Cardinal Health, Inc. (NYSE:CAH) Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC decreased its stake in Cardinal Health, Inc. (NYSE:CAH) by 51.3% during the second quarter, Holdings Channel reports. The institutional investor owned 29,669 shares of the company’s stock after selling 31,238 shares during the quarter. Fred Alger Management LLC’s holdings in Cardinal Health were worth $2,917,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Cultivar Capital Inc. purchased a new stake in shares of Cardinal Health in the second quarter worth about $27,000. Raleigh Capital Management Inc. boosted its stake in shares of Cardinal Health by 4,466.7% in the fourth quarter. Raleigh Capital Management Inc. now owns 274 shares of the company’s stock worth $28,000 after buying an additional 268 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Cardinal Health in the second quarter worth about $29,000. YHB Investment Advisors Inc. purchased a new stake in shares of Cardinal Health in the first quarter worth about $32,000. Finally, LRI Investments LLC purchased a new stake in shares of Cardinal Health in the first quarter worth about $32,000. Hedge funds and other institutional investors own 87.17% of the company’s stock.

Cardinal Health Price Performance

NYSE CAH opened at $109.23 on Friday. The company has a market cap of $26.60 billion, a PE ratio of 48.55, a price-to-earnings-growth ratio of 1.33 and a beta of 0.60. The stock’s 50 day simple moving average is $106.81 and its 200-day simple moving average is $104.03. Cardinal Health, Inc. has a 1-year low of $85.82 and a 1-year high of $116.05.

Cardinal Health (NYSE:CAH) last posted its quarterly earnings results on Wednesday, August 14th. The company reported $1.84 EPS for the quarter, beating the consensus estimate of $1.74 by $0.10. Cardinal Health had a negative return on equity of 54.85% and a net margin of 0.37%. The firm had revenue of $59.87 billion during the quarter, compared to analysts’ expectations of $58.74 billion. During the same quarter last year, the firm earned $1.55 earnings per share. The business’s revenue for the quarter was up 12.1% on a year-over-year basis. On average, equities research analysts anticipate that Cardinal Health, Inc. will post 7.62 EPS 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 dividend yield of 1.85%. The ex-dividend date is Tuesday, October 1st. This is a boost from Cardinal Health’s previous quarterly dividend of $0.51. Cardinal Health’s dividend payout ratio (DPR) is currently 89.78%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on CAH shares. Deutsche Bank Aktiengesellschaft upped their target price on 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 increased their price target on Cardinal Health from $114.00 to $119.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. Argus increased their price target on Cardinal Health from $115.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th. StockNews.com upgraded Cardinal Health from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 16th. Finally, Robert W. Baird increased their price target on Cardinal Health from $130.00 to $137.00 and gave the stock an “outperform” rating in a research report on Thursday, August 15th. One 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 issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $119.36.

Insider Activity at Cardinal Health

In related news, insider Michelle D. Greene sold 4,000 shares of the 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 completion of 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 related news, insider Michelle D. Greene sold 4,000 shares of the 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 completion of 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. Also, insider Jessica L. Mayer sold 17,896 shares of the firm’s stock in a transaction 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 directly owns 94,529 shares of the company’s stock, valued at approximately $10,065,447.92. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 113,963 shares of company stock valued at $12,379,980. 0.15% of the stock is currently owned by insiders.

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.