Summit Global Investments Purchases New Stake in Cardinal Health, Inc. (NYSE:CAH)

Summit Global Investments acquired a new position in shares of Cardinal Health, Inc. (NYSE:CAH) in the fourth quarter, HoldingsChannel.com reports. The firm acquired 9,830 shares of the company’s stock, valued at approximately $991,000.

Several other institutional investors and hedge funds have also recently modified their holdings of CAH. Cornerstone Planning Group LLC bought a new stake in shares of Cardinal Health during the 3rd quarter worth about $26,000. BKM Wealth Management LLC bought a new stake in shares of Cardinal Health during the fourth quarter worth approximately $30,000. Hexagon Capital Partners LLC grew its position in shares of Cardinal Health by 53.6% in the fourth quarter. Hexagon Capital Partners LLC now owns 338 shares of the company’s stock valued at $34,000 after purchasing an additional 118 shares during the last quarter. Wetzel Investment Advisors Inc. bought a new position in shares of Cardinal Health during the fourth quarter worth approximately $36,000. Finally, Headlands Technologies LLC acquired a new stake in Cardinal Health during the 3rd quarter worth approximately $47,000. 87.17% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CAH has been the topic of a number of research reports. Wells Fargo & Company decreased their price objective on Cardinal Health from $96.00 to $94.00 and set an “underweight” rating on the stock in a report on Monday, April 29th. StockNews.com upgraded shares of Cardinal Health from a “buy” rating to a “strong-buy” rating in a research note on Thursday. UBS Group raised their price target on shares of Cardinal Health from $122.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, February 5th. Leerink Partnrs reissued an “outperform” rating on shares of Cardinal Health in a report on Monday, February 26th. Finally, Argus upgraded shares of Cardinal Health from a “hold” rating to a “buy” rating in a research report on Friday, February 9th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $105.79.

Cardinal Health Trading Down 4.0 %

NYSE CAH traded down $4.07 on Friday, hitting $98.91. 3,446,183 shares of the company’s stock were exchanged, compared to its average volume of 2,028,678. Cardinal Health, Inc. has a 52 week low of $77.56 and a 52 week high of $116.04. The stock has a 50-day moving average of $109.10 and a 200-day moving average of $105.01. The stock has a market cap of $24.06 billion, a price-to-earnings ratio of 43.96, a P/E/G ratio of 1.03 and a beta of 0.71.

Cardinal Health (NYSE:CAH) last announced its quarterly earnings data on Thursday, May 2nd. The company reported $2.08 earnings per share for the quarter, topping the consensus estimate of $1.95 by $0.13. Cardinal Health had a negative return on equity of 54.74% and a net margin of 0.25%. The business had revenue of $54.90 billion during the quarter, compared to the consensus estimate of $56.05 billion. During the same period in the prior year, the company earned $1.74 EPS. Cardinal Health’s revenue for the quarter was up 8.7% on a year-over-year basis. As a group, analysts predict that Cardinal Health, Inc. will post 7.34 earnings per share for the current year.

Cardinal Health Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Monday, April 1st were paid a $0.5006 dividend. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.02%. Cardinal Health’s payout ratio is currently 88.89%.

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.