

Cardinal Health 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.