Longboard Asset Management LP Buys New Holdings in Cardinal Health, Inc. (NYSE:CAH)

Longboard Asset Management LP bought a new stake in Cardinal Health, Inc. (NYSE:CAH) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,667 shares of the company’s stock, valued at approximately $230,000.

Several other hedge funds have also recently bought and sold shares of the stock. Cyrus J. Lawrence LLC bought a new position in shares of Cardinal Health during the fourth quarter valued at $26,000. Promus Capital LLC acquired a new position in shares of Cardinal Health during the 4th quarter worth about $30,000. Bellwether Advisors LLC acquired a new position in shares of Cardinal Health during the 4th quarter worth about $32,000. Tompkins Financial Corp grew its position in shares of Cardinal Health by 106.7% during the 1st quarter. Tompkins Financial Corp now owns 248 shares of the company’s stock worth $34,000 after buying an additional 128 shares during the period. Finally, Lee Danner & Bass Inc. acquired a new position in shares of Cardinal Health during the 4th quarter worth about $35,000. 87.17% of the stock is currently owned by institutional investors and hedge funds.

Cardinal Health Stock Performance

CAH opened at $163.08 on Monday. The firm has a market cap of $38.92 billion, a P/E ratio of 25.44, a price-to-earnings-growth ratio of 1.82 and a beta of 0.66. Cardinal Health, Inc. has a 52-week low of $93.17 and a 52-week high of $166.32. The business’s fifty day moving average is $149.53 and its 200-day moving average is $134.19.

Cardinal Health (NYSE:CAH) last announced its quarterly earnings data on Thursday, May 1st. The company reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.20. Cardinal Health had a negative return on equity of 68.84% and a net margin of 0.70%. The business had revenue of $54.88 billion during the quarter, compared to the consensus estimate of $55.33 billion. During the same period in the prior year, the company earned $2.08 EPS. Cardinal Health’s revenue for the quarter was up .0% on a year-over-year basis. On average, research analysts predict that Cardinal Health, Inc. will post 7.95 earnings per share for the current fiscal year.

Cardinal Health Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st will be given a dividend of $0.5107 per share. This is an increase from Cardinal Health’s previous quarterly dividend of $0.51. This represents a $2.04 annualized dividend and a dividend yield of 1.25%. The ex-dividend date is Tuesday, July 1st. Cardinal Health’s dividend payout ratio is currently 31.51%.

Analyst Upgrades and Downgrades

CAH has been the subject of several analyst reports. Robert W. Baird boosted their target price on Cardinal Health from $156.00 to $170.00 and gave the stock an “outperform” rating in a research report on Friday, May 2nd. Wells Fargo & Company upgraded Cardinal Health from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $136.00 to $179.00 in a research report on Tuesday, June 3rd. Wall Street Zen upgraded Cardinal Health from a “buy” rating to a “strong-buy” rating in a research report on Monday, May 5th. UBS Group boosted their target price on Cardinal Health from $150.00 to $160.00 and gave the stock a “buy” rating in a research report on Tuesday, April 29th. Finally, Mizuho boosted their price objective on Cardinal Health from $142.00 to $150.00 and gave the company an “outperform” rating in a research report on Monday, March 31st. Three analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $157.43.

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.