Morgan Stanley Raises Position in Cardinal Health Inc (CAH)
Morgan Stanley increased its position in shares of Cardinal Health Inc (NYSE:CAH) by 43.9% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,533,300 shares of the company’s stock after acquiring an additional 467,818 shares during the period. Morgan Stanley owned about 0.49% of Cardinal Health worth $74,869,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of CAH. Sentry Investment Management LLC bought a new stake in Cardinal Health during the 2nd quarter worth $132,000. Mount Yale Investment Advisors LLC bought a new stake in Cardinal Health during the 1st quarter worth $136,000. Cerebellum GP LLC bought a new stake in Cardinal Health during the 2nd quarter worth $172,000. Archford Capital Strategies LLC bought a new stake in Cardinal Health during the 1st quarter worth $174,000. Finally, First Quadrant L P CA bought a new stake in Cardinal Health during the 2nd quarter worth $181,000. Institutional investors and hedge funds own 87.86% of the company’s stock.
In related news, CEO Jon L. Giacomin sold 2,890 shares of the company’s stock in a transaction dated Monday, August 20th. The stock was sold at an average price of $51.95, for a total transaction of $150,135.50. Following the sale, the chief executive officer now owns 72,652 shares in the company, valued at approximately $3,774,271.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.97% of the stock is owned by corporate insiders.
Cardinal Health (NYSE:CAH) last released its quarterly earnings results on Monday, August 6th. The company reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.08. Cardinal Health had a return on equity of 22.59% and a net margin of 0.19%. The firm had revenue of $35.35 billion for the quarter, compared to analyst estimates of $34.38 billion. During the same quarter in the previous year, the company posted $1.31 EPS. The business’s revenue was up 7.2% on a year-over-year basis. equities research analysts expect that Cardinal Health Inc will post 5.03 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Monday, October 1st will be given a dividend of $0.4763 per share. This is a positive change from Cardinal Health’s previous quarterly dividend of $0.48. The ex-dividend date of this dividend is Friday, September 28th. This represents a $1.91 annualized dividend and a dividend yield of 3.53%. Cardinal Health’s dividend payout ratio is presently 38.20%.
A number of brokerages recently weighed in on CAH. Robert W. Baird reduced their price objective on Cardinal Health from $51.00 to $50.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 7th. Morgan Stanley reduced their price target on Cardinal Health from $55.00 to $40.00 and set an “underweight” rating on the stock in a research report on Tuesday, July 3rd. Zacks Investment Research upgraded Cardinal Health from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 3rd. Argus reduced their price target on Cardinal Health from $85.00 to $75.00 and set a “buy” rating on the stock in a research report on Monday, July 16th. Finally, Royal Bank of Canada set a $60.00 price target on Cardinal Health and gave the company a “hold” rating in a research report on Friday. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $62.31.
Cardinal Health Profile
Cardinal Health, Inc operates as an integrated healthcare services and products company in the United States and internationally. It provides medical products and pharmaceuticals, and solutions that enhance supply chain efficiency for hospitals, healthcare systems, pharmacies, ambulatory surgery centers, clinical laboratories, and physician offices.
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