State of Alaska Department of Revenue Buys 28,969 Shares of Cardinal Health, Inc. (NYSE:CAH)

State of Alaska Department of Revenue boosted its stake in Cardinal Health, Inc. (NYSE:CAH) by 108.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 55,586 shares of the company’s stock after buying an additional 28,969 shares during the quarter. State of Alaska Department of Revenue’s holdings in Cardinal Health were worth $6,219,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the stock. Clearstead Trust LLC acquired a new stake in shares of Cardinal Health in the 4th quarter valued at $25,000. Raleigh Capital Management Inc. lifted its holdings in Cardinal Health by 4,466.7% during the 4th quarter. Raleigh Capital Management Inc. now owns 274 shares of the company’s stock valued at $28,000 after purchasing an additional 268 shares during the last quarter. BKM Wealth Management LLC acquired a new position in Cardinal Health in the fourth quarter valued at about $30,000. Hexagon Capital Partners LLC grew its stake in Cardinal Health by 53.6% during the fourth quarter. Hexagon Capital Partners LLC now owns 338 shares of the company’s stock worth $34,000 after buying an additional 118 shares during the last quarter. Finally, Wetzel Investment Advisors Inc. acquired a new stake in shares of Cardinal Health during the fourth quarter worth approximately $36,000. 87.17% of the stock is currently owned by institutional investors and hedge funds.

Cardinal Health Price Performance

Shares of NYSE:CAH opened at $95.70 on Thursday. The stock has a market cap of $23.31 billion, a price-to-earnings ratio of 42.53, a P/E/G ratio of 1.06 and a beta of 0.61. The company has a 50 day moving average of $99.48 and a 200-day moving average of $104.36. Cardinal Health, Inc. has a one year low of $85.11 and a one year high of $116.04.

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

Cardinal Health Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, July 1st will be issued a $0.5056 dividend. This represents a $2.02 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date is Monday, July 1st. This is an increase from Cardinal Health’s previous quarterly dividend of $0.50. Cardinal Health’s dividend payout ratio is currently 89.78%.

Wall Street Analyst Weigh In

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

About Cardinal Health

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.