Exeter Financial LLC Purchases 2,407 Shares of Cardinal Health Inc (CAH)
Exeter Financial LLC lifted its position in shares of Cardinal Health Inc (NYSE:CAH) by 20.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 14,002 shares of the company’s stock after acquiring an additional 2,407 shares during the period. Exeter Financial LLC’s holdings in Cardinal Health were worth $756,000 as of its most recent filing with the SEC.
Other institutional investors have also recently added to or reduced their stakes in the company. Macquarie Group Ltd. lifted its holdings in Cardinal Health by 19.7% in the second quarter. Macquarie Group Ltd. now owns 12,544,267 shares of the company’s stock worth $612,537,000 after purchasing an additional 2,067,829 shares during the period. Millennium Management LLC raised its holdings in Cardinal Health by 10,011.2% during the 2nd quarter. Millennium Management LLC now owns 2,019,314 shares of the company’s stock worth $98,603,000 after buying an additional 1,999,343 shares during the period. American Century Companies Inc. raised its holdings in Cardinal Health by 52.2% during the 2nd quarter. American Century Companies Inc. now owns 4,461,439 shares of the company’s stock worth $217,852,000 after buying an additional 1,530,702 shares during the period. Brandes Investment Partners LP raised its holdings in Cardinal Health by 63.4% during the 2nd quarter. Brandes Investment Partners LP now owns 1,968,288 shares of the company’s stock worth $96,112,000 after buying an additional 763,486 shares during the period. Finally, Mainstay Capital Management LLC ADV raised its holdings in Cardinal Health by 2,109.3% during the 2nd quarter. Mainstay Capital Management LLC ADV now owns 753,361 shares of the company’s stock worth $15,888,000 after buying an additional 719,261 shares during the period. Institutional investors and hedge funds own 90.62% of the company’s stock.
CAH has been the topic of several recent analyst reports. Royal Bank of Canada set a $57.00 price objective on Cardinal Health and gave the stock a “hold” rating in a report on Friday, November 9th. Zacks Investment Research upgraded Cardinal Health from a “sell” rating to a “hold” rating in a report on Tuesday. Robert W. Baird restated a “hold” rating and set a $51.00 price objective on shares of Cardinal Health in a report on Friday, July 20th. Mizuho restated a “hold” rating and set a $53.00 price objective on shares of Cardinal Health in a report on Sunday, August 12th. Finally, ValuEngine upgraded Cardinal Health from a “strong sell” rating to a “sell” rating in a report on Monday. Three analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $61.08.
Cardinal Health (NYSE:CAH) last issued its earnings results on Thursday, November 8th. The company reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.21. The company had revenue of $35.21 billion for the quarter, compared to the consensus estimate of $33.66 billion. Cardinal Health had a return on equity of 23.97% and a net margin of 0.53%. The firm’s quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.09 EPS. On average, sell-side analysts expect that Cardinal Health Inc will post 5.01 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Wednesday, January 2nd will be issued a $0.4763 dividend. The ex-dividend date is Monday, December 31st. This represents a $1.91 dividend on an annualized basis and a dividend yield of 3.36%. Cardinal Health’s dividend payout ratio is 38.20%.
Cardinal Health announced that its Board of Directors has initiated a share repurchase program on Thursday, November 8th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 6.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
In other Cardinal Health news, SVP Stuart G. Laws sold 804 shares of the company’s stock in a transaction that occurred on Tuesday, November 13th. The stock was sold at an average price of $55.55, for a total transaction of $44,662.20. Following the completion of the sale, the senior vice president now owns 6,342 shares of the company’s stock, valued at $352,298.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jon L. Giacomin sold 2,890 shares of the company’s stock in a transaction that occurred on Monday, August 20th. The stock was sold at an average price of $51.95, for a total value of $150,135.50. Following the sale, the chief executive officer now directly owns 72,652 shares of the company’s stock, valued at approximately $3,774,271.40. The disclosure for this sale can be found here. 1.10% of the stock is owned by corporate insiders.
Cardinal Health Company Profile
Cardinal Health, Inc operates as an integrated healthcare services and products company in the United States and internationally. It provides medical products and pharmaceuticals, and solutions that enhance supply chain efficiency for hospitals, healthcare systems, pharmacies, ambulatory surgery centers, clinical laboratories, and physician offices.
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