Envestnet Asset Management Inc. Decreases Position in Cardinal Health, Inc. (NYSE:CAH)

Envestnet Asset Management Inc. reduced its holdings in shares of Cardinal Health, Inc. (NYSE:CAH) by 1.5% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 621,962 shares of the company’s stock after selling 9,582 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Cardinal Health were worth $61,151,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Gryphon Financial Partners LLC acquired a new stake in Cardinal Health in the 4th quarter worth approximately $247,000. Brown Advisory Inc. acquired a new stake in shares of Cardinal Health during the fourth quarter worth $207,000. Norges Bank purchased a new stake in shares of Cardinal Health during the fourth quarter valued at $258,499,000. UBS Group AG increased its position in shares of Cardinal Health by 2.6% in the 4th quarter. UBS Group AG now owns 435,687 shares of the company’s stock valued at $43,917,000 after acquiring an additional 10,959 shares during the period. Finally, Gladstone Institutional Advisory LLC purchased a new position in Cardinal Health in the 4th quarter worth $217,000. 87.17% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Jessica L. Mayer sold 17,896 shares of Cardinal Health stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $106.48, for a total value of $1,905,566.08. Following the sale, the insider now owns 94,529 shares in the company, valued at $10,065,447.92. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, insider Michelle D. Greene sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $108.85, for a total value of $435,400.00. Following the transaction, the insider now owns 19,242 shares in the company, valued at $2,094,491.70. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jessica L. Mayer sold 17,896 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $106.48, for a total value of $1,905,566.08. Following the sale, the insider now owns 94,529 shares of the company’s stock, valued at $10,065,447.92. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 113,963 shares of company stock worth $12,379,980. Company insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. StockNews.com raised Cardinal Health from a “buy” rating to a “strong-buy” rating in a report on Friday, August 16th. Robert W. Baird raised 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. Morgan Stanley lifted their price objective on shares of Cardinal Health from $114.00 to $119.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. Argus increased their price objective on shares of Cardinal Health from $115.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of Cardinal Health from $115.00 to $119.00 and gave the company a “hold” rating in a report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Cardinal Health presently has a consensus rating of “Moderate Buy” and a consensus target price of $119.36.

Cardinal Health Stock Up 0.1 %

CAH stock opened at $111.40 on Thursday. Cardinal Health, Inc. has a 52-week low of $85.82 and a 52-week high of $116.05. The firm has a market cap of $27.13 billion, a P/E ratio of 49.51, a PEG ratio of 1.55 and a beta of 0.60. The company’s 50-day simple moving average is $104.62 and its 200-day simple moving average is $104.02.

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

Cardinal Health Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be issued a $0.506 dividend. This represents a $2.02 annualized dividend and a yield of 1.82%. The ex-dividend date of this dividend is Tuesday, October 1st. This is a positive change from Cardinal Health’s previous quarterly dividend of $0.51. Cardinal Health’s payout ratio is presently 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.