CIBC Asset Management Inc Sells 2,071 Shares of Cardinal Health, Inc. (NYSE:CAH)

CIBC Asset Management Inc decreased its stake in shares of Cardinal Health, Inc. (NYSE:CAH) by 5.9% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 32,977 shares of the company’s stock after selling 2,071 shares during the quarter. CIBC Asset Management Inc’s holdings in Cardinal Health were worth $3,242,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Cultivar Capital Inc. acquired a new stake in Cardinal Health during the second quarter worth about $27,000. Raleigh Capital Management Inc. lifted its position in shares of Cardinal Health by 4,466.7% in the 4th quarter. Raleigh Capital Management Inc. now owns 274 shares of the company’s stock worth $28,000 after acquiring an additional 268 shares during the period. YHB Investment Advisors Inc. bought a new stake in shares of Cardinal Health in the 1st quarter worth approximately $32,000. LRI Investments LLC acquired a new stake in shares of Cardinal Health during the 1st quarter worth approximately $32,000. Finally, Palisade Asset Management LLC bought a new stake in shares of Cardinal Health during the first quarter valued at approximately $34,000. Institutional investors and hedge funds own 87.17% of the company’s stock.

Analysts Set New Price Targets

CAH has been the subject of several research reports. Evercore ISI raised their target price on Cardinal Health from $105.00 to $115.00 and gave the stock an “in-line” rating in a research report on Thursday, August 15th. Morgan Stanley raised their price objective on shares of Cardinal Health from $114.00 to $119.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. Wells Fargo & Company upped their target price on shares of Cardinal Health from $95.00 to $101.00 and gave the company an “underweight” rating in a research note on Thursday, August 15th. Robert W. Baird increased their price target on shares of Cardinal Health from $130.00 to $137.00 and gave the stock an “outperform” rating in a research report on Thursday, August 15th. Finally, JPMorgan Chase & Co. lifted their price objective on Cardinal Health from $111.00 to $123.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Cardinal Health has an average rating of “Moderate Buy” and an average target price of $118.45.

Insider Activity at Cardinal Health

In other Cardinal Health news, insider Jessica L. Mayer sold 16,573 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $109.39, for a total transaction of $1,812,920.47. Following the transaction, the insider now directly owns 75,971 shares in the company, valued at approximately $8,310,467.69. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Jessica L. Mayer sold 17,896 shares of Cardinal Health stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $106.48, for a total transaction of $1,905,566.08. Following the completion of the sale, the insider now directly owns 94,529 shares of the company’s stock, valued at $10,065,447.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Jessica L. Mayer sold 16,573 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $109.39, for a total value of $1,812,920.47. Following the completion of the sale, the insider now owns 75,971 shares of the company’s stock, valued at approximately $8,310,467.69. The disclosure for this sale can be found here. Insiders have sold a total of 113,963 shares of company stock worth $12,379,980 over the last 90 days. Insiders own 0.15% of the company’s stock.

Cardinal Health Stock Down 1.9 %

Cardinal Health stock opened at $111.74 on Friday. The stock has a 50-day simple moving average of $102.03 and a 200 day simple moving average of $103.86. The stock has a market capitalization of $27.22 billion, a price-to-earnings ratio of 49.66, a P/E/G ratio of 1.54 and a beta of 0.61. Cardinal Health, Inc. has a 12-month low of $85.82 and a 12-month high of $116.05.

Cardinal Health (NYSE:CAH) last announced its earnings results on Wednesday, August 14th. The company reported $1.84 earnings per share for the quarter, topping analysts’ consensus estimates of $1.74 by $0.10. Cardinal Health had a net margin of 0.37% and a negative return on equity of 54.85%. The company had revenue of $59.87 billion during the quarter, compared to the consensus estimate of $58.74 billion. During the same period in the previous year, the firm posted $1.55 earnings per share. The company’s revenue was up 12.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Cardinal Health, Inc. will post 7.61 EPS for the current year.

Cardinal Health Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st will be paid a dividend of $0.506 per share. This represents a $2.02 annualized dividend and a dividend yield of 1.81%. The ex-dividend date is Tuesday, October 1st. This is a positive change from Cardinal Health’s previous quarterly dividend of $0.51. Cardinal Health’s dividend payout ratio is 89.78%.

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.