Toronto Dominion Bank Lowers Stake in Cardinal Health, Inc. (NYSE:CAH)

Toronto Dominion Bank reduced its position in Cardinal Health, Inc. (NYSE:CAH) by 13.7% in the second quarter, HoldingsChannel.com reports. The firm owned 118,734 shares of the company’s stock after selling 18,854 shares during the period. Toronto Dominion Bank’s holdings in Cardinal Health were worth $11,674,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CAH. Cultivar Capital Inc. purchased a new position in shares of Cardinal Health during the 2nd quarter valued at $27,000. Raleigh Capital Management Inc. lifted its position 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 valued at $28,000 after acquiring an additional 268 shares in the last quarter. Ashton Thomas Private Wealth LLC bought a new position 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 during the first quarter worth about $32,000. Finally, LRI Investments LLC bought a new stake in Cardinal Health during the 1st quarter valued at approximately $32,000. 87.17% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Jessica L. Mayer sold 16,573 shares of the firm’s stock in a transaction that occurred 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 directly owns 75,971 shares of the company’s stock, valued at $8,310,467.69. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Cardinal Health news, insider Jessica L. Mayer sold 16,573 shares of the firm’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 owns 75,971 shares of the company’s stock, valued at approximately $8,310,467.69. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jessica L. Mayer sold 17,896 shares of Cardinal Health stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $106.48, for a total transaction of $1,905,566.08. Following the transaction, the insider now directly owns 94,529 shares in the company, valued at $10,065,447.92. The disclosure for this sale can be found here. Insiders have sold 113,963 shares of company stock valued at $12,379,980 in the last 90 days. Company insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Morgan Stanley upped their price target on Cardinal Health from $114.00 to $119.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Evercore ISI upped their target price on shares of Cardinal Health from $105.00 to $115.00 and gave the stock an “in-line” rating in a research report on Thursday, August 15th. Wells Fargo & Company lifted their price target on shares of Cardinal Health from $95.00 to $101.00 and gave the company an “underweight” rating in a report on Thursday, August 15th. StockNews.com upgraded shares of Cardinal Health from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 16th. Finally, Argus raised their price objective on Cardinal Health from $115.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. 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 issued a strong buy rating to the company. Based on data from MarketBeat, Cardinal Health currently has an average rating of “Moderate Buy” and a consensus price target of $119.36.

Cardinal Health Price Performance

Shares of NYSE CAH opened at $109.79 on Friday. Cardinal Health, Inc. has a 1 year low of $85.82 and a 1 year high of $116.05. The firm has a 50-day simple moving average of $107.10 and a two-hundred day simple moving average of $103.99. The company has a market cap of $26.74 billion, a P/E ratio of 48.80, a PEG ratio of 1.33 and a beta of 0.60.

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 firm had revenue of $59.87 billion during the quarter, compared to analyst estimates 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 quarterly revenue was up 12.1% compared to the same quarter last year. During the same period last year, the company earned $1.55 EPS. As a group, equities research analysts expect that Cardinal Health, Inc. will post 7.62 EPS for the current year.

Cardinal Health Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st will be issued a $0.506 dividend. The ex-dividend date is Tuesday, October 1st. This is a boost from Cardinal Health’s previous quarterly dividend of $0.51. This represents a $2.02 dividend on an annualized basis and a dividend yield of 1.84%. Cardinal Health’s dividend payout ratio is presently 89.78%.

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.