Cardinal Health, Inc. (NYSE:CAH) Increases Dividend to $0.51 Per Share

Cardinal Health, Inc. (NYSE:CAH) announced a quarterly dividend on Tuesday, May 7th, RTT News reports. Investors of record on Monday, July 1st will be given a dividend of 0.5056 per share on Monday, July 15th. This represents a $2.02 annualized dividend and a yield of 2.03%. This is an increase from Cardinal Health’s previous quarterly dividend of $0.50.

Cardinal Health has increased its dividend by an average of 1.0% per year over the last three years and has increased its dividend every year for the last 27 years. Cardinal Health has a payout ratio of 25.3% meaning its dividend is sufficiently covered by earnings. Analysts expect Cardinal Health to earn $7.58 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 26.4%.

Cardinal Health Stock Up 1.1 %

Shares of NYSE:CAH traded up $1.13 on Tuesday, reaching $99.72. 2,265,655 shares of the company’s stock were exchanged, compared to its average volume of 2,274,011. The business’s 50-day moving average is $108.86 and its two-hundred day moving average is $105.21. The firm has a market capitalization of $24.29 billion, a price-to-earnings ratio of 43.82, a PEG ratio of 1.01 and a beta of 0.71. Cardinal Health has a fifty-two week low of $80.90 and a fifty-two week high of $116.04.

Cardinal Health (NYSE:CAH) last released its quarterly earnings results on Thursday, May 2nd. The company reported $2.08 EPS for the quarter, topping the consensus estimate of $1.95 by $0.13. The business had revenue of $54.90 billion during the quarter, compared to analyst estimates of $56.05 billion. Cardinal Health had a net margin of 0.25% and a negative return on equity of 54.74%. The company’s quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.74 earnings per share. Analysts predict that Cardinal Health will post 7.34 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Evercore ISI raised their price objective on shares of Cardinal Health from $110.00 to $115.00 and gave the company an “in-line” rating in a research report on Friday. Wells Fargo & Company reduced their price objective on shares of Cardinal Health from $96.00 to $94.00 and set an “underweight” rating for the company in a research report on Monday, April 29th. Robert W. Baird reduced their price objective on shares of Cardinal Health from $134.00 to $128.00 and set an “outperform” rating for the company in a research report on Friday. SVB Leerink assumed coverage on shares of Cardinal Health in a research report on Monday, February 26th. They set an “outperform” rating and a $125.00 price objective for the company. Finally, Argus upgraded shares of Cardinal Health from a “hold” rating to a “buy” rating in a research report on Friday, February 9th. One analyst has rated the stock with a sell rating, four have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $105.79.

Cardinal Health Company 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.