Skandinaviska Enskilda Banken AB publ Cuts Stock Position in Cardinal Health, Inc. (NYSE:CAH)

Skandinaviska Enskilda Banken AB publ trimmed its position in shares of Cardinal Health, Inc. (NYSE:CAH) by 16.7% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 831,585 shares of the company’s stock after selling 166,302 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in Cardinal Health were worth $81,761,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Cultivar Capital Inc. acquired a new stake in Cardinal Health in the second quarter valued at approximately $27,000. Raleigh Capital Management Inc. grew its stake in Cardinal Health by 4,466.7% during the 4th 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. YHB Investment Advisors Inc. acquired a new position in Cardinal Health during the 1st quarter valued at about $32,000. LRI Investments LLC purchased a new stake in Cardinal Health in the first quarter valued at about $32,000. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in Cardinal Health in the second quarter worth about $29,000. Hedge funds and other institutional investors own 87.17% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. UBS Group upped their price objective on shares of Cardinal Health from $120.00 to $125.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Robert W. Baird upped their price target 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. Evercore ISI lifted their price objective on shares of Cardinal Health from $105.00 to $115.00 and gave the stock an “in-line” rating in a research note on Thursday, August 15th. Deutsche Bank Aktiengesellschaft upped their target price on Cardinal Health from $115.00 to $119.00 and gave the company a “hold” rating in a research report on Friday, August 16th. Finally, Argus lifted 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. One investment analyst has rated the stock with a sell rating, four have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Cardinal Health has an average rating of “Moderate Buy” and a consensus price target of $119.36.

Cardinal Health Trading Down 0.6 %

Shares of CAH stock opened at $110.76 on Friday. Cardinal Health, Inc. has a twelve month low of $85.82 and a twelve month high of $116.05. The stock has a 50 day moving average of $104.93 and a 200 day moving average of $104.07. The stock has a market cap of $26.98 billion, a P/E ratio of 49.23, a P/E/G ratio of 1.55 and a beta of 0.60.

Cardinal Health (NYSE:CAH) last announced 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. Cardinal Health had a net margin of 0.37% and a negative return on equity of 54.85%. The firm had revenue of $59.87 billion for the quarter, compared to the consensus estimate of $58.74 billion. During the same period in the prior year, the firm posted $1.55 earnings per share. The firm’s quarterly revenue was up 12.1% compared to the same quarter last year. On average, research analysts predict that Cardinal Health, Inc. will post 7.61 earnings per share for the current fiscal 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 issued a $0.506 dividend. This is a boost from Cardinal Health’s previous quarterly dividend of $0.51. The ex-dividend date 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%.

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 Jessica L. Mayer sold 17,896 shares of Cardinal Health stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $106.48, for a total transaction of $1,905,566.08. Following the transaction, the insider now owns 94,529 shares in the company, valued at approximately $10,065,447.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Jessica L. Mayer sold 16,573 shares of the company’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 value of $1,812,920.47. Following the completion of the transaction, the insider now owns 75,971 shares in the company, valued at $8,310,467.69. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 113,963 shares of company stock worth $12,379,980. 0.15% of the stock is owned by corporate 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.