Municipal Employees Retirement System of Michigan Has $805,000 Stake in Cardinal Health, Inc. (CAH)
Municipal Employees Retirement System of Michigan cut its stake in Cardinal Health, Inc. (NYSE:CAH) by 41.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,330 shares of the company’s stock after selling 7,280 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Cardinal Health were worth $805,000 as of its most recent filing with the SEC.
Other large investors have also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC purchased a new stake in Cardinal Health during the second quarter valued at about $2,036,000. Strs Ohio raised its stake in Cardinal Health by 93.3% in the second quarter. Strs Ohio now owns 373,050 shares of the company’s stock valued at $29,068,000 after buying an additional 180,103 shares during the period. Kwmg LLC raised its stake in Cardinal Health by 15.8% in the second quarter. Kwmg LLC now owns 20,418 shares of the company’s stock valued at $1,591,000 after buying an additional 2,793 shares during the period. Aviance Capital Partners LLC raised its stake in Cardinal Health by 8.3% in the second quarter. Aviance Capital Partners LLC now owns 9,197 shares of the company’s stock valued at $717,000 after buying an additional 707 shares during the period. Finally, Boston Advisors LLC raised its stake in Cardinal Health by 54.6% in the second quarter. Boston Advisors LLC now owns 141,700 shares of the company’s stock valued at $11,041,000 after buying an additional 50,015 shares during the period. Hedge funds and other institutional investors own 86.41% of the company’s stock.
Cardinal Health, Inc. (NYSE:CAH) opened at 66.76 on Tuesday. The firm’s 50-day moving average is $75.30 and its 200-day moving average is $76.84. The stock has a market cap of $21.10 billion, a P/E ratio of 16.57 and a beta of 0.80. Cardinal Health, Inc. has a 52-week low of $62.70 and a 52-week high of $84.88.
Cardinal Health (NYSE:CAH) last issued its quarterly earnings results on Wednesday, August 2nd. The company reported $1.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.24 by $0.07. The business had revenue of $32.97 billion for the quarter, compared to analysts’ expectations of $32.73 billion. Cardinal Health had a net margin of 0.99% and a return on equity of 26.20%. The business’s quarterly revenue was up 5.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.14 earnings per share. Equities research analysts predict that Cardinal Health, Inc. will post $4.97 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, October 15th. Stockholders of record on Monday, October 2nd will be given a dividend of $0.4624 per share. The ex-dividend date of this dividend is Friday, September 29th. This represents a $1.85 annualized dividend and a dividend yield of 2.77%. Cardinal Health’s dividend payout ratio is presently 45.79%.
Several research firms have recently issued reports on CAH. UBS AG restated a “neutral” rating and issued a $76.00 target price (down previously from $79.00) on shares of Cardinal Health in a report on Wednesday, August 9th. Zacks Investment Research lowered shares of Cardinal Health from a “hold” rating to a “sell” rating in a report on Monday, August 7th. BidaskClub lowered shares of Cardinal Health from a “hold” rating to a “sell” rating in a report on Friday, August 4th. Cowen and Company restated a “market perform” rating and issued a $77.00 target price (down previously from $82.00) on shares of Cardinal Health in a report on Thursday, August 3rd. Finally, Credit Suisse Group lowered their target price on shares of Cardinal Health from $87.00 to $81.00 and set an “outperform” rating for the company in a report on Thursday, August 3rd. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $80.46.
Cardinal Health Company Profile
Cardinal Health, Inc is a healthcare services and products company. The Company operates through two segments: Pharmaceutical and Medical. The Pharmaceutical segment distributes branded and generic pharmaceutical, specialty pharmaceutical, over-the-counter healthcare and consumer products. This segment also operates nuclear pharmacies and cyclotron facilities; provides pharmacy management services to hospitals, as well as medication therapy management and patient outcomes services to hospitals, other healthcare providers and payers, and provides services to healthcare companies.
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