Cardinal Health (NYSE:CAH) Upgraded by TD Cowen to Buy Rating

Cardinal Health (NYSE:CAH) was upgraded by investment analysts at TD Cowen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, MarketBeat reports. The firm presently has a $144.00 price target on the stock, up from their prior price target of $130.00. TD Cowen’s price objective indicates a potential upside of 17.49% from the stock’s previous close.

A number of other brokerages have also recently weighed in on CAH. Barclays lifted their price target on Cardinal Health from $117.00 to $133.00 and gave the stock an “overweight” rating in a research note on Monday, November 4th. Evercore ISI raised shares of Cardinal Health from an “in-line” rating to an “outperform” rating and set a $140.00 target price on the stock in a research report on Tuesday. StockNews.com lowered shares of Cardinal Health from a “strong-buy” rating to a “buy” rating in a report on Sunday, November 3rd. Morgan Stanley raised their price objective on shares of Cardinal Health from $127.00 to $136.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 17th. Finally, Wells Fargo & Company raised shares of Cardinal Health from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $101.00 to $127.00 in a research note on Friday, December 13th. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $131.71.

Cardinal Health Price Performance

CAH stock opened at $122.56 on Wednesday. The firm has a market cap of $29.66 billion, a PE ratio of 23.84, a P/E/G ratio of 1.47 and a beta of 0.63. Cardinal Health has a 12 month low of $93.17 and a 12 month high of $126.23. The firm has a 50 day simple moving average of $119.77 and a 200 day simple moving average of $110.84.

Cardinal Health (NYSE:CAH) last announced its quarterly earnings data on Friday, November 1st. The company reported $1.88 EPS for the quarter, beating analysts’ consensus estimates of $1.62 by $0.26. The company had revenue of $52.28 billion during the quarter, compared to the consensus estimate of $50.90 billion. Cardinal Health had a negative return on equity of 56.56% and a net margin of 0.56%. The company’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.73 EPS. As a group, sell-side analysts expect that Cardinal Health will post 7.82 earnings per share for the current year.

Institutional Investors Weigh In On Cardinal Health

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Point72 Asset Management L.P. acquired a new position in Cardinal Health in the second quarter worth approximately $90,440,000. State Street Corp increased its stake in shares of Cardinal Health by 4.6% during the 3rd quarter. State Street Corp now owns 14,177,641 shares of the company’s stock worth $1,566,913,000 after purchasing an additional 627,253 shares during the last quarter. Pacer Advisors Inc. raised its holdings in shares of Cardinal Health by 9.9% during the 2nd quarter. Pacer Advisors Inc. now owns 4,099,082 shares of the company’s stock valued at $403,022,000 after purchasing an additional 370,181 shares in the last quarter. Two Sigma Advisers LP lifted its stake in shares of Cardinal Health by 47.9% in the 3rd quarter. Two Sigma Advisers LP now owns 1,069,462 shares of the company’s stock valued at $118,197,000 after purchasing an additional 346,362 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec boosted its holdings in Cardinal Health by 230.0% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 477,911 shares of the company’s stock worth $52,819,000 after purchasing an additional 333,095 shares in the last quarter. 87.17% of the stock is owned by hedge funds and other institutional investors.

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.