Cardinal Health Inc. (CAH) Shares Sold by Parsec Financial Management Inc.
Parsec Financial Management Inc. lowered its position in Cardinal Health Inc. (NYSE:CAH) by 1.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 129,864 shares of the company’s stock after selling 2,100 shares during the period. Parsec Financial Management Inc.’s holdings in Cardinal Health were worth $10,131,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Royal Bank of Canada raised its stake in shares of Cardinal Health by 2.8% in the first quarter. Royal Bank of Canada now owns 1,927,963 shares of the company’s stock worth $157,997,000 after buying an additional 52,912 shares in the last quarter. Origin Asset Management LLP raised its stake in shares of Cardinal Health by 75.1% in the first quarter. Origin Asset Management LLP now owns 377,381 shares of the company’s stock worth $30,926,000 after buying an additional 161,881 shares in the last quarter. HealthInvest Partners AB bought a new stake in shares of Cardinal Health during the second quarter worth approximately $12,482,000. PGGM Investments raised its stake in shares of Cardinal Health by 56.8% in the second quarter. PGGM Investments now owns 860,610 shares of the company’s stock worth $67,136,000 after buying an additional 311,842 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Cardinal Health by 0.9% in the first quarter. JPMorgan Chase & Co. now owns 1,818,018 shares of the company’s stock worth $148,985,000 after buying an additional 15,770 shares in the last quarter. 85.79% of the stock is currently owned by hedge funds and other institutional investors.
Cardinal Health Inc. (NYSE:CAH) traded up 0.16% during mid-day trading on Monday, reaching $76.52. The company had a trading volume of 508,598 shares. The firm has a market capitalization of $24.38 billion, a P/E ratio of 17.71 and a beta of 0.64. The firm’s 50-day moving average is $78.45 and its 200-day moving average is $80.18. Cardinal Health Inc. has a one year low of $73.25 and a one year high of $91.23.
Cardinal Health (NYSE:CAH) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $1.14 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.13 by $0.01. The company had revenue of $31.40 billion for the quarter, compared to analysts’ expectations of $31.06 billion. Cardinal Health had a return on equity of 26.09% and a net margin of 1.17%. The business’s quarterly revenue was up 13.9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.00 earnings per share. On average, equities research analysts anticipate that Cardinal Health Inc. will post $5.59 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Saturday, October 15th. Stockholders of record on Monday, October 3rd will be issued a dividend of $0.4489 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.35%. The ex-dividend date of this dividend is Thursday, September 29th. Cardinal Health’s dividend payout ratio (DPR) is currently 41.67%.
A number of equities research analysts have commented on CAH shares. Morgan Stanley reissued a “hold” rating and set a $91.00 price objective on shares of Cardinal Health in a report on Monday, September 12th. Goldman Sachs Group Inc. downgraded shares of Cardinal Health from a “buy” rating to a “neutral” rating and cut their target price for the company from $90.00 to $83.00 in a research report on Friday, September 16th. Bank of America Corp. restated a “hold” rating and set a $90.00 target price on shares of Cardinal Health in a research report on Monday, September 19th. Credit Suisse Group AG restated a “buy” rating and set a $97.00 target price on shares of Cardinal Health in a research report on Tuesday, August 30th. Finally, Zacks Investment Research downgraded shares of Cardinal Health from a “hold” rating to a “sell” rating in a research report on Friday, July 8th. Nine investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Cardinal Health currently has an average rating of “Buy” and an average price target of $94.76.
In other news, SVP Stuart G. Laws sold 9,703 shares of the business’s stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $82.45, for a total transaction of $800,012.35. Following the sale, the senior vice president now directly owns 2,718 shares in the company, valued at $224,099.10. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Craig S. Morford sold 12,697 shares of Cardinal Health stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of $83.13, for a total value of $1,055,501.61. Following the completion of the transaction, the insider now directly owns 90,811 shares in the company, valued at $7,549,118.43. The disclosure for this sale can be found here. Insiders own 0.94% of the company’s stock.
About Cardinal Health
Cardinal Health, Inc is a healthcare services and products company. The Company operates in two segments: Pharmaceutical and Medical. The Company also provides medical products to patients in the home. In the United States, the Company’s Pharmaceutical segment distributes branded and generic pharmaceutical, over-the-counter healthcare and consumer products through its Pharmaceutical Distribution division to retailers, hospitals and other healthcare providers.
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