Summit Global Investments Makes New Investment in Cardinal Health, Inc. (NYSE:CAH)

Summit Global Investments purchased a new position in shares of Cardinal Health, Inc. (NYSE:CAH) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 9,830 shares of the company’s stock, valued at approximately $991,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Commonwealth Equity Services LLC boosted its stake in shares of Cardinal Health by 9.3% during the 3rd quarter. Commonwealth Equity Services LLC now owns 84,096 shares of the company’s stock worth $7,301,000 after acquiring an additional 7,174 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in Cardinal Health by 5.8% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 37,173 shares of the company’s stock worth $3,227,000 after purchasing an additional 2,024 shares during the period. Raymond James & Associates grew its holdings in Cardinal Health by 3.8% during the third quarter. Raymond James & Associates now owns 255,118 shares of the company’s stock valued at $22,149,000 after purchasing an additional 9,277 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its position in shares of Cardinal Health by 13.0% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 99,296 shares of the company’s stock valued at $8,621,000 after purchasing an additional 11,451 shares during the period. Finally, Independent Advisor Alliance lifted its stake in shares of Cardinal Health by 11.9% in the third quarter. Independent Advisor Alliance now owns 13,042 shares of the company’s stock worth $1,132,000 after buying an additional 1,384 shares during the last quarter. Institutional investors own 87.17% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on CAH. UBS Group raised their target price on shares of Cardinal Health from $122.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, February 5th. Evercore ISI lifted their price objective on Cardinal Health from $110.00 to $115.00 and gave the stock an “in-line” rating in a research note on Friday. Leerink Partnrs restated an “outperform” rating on shares of Cardinal Health in a research note on Monday, February 26th. SVB Leerink initiated coverage on Cardinal Health in a report on Monday, February 26th. They issued an “outperform” rating and a $125.00 target price on the stock. Finally, StockNews.com upgraded Cardinal Health from a “buy” rating to a “strong-buy” rating in a report on Thursday. One analyst has rated the stock with a sell rating, four have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $105.79.

Cardinal Health Stock Performance

Shares of NYSE:CAH traded down $4.07 during midday trading on Friday, reaching $98.91. 3,446,183 shares of the company’s stock were exchanged, compared to its average volume of 2,028,678. The company’s 50 day simple moving average is $109.10 and its two-hundred day simple moving average is $105.01. Cardinal Health, Inc. has a 12 month low of $77.56 and a 12 month high of $116.04. The firm has a market capitalization of $24.06 billion, a PE ratio of 43.96, a price-to-earnings-growth ratio of 1.03 and a beta of 0.71.

Cardinal Health (NYSE:CAH) last announced its quarterly earnings results on Thursday, May 2nd. The company reported $2.08 EPS for the quarter, topping analysts’ consensus estimates of $1.95 by $0.13. Cardinal Health had a net margin of 0.25% and a negative return on equity of 54.74%. The firm had revenue of $54.90 billion during the quarter, compared to analysts’ expectations of $56.05 billion. During the same quarter last year, the company earned $1.74 earnings per share. The company’s revenue for the quarter was up 8.7% compared to the same quarter last year. On average, research analysts anticipate that Cardinal Health, Inc. will post 7.34 earnings per share for the current year.

Cardinal Health Dividend Announcement

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

Cardinal Health Profile

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.