Sound Shore Management Inc. CT Raises Stock Holdings in Cardinal Health, Inc. (NYSE:CAH)

Sound Shore Management Inc. CT increased its position in Cardinal Health, Inc. (NYSE:CAH) by 24.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 669,762 shares of the company’s stock after buying an additional 133,195 shares during the quarter. Sound Shore Management Inc. CT’s holdings in Cardinal Health were worth $65,851,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also added to or reduced their stakes in the business. Acadian Asset Management LLC boosted its stake in shares of Cardinal Health by 19.1% during the 1st quarter. Acadian Asset Management LLC now owns 3,723,159 shares of the company’s stock valued at $416,585,000 after purchasing an additional 598,002 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new stake in Cardinal Health during the 1st quarter valued at about $56,454,000. Jacobs Levy Equity Management Inc. grew its holdings in shares of Cardinal Health by 265.6% during the first quarter. Jacobs Levy Equity Management Inc. now owns 657,526 shares of the company’s stock valued at $73,577,000 after buying an additional 477,682 shares during the last quarter. CIBC Private Wealth Group LLC boosted its stake in Cardinal Health by 1,941.9% during the 4th quarter. CIBC Private Wealth Group LLC now owns 458,160 shares of the company’s stock valued at $46,183,000 after purchasing an additional 435,722 shares during the last quarter. Finally, Swedbank AB bought a new stake in Cardinal Health in the 1st quarter worth about $48,673,000. 87.17% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Evercore ISI raised their price objective on shares of Cardinal Health from $105.00 to $115.00 and gave the stock an “in-line” rating in a report on Thursday, August 15th. StockNews.com raised Cardinal Health from a “buy” rating to a “strong-buy” rating in a report on Friday, August 16th. Morgan Stanley raised their target price on shares of Cardinal Health from $114.00 to $119.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. Wells Fargo & Company increased their price objective on shares of Cardinal Health from $95.00 to $101.00 and gave the company an “underweight” rating in a research report on Thursday, August 15th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on Cardinal Health from $115.00 to $119.00 and gave the stock a “hold” rating in a research report on Friday, August 16th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $119.36.

Cardinal Health Stock Up 0.9 %

Shares of Cardinal Health stock opened at $111.81 on Friday. The firm has a market cap of $27.23 billion, a PE ratio of 49.69, a P/E/G ratio of 1.55 and a beta of 0.60. The business has a 50-day moving average price of $105.26 and a 200 day moving average price of $104.12. Cardinal Health, Inc. has a twelve month low of $85.82 and a twelve month high of $116.05.

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

Cardinal Health Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be given a $0.506 dividend. This is a positive change 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 1.81%. Cardinal Health’s payout ratio is presently 89.78%.

Insider Buying and Selling at Cardinal Health

In other news, insider Jessica L. Mayer sold 17,896 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 94,529 shares in the company, valued at $10,065,447.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Jessica L. Mayer sold 17,896 shares of the company’s stock in a transaction that occurred 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 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 is accessible through this hyperlink. Also, insider Michelle D. Greene sold 4,000 shares of the stock in a transaction on Monday, August 19th. The shares were 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 approximately $2,094,491.70. The disclosure for this sale can be found here. Insiders 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.

About Cardinal Health

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.