Fred Alger Management LLC Sells 329,580 Shares of Cardinal Health, Inc. $CAH

Fred Alger Management LLC cut its position in Cardinal Health, Inc. (NYSE:CAH) by 41.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 472,652 shares of the company’s stock after selling 329,580 shares during the period. Fred Alger Management LLC owned about 0.20% of Cardinal Health worth $74,187,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Wellington Management Group LLP boosted its holdings in Cardinal Health by 153.2% in the 3rd quarter. Wellington Management Group LLP now owns 5,804,090 shares of the company’s stock worth $911,010,000 after buying an additional 3,511,579 shares during the period. Norges Bank bought a new stake in Cardinal Health during the second quarter valued at about $584,420,000. Barclays PLC lifted its position in shares of Cardinal Health by 109.3% in the third quarter. Barclays PLC now owns 1,584,214 shares of the company’s stock valued at $248,658,000 after acquiring an additional 827,446 shares in the last quarter. Prudential Financial Inc. lifted its position in shares of Cardinal Health by 476.8% in the second quarter. Prudential Financial Inc. now owns 883,348 shares of the company’s stock valued at $148,402,000 after acquiring an additional 730,209 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its stake in shares of Cardinal Health by 44.9% in the third quarter. Victory Capital Management Inc. now owns 2,284,115 shares of the company’s stock worth $352,165,000 after acquiring an additional 707,495 shares during the period. 87.17% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms recently issued reports on CAH. Evercore increased their target price on Cardinal Health from $250.00 to $260.00 in a research report on Friday, February 6th. Citigroup raised Cardinal Health from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $190.00 to $244.00 in a report on Friday, January 9th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Cardinal Health in a report on Wednesday, January 21st. Wells Fargo & Company lifted their price objective on shares of Cardinal Health from $237.00 to $256.00 and gave the company an “overweight” rating in a research report on Tuesday, February 10th. Finally, Morgan Stanley set a $255.00 target price on shares of Cardinal Health in a report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Cardinal Health currently has a consensus rating of “Moderate Buy” and a consensus target price of $245.67.

Cardinal Health Price Performance

NYSE CAH opened at $216.95 on Monday. The stock has a market capitalization of $51.05 billion, a PE ratio of 31.22, a P/E/G ratio of 1.40 and a beta of 0.65. The business has a 50 day simple moving average of $216.83 and a two-hundred day simple moving average of $192.50. Cardinal Health, Inc. has a 1-year low of $120.72 and a 1-year high of $233.60.

Cardinal Health (NYSE:CAH) last issued its quarterly earnings data on Thursday, February 5th. The company reported $2.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.32. The business 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 company’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.93 EPS. On average, analysts anticipate that Cardinal Health, Inc. will post 7.95 EPS for the current fiscal year.

Cardinal Health Dividend Announcement

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

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.