Rhenman & Partners Asset Management AB Buys 39,000 Shares of Cardinal Health, Inc. $CAH

Rhenman & Partners Asset Management AB lifted its stake in shares of Cardinal Health, Inc. (NYSE:CAH) by 70.9% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 94,000 shares of the company’s stock after acquiring an additional 39,000 shares during the period. Cardinal Health accounts for about 1.6% of Rhenman & Partners Asset Management AB’s portfolio, making the stock its 23rd largest position. Rhenman & Partners Asset Management AB’s holdings in Cardinal Health were worth $14,754,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also bought and sold shares of CAH. Vanguard Group Inc. increased its stake in Cardinal Health by 0.8% in the third quarter. Vanguard Group Inc. now owns 30,823,483 shares of the company’s stock valued at $4,838,054,000 after purchasing an additional 247,667 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Cardinal Health by 3.3% in the 2nd quarter. Geode Capital Management LLC now owns 6,389,049 shares of the company’s stock valued at $1,069,005,000 after buying an additional 205,539 shares during the period. Norges Bank bought a new stake in Cardinal Health in the 2nd quarter valued at about $584,420,000. Invesco Ltd. raised its stake in Cardinal Health by 7.3% during the 2nd quarter. Invesco Ltd. now owns 3,037,782 shares of the company’s stock worth $510,347,000 after buying an additional 207,750 shares during the period. Finally, Legal & General Group Plc boosted its holdings in Cardinal Health by 2.0% in the second quarter. Legal & General Group Plc now owns 2,349,767 shares of the company’s stock worth $394,761,000 after acquiring an additional 45,812 shares in the last quarter. 87.17% of the stock is currently owned by institutional investors and hedge funds.

Cardinal Health Price Performance

Shares of NYSE:CAH opened at $217.89 on Friday. Cardinal Health, Inc. has a 1 year low of $120.72 and a 1 year high of $233.60. The company has a market capitalization of $51.27 billion, a PE ratio of 31.35, a price-to-earnings-growth ratio of 1.40 and a beta of 0.65. The business has a fifty day moving average price of $215.65 and a two-hundred day moving average price of $189.79.

Cardinal Health (NYSE:CAH) last released its earnings results on Thursday, February 5th. The company reported $2.63 EPS for the quarter, topping analysts’ consensus estimates of $2.31 by $0.32. The company had revenue of $65.63 billion for the quarter, compared to analysts’ expectations 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 for the quarter was up 18.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.93 EPS. Sell-side analysts anticipate that Cardinal Health, Inc. will post 7.95 earnings per share for the current year.

Cardinal Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Wednesday, April 1st will be given a dividend of $0.5107 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend is Wednesday, April 1st. Cardinal Health’s dividend payout ratio is currently 29.35%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on CAH shares. Evercore upped their target price on Cardinal Health from $250.00 to $260.00 in a research report on Friday, February 6th. Robert W. Baird set a $252.00 price target on shares of Cardinal Health in a research note on Friday, February 6th. TD Cowen upped their price objective on shares of Cardinal Health from $233.00 to $251.00 and gave the stock a “buy” rating in a report on Wednesday, February 11th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Cardinal Health in a research note on Wednesday, January 21st. Finally, Jefferies Financial Group lifted their price objective on shares of Cardinal Health from $220.00 to $270.00 and gave the company a “buy” rating in a report on Thursday, January 22nd. One research 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. According to MarketBeat, Cardinal Health has a consensus rating of “Moderate Buy” and a consensus target price of $245.67.

About Cardinal Health

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.