Gateway Wealth Partners LLC Increases Holdings in Cardinal Health, Inc. $CAH

Gateway Wealth Partners LLC boosted its stake in shares of Cardinal Health, Inc. (NYSE:CAH) by 174.4% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 3,638 shares of the company’s stock after purchasing an additional 2,312 shares during the quarter. Gateway Wealth Partners LLC’s holdings in Cardinal Health were worth $769,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in shares of Cardinal Health by 2.0% during the 4th quarter. Vanguard Group Inc. now owns 31,441,258 shares of the company’s stock worth $6,461,179,000 after acquiring an additional 617,775 shares during the period. State Street Corp grew its holdings in shares of Cardinal Health by 1.8% in the fourth quarter. State Street Corp now owns 12,509,230 shares of the company’s stock valued at $2,570,647,000 after purchasing an additional 221,497 shares during the period. Geode Capital Management LLC increased its position in Cardinal Health by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 6,529,013 shares of the company’s stock worth $1,336,750,000 after purchasing an additional 43,924 shares during the last quarter. Wellington Management Group LLP increased its position in Cardinal Health by 153.2% during the third quarter. Wellington Management Group LLP now owns 5,804,090 shares of the company’s stock worth $911,010,000 after purchasing an additional 3,511,579 shares during the last quarter. Finally, Norges Bank purchased a new position in Cardinal Health during the fourth quarter worth about $790,344,000. 87.17% of the stock is currently owned by hedge funds and other institutional investors.

Cardinal Health Price Performance

Shares of CAH stock opened at $229.37 on Thursday. Cardinal Health, Inc. has a 1-year low of $137.75 and a 1-year high of $243.21. The firm has a market cap of $53.72 billion, a PE ratio of 35.07, a price-to-earnings-growth ratio of 1.14 and a beta of 0.49. The company has a 50-day moving average of $221.82 and a two-hundred day moving average of $215.01.

Cardinal Health (NYSE:CAH) last released its quarterly earnings results on Thursday, April 30th. The company reported $3.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.79 by $0.38. Cardinal Health had a net margin of 0.62% and a negative return on equity of 92.61%. The business had revenue of $60.94 billion for the quarter, compared to the consensus estimate of $62.10 billion. During the same period in the previous year, the firm earned $2.35 EPS. The business’s revenue was up 11.0% on a year-over-year basis. Sell-side analysts anticipate that Cardinal Health, Inc. will post 10.77 EPS for the current fiscal year.

Cardinal Health Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Wednesday, July 1st were issued a $0.5158 dividend. This is a boost from Cardinal Health’s previous quarterly dividend of $0.51. The ex-dividend date was Wednesday, July 1st. This represents a $2.06 annualized dividend and a yield of 0.9%. Cardinal Health’s payout ratio is 31.50%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. Citigroup boosted their target price on shares of Cardinal Health from $245.00 to $265.00 and gave the company a “buy” rating in a report on Friday, July 24th. Bank of America lifted their price target on shares of Cardinal Health from $240.00 to $260.00 and gave the company a “buy” rating in a research report on Thursday, July 2nd. William Blair initiated coverage on Cardinal Health in a report on Tuesday, April 28th. They issued an “outperform” rating on the stock. TD Cowen increased their price objective on Cardinal Health from $255.00 to $275.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. Finally, Robert W. Baird set a $248.00 target price on Cardinal Health in a research note on Friday, May 1st. Fifteen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $251.73.

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.