Cardinal Health (NYSE:CAH) Sees Strong Trading Volume

Cardinal Health, Inc. (NYSE:CAH) shares saw unusually-strong trading volume on Tuesday . Approximately 886,120 shares changed hands during mid-day trading, a decline of 58% from the previous session’s volume of 2,097,834 shares.The stock last traded at $109.86 and had previously closed at $111.84.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on CAH shares. Wells Fargo & Company upped their target price on shares of Cardinal Health from $95.00 to $101.00 and gave the stock an “underweight” rating in a research note on Thursday, August 15th. Citigroup reduced their target price on shares of Cardinal Health from $115.00 to $107.00 and set a “neutral” rating for the company in a research note on Friday, July 19th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Cardinal Health from $115.00 to $119.00 and gave the stock a “hold” rating in a research note on Friday, August 16th. Morgan Stanley upped their target price on shares of Cardinal Health from $114.00 to $119.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Finally, Robert W. Baird upped their target price on shares of Cardinal Health from $130.00 to $137.00 and gave the stock an “outperform” rating in a research note on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Cardinal Health currently has a consensus rating of “Moderate Buy” and a consensus target price of $119.36.

Cardinal Health Stock Down 1.2 %

The firm’s fifty day simple moving average is $105.98 and its 200-day simple moving average is $103.99. The firm has a market capitalization of $26.90 billion, a PE ratio of 49.72, a PEG ratio of 1.55 and a beta of 0.60.

Cardinal Health (NYSE:CAH) last announced its earnings results on Wednesday, August 14th. The company reported $1.84 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $58.74 billion. During the same period in the previous year, the business posted $1.55 earnings per share. The firm’s quarterly revenue was up 12.1% compared to the same quarter last year. As a group, analysts predict that Cardinal Health, Inc. will post 7.61 earnings per share for the current year.

Cardinal Health Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be paid a dividend of $0.506 per share. This is an increase from Cardinal Health’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $2.02 dividend on an annualized basis and a yield of 1.83%. Cardinal Health’s dividend payout ratio is presently 89.78%.

Insider Activity at Cardinal Health

In related news, insider Michelle D. Greene sold 4,000 shares of the company’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $108.85, for a total transaction of $435,400.00. Following the sale, the insider now owns 19,242 shares of the company’s stock, valued at $2,094,491.70. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Cardinal Health news, insider Michelle D. Greene sold 4,000 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $108.85, for a total transaction 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 Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jessica L. Mayer sold 16,573 shares of the business’s stock in a transaction on 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 owns 75,971 shares in the company, 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 valued at $12,379,980 over the last 90 days. 0.15% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CAH. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Cardinal Health by 86.8% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 69,423 shares of the company’s stock worth $6,998,000 after purchasing an additional 32,250 shares during the last quarter. Pinebridge Investments L.P. grew its holdings in shares of Cardinal Health by 237.7% in the fourth quarter. Pinebridge Investments L.P. now owns 171,530 shares of the company’s stock worth $17,290,000 after purchasing an additional 120,740 shares during the last quarter. Tobam grew its holdings in shares of Cardinal Health by 773.4% in the first quarter. Tobam now owns 49,111 shares of the company’s stock worth $5,496,000 after purchasing an additional 43,488 shares during the last quarter. Nomura Holdings Inc. grew its holdings in shares of Cardinal Health by 12.3% in the fourth quarter. Nomura Holdings Inc. now owns 220,661 shares of the company’s stock worth $22,243,000 after purchasing an additional 24,222 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp grew its holdings in shares of Cardinal Health by 101.1% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 321,558 shares of the company’s stock worth $36,010,000 after purchasing an additional 161,656 shares during the last quarter. Institutional investors own 87.17% of the company’s stock.

Cardinal Health Company 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.