Coastal Bridge Advisors LLC Acquires New Position in Cardinal Health, Inc. $CAH

Coastal Bridge Advisors LLC bought a new position in shares of Cardinal Health, Inc. (NYSE:CAH) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 2,309 shares of the company’s stock, valued at approximately $549,000.

A number of other hedge funds have also bought and sold shares of the stock. BlackRock Inc. purchased a new stake in shares of Cardinal Health during the second quarter valued at $6,293,115,000. State Street Corp raised its stake in Cardinal Health by 1.8% in the 4th quarter. State Street Corp now owns 12,509,230 shares of the company’s stock worth $2,570,647,000 after acquiring an additional 221,497 shares during the last quarter. Geode Capital Management LLC raised its stake in Cardinal Health by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 6,529,013 shares of the company’s stock worth $1,336,750,000 after acquiring an additional 43,924 shares during the last quarter. Wellington Management Group LLP lifted its position in Cardinal Health by 153.2% during the 3rd quarter. Wellington Management Group LLP now owns 5,804,090 shares of the company’s stock worth $911,010,000 after acquiring an additional 3,511,579 shares during the period. Finally, Norges Bank acquired a new stake in Cardinal Health during the 4th quarter worth about $790,344,000. Institutional investors and hedge funds own 87.17% of the company’s stock.

Insider Buying and Selling at Cardinal Health

In related news, CAO Mary C. Scherer sold 2,302 shares of the stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $237.39, for a total transaction of $546,471.78. Following the sale, the chief accounting officer directly owned 2,811 shares of the company’s stock, valued at approximately $667,303.29. This represents a 45.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Jessica L. Mayer sold 29,436 shares of the firm’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $236.19, for a total transaction of $6,952,488.84. Following the sale, the insider owned 33,076 shares in the company, valued at approximately $7,812,220.44. This represents a 47.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 210,271 shares of company stock worth $49,626,657. 0.12% of the stock is currently owned by insiders.

Cardinal Health Stock Down 0.2%

Shares of CAH stock opened at $234.72 on Friday. The stock has a market cap of $54.59 billion, a PE ratio of 32.46, a price-to-earnings-growth ratio of 1.41 and a beta of 0.49. The business has a 50-day simple moving average of $233.10 and a 200-day simple moving average of $218.42. Cardinal Health, Inc. has a 52-week low of $145.87 and a 52-week high of $258.30.

Cardinal Health (NYSE:CAH) last posted its earnings results on Tuesday, August 11th. The company reported $2.91 EPS for the quarter, topping the consensus estimate of $2.42 by $0.49. The firm had revenue of $63.67 billion for the quarter, compared to analyst estimates of $65.15 billion. Cardinal Health had a negative return on equity of 98.53% and a net margin of 0.67%.Cardinal Health’s revenue for the quarter was up 5.8% compared to the same quarter last year. During the same period last year, the company earned $2.08 earnings per share. Cardinal Health has set its FY 2027 guidance at 12.400-12.600 EPS. Sell-side analysts anticipate that Cardinal Health, Inc. will post 12.55 earnings per share for the current fiscal year.

Cardinal Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, October 1st will be given a $0.5158 dividend. This represents a $2.06 annualized dividend and a yield of 0.9%. The ex-dividend date is Thursday, October 1st. Cardinal Health’s dividend payout ratio is currently 28.49%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Morgan Stanley increased their price objective on Cardinal Health from $255.00 to $265.00 and gave the company an “overweight” rating in a report on Wednesday, August 12th. Barclays upped their target price on Cardinal Health from $258.00 to $275.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. JPMorgan Chase & Co. raised their price target on shares of Cardinal Health from $215.00 to $260.00 and gave the stock a “neutral” rating in a research report on Thursday, August 13th. Leerink Partners set a $292.00 price objective on shares of Cardinal Health in a research note on Tuesday, August 11th. Finally, Wall Street Zen raised shares of Cardinal Health from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 4th. Sixteen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $266.56.

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.