State of Alaska Department of Revenue Grows Stock Holdings in Cardinal Health, Inc. (NYSE:CAH)

State of Alaska Department of Revenue raised its stake in Cardinal Health, Inc. (NYSE:CAH) by 3.5% in the third quarter, HoldingsChannel reports. The institutional investor owned 57,506 shares of the company’s stock after buying an additional 1,920 shares during the quarter. State of Alaska Department of Revenue’s holdings in Cardinal Health were worth $6,354,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Eastern Bank acquired a new position in Cardinal Health during the third quarter worth $25,000. Cultivar Capital Inc. purchased a new stake in shares of Cardinal Health in the second quarter valued at about $27,000. LRI Investments LLC acquired a new stake in shares of Cardinal Health in the first quarter valued at approximately $32,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of Cardinal Health during the 2nd quarter worth approximately $29,000. Finally, Palisade Asset Management LLC acquired a new position in shares of Cardinal Health during the 1st quarter worth approximately $34,000. 87.17% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Morgan Stanley increased their target price on Cardinal Health from $114.00 to $119.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. Robert W. Baird boosted their target price on shares of Cardinal Health from $130.00 to $137.00 and gave the company an “outperform” rating in a research note on Thursday, August 15th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Cardinal Health from $115.00 to $119.00 and gave the stock a “hold” rating in a report on Friday, August 16th. StockNews.com raised shares of Cardinal Health from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Finally, UBS Group lifted their target price on shares of Cardinal Health from $125.00 to $134.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $120.18.

Cardinal Health Trading Down 0.0 %

Shares of CAH opened at $110.87 on Tuesday. Cardinal Health, Inc. has a twelve month low of $90.19 and a twelve month high of $116.05. The firm has a market capitalization of $27.00 billion, a P/E ratio of 49.28, a price-to-earnings-growth ratio of 1.57 and a beta of 0.60. The stock’s fifty day simple moving average is $111.66 and its 200 day simple moving average is $104.04.

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

Cardinal Health Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st were given a $0.506 dividend. This is an increase from Cardinal Health’s previous quarterly dividend of $0.51. The ex-dividend date was Tuesday, October 1st. This represents a $2.02 annualized dividend and a dividend yield of 1.83%. Cardinal Health’s dividend payout ratio is presently 89.78%.

Insider Activity

In other news, 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 directly owns 75,971 shares of the company’s stock, valued at approximately $8,310,467.69. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Cardinal Health news, insider Jessica L. Mayer sold 16,573 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $109.39, for a total transaction of $1,812,920.47. Following the completion of the sale, the insider now owns 75,971 shares in the company, valued at $8,310,467.69. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michelle D. Greene sold 4,000 shares of Cardinal Health 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 sale, the insider now owns 19,242 shares in the company, valued at $2,094,491.70. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 113,963 shares of company stock worth $12,379,980. 0.15% of the stock is currently owned by corporate insiders.

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.