Fred Alger Management LLC Decreases Holdings in Cardinal Health, Inc. $CAH

Fred Alger Management LLC decreased its holdings in Cardinal Health, Inc. (NYSE:CAH) by 41.1% in the third quarter, Holdings Channel reports. The fund owned 472,652 shares of the company’s stock after selling 329,580 shares during the quarter. Fred Alger Management LLC’s holdings in Cardinal Health were worth $74,187,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in CAH. Wellington Management Group LLP raised its position in Cardinal Health by 153.2% during the third quarter. Wellington Management Group LLP now owns 5,804,090 shares of the company’s stock valued at $911,010,000 after purchasing an additional 3,511,579 shares during the period. Norges Bank bought a new stake in shares of Cardinal Health in the 2nd quarter valued at approximately $584,420,000. Barclays PLC boosted its holdings in shares of Cardinal Health by 109.3% in the 3rd quarter. Barclays PLC now owns 1,584,214 shares of the company’s stock worth $248,658,000 after purchasing an additional 827,446 shares during the period. Prudential Financial Inc. increased its position in shares of Cardinal Health by 476.8% during the 2nd quarter. Prudential Financial Inc. now owns 883,348 shares of the company’s stock valued at $148,402,000 after purchasing an additional 730,209 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of Cardinal Health by 44.9% during the 3rd quarter. Victory Capital Management Inc. now owns 2,284,115 shares of the company’s stock valued at $352,165,000 after purchasing an additional 707,495 shares during the last quarter. 87.17% of the stock is owned by institutional investors.

Cardinal Health Stock Down 1.0%

Shares of Cardinal Health stock opened at $216.95 on Monday. The stock’s fifty day moving average is $216.83 and its two-hundred day moving average is $192.50. The company has a market capitalization of $51.05 billion, a PE ratio of 31.22, a price-to-earnings-growth ratio of 1.40 and a beta of 0.65. Cardinal Health, Inc. has a 52 week low of $120.72 and a 52 week high of $233.60.

Cardinal Health (NYSE:CAH) last released its earnings results on Thursday, February 5th. The company reported $2.63 earnings per share for the quarter, topping analysts’ consensus estimates of $2.31 by $0.32. The business had revenue of $65.63 billion for the quarter, compared to analyst estimates of $64.88 billion. Cardinal Health had a negative return on equity of 92.50% and a net margin of 0.68%.The business’s revenue was up 18.8% compared to the same quarter last year. During the same quarter last year, the firm posted $1.93 earnings per share. As a group, research analysts anticipate that Cardinal Health, Inc. will post 7.95 earnings per share for the current year.

Cardinal Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Wednesday, April 1st will be paid a $0.5107 dividend. This represents a $2.04 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Wednesday, April 1st. Cardinal Health’s dividend payout ratio (DPR) is currently 29.35%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on CAH shares. Leerink Partners restated an “outperform” rating and issued a $275.00 price target on shares of Cardinal Health in a research report on Monday, March 9th. Zacks Research upgraded shares of Cardinal Health from a “hold” rating to a “strong-buy” rating in a research report on Thursday, February 12th. Evercore increased their target price on shares of Cardinal Health from $250.00 to $260.00 in a research note on Friday, February 6th. Argus raised their target price on shares of Cardinal Health from $232.00 to $248.00 and gave the stock a “buy” rating in a report on Wednesday, February 11th. Finally, Mizuho lifted their price target on shares of Cardinal Health from $222.00 to $235.00 and gave the stock an “outperform” rating in a research note on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Cardinal Health has an average rating of “Moderate Buy” and an average price target of $245.67.

Cardinal Health Profile

Cardinal Health is a multinational healthcare services and products company headquartered in Dublin, Ohio. Tracing its roots to the early 1970s, the company has grown into a major provider of supply chain and distribution services for the healthcare sector. Cardinal Health operates across a range of service lines that support hospitals, health systems, pharmacies, physician offices and clinical laboratories.

The company’s core activities include the wholesale distribution of branded and generic pharmaceuticals, the supply and distribution of medical-surgical products, and the provision of logistics and inventory management solutions.