Cardinal Health, Inc. $CAH Shares Bought by California State Teachers Retirement System

California State Teachers Retirement System raised its stake in shares of Cardinal Health, Inc. (NYSE:CAH) by 22,881.2% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 85,193,767 shares of the company’s stock after buying an additional 84,823,056 shares during the period. California State Teachers Retirement System owned about 0.37% of Cardinal Health worth $20,238,631,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of CAH. University of Texas Texas AM Investment Management Co. purchased a new position in Cardinal Health during the fourth quarter valued at approximately $26,000. Bank of Jackson Hole Trust purchased a new stake in Cardinal Health in the 4th quarter worth approximately $27,000. Jones Financial Companies Lllp grew its stake in shares of Cardinal Health by 198.3% during the 1st quarter. Jones Financial Companies Lllp now owns 21,112 shares of the company’s stock worth $27,000 after purchasing an additional 14,034 shares during the period. Palladiem LLC acquired a new stake in shares of Cardinal Health during the 4th quarter worth approximately $28,000. Finally, Indiana Trust & Investment Management Co purchased a new position in shares of Cardinal Health during the 1st quarter valued at approximately $29,000. Institutional investors and hedge funds own 87.17% of the company’s stock.

Cardinal Health Price Performance

Shares of NYSE:CAH opened at $246.67 on Tuesday. Cardinal Health, Inc. has a 1 year low of $145.87 and a 1 year high of $258.30. The firm has a market capitalization of $57.37 billion, a price-to-earnings ratio of 34.12, a price-to-earnings-growth ratio of 1.49 and a beta of 0.51. The business’s 50 day moving average price is $234.44 and its 200-day moving average price is $219.32.

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

Cardinal Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, October 1st will be paid a dividend of $0.5158 per share. This represents a $2.06 annualized dividend and a yield of 0.8%. The ex-dividend date is Thursday, October 1st. Cardinal Health’s payout ratio is 28.49%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Wells Fargo & Company boosted their target price on shares of Cardinal Health from $245.00 to $277.00 and gave the company an “overweight” rating in a research note on Wednesday, August 12th. Leerink Partners set a $292.00 price objective on shares of Cardinal Health in a report on Tuesday, August 11th. Evercore reaffirmed an “outperform” rating and issued a $270.00 price objective on shares of Cardinal Health in a report on Wednesday, August 12th. JPMorgan Chase & Co. upped their price objective 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. Finally, Robert W. Baird increased their target price on shares of Cardinal Health from $251.00 to $274.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 12th. Sixteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $266.56.

Insider Activity at Cardinal Health

In related news, insider Michelle D. Greene sold 11,650 shares of the business’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $235.72, for a total transaction of $2,746,138.00. Following the completion of the sale, the insider directly owned 10,330 shares in the company, valued at approximately $2,434,987.60. The trade was a 53.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mary C. Scherer sold 2,302 shares of the company’s stock in a transaction on Wednesday, August 19th. The stock was 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 $667,303.29. The trade was a 45.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 210,271 shares of company stock worth $49,626,657 in the last quarter. Corporate insiders own 0.12% of the company’s stock.

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.