Novare Capital Management LLC Invests $2.88 Million in Cardinal Health, Inc. (CAH)
Novare Capital Management LLC purchased a new position in Cardinal Health, Inc. (NYSE:CAH) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 42,956 shares of the company’s stock, valued at approximately $2,875,000.
Several other hedge funds have also recently added to or reduced their stakes in the company. Alpha Windward LLC boosted its stake in shares of Cardinal Health by 0.7% in the 2nd quarter. Alpha Windward LLC now owns 2,299 shares of the company’s stock worth $179,000 after buying an additional 17 shares during the last quarter. Security National Bank of Sioux City Iowa IA boosted its stake in shares of Cardinal Health by 0.3% in the 2nd quarter. Security National Bank of Sioux City Iowa IA now owns 13,255 shares of the company’s stock worth $1,033,000 after buying an additional 40 shares during the last quarter. Wetherby Asset Management Inc. boosted its stake in shares of Cardinal Health by 0.5% in the 2nd quarter. Wetherby Asset Management Inc. now owns 8,392 shares of the company’s stock worth $654,000 after buying an additional 44 shares during the last quarter. Bessemer Group Inc. boosted its stake in shares of Cardinal Health by 1.2% in the 2nd quarter. Bessemer Group Inc. now owns 4,238 shares of the company’s stock worth $330,000 after buying an additional 51 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of Cardinal Health by 0.3% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 23,468 shares of the company’s stock worth $1,829,000 after buying an additional 68 shares during the last quarter. Hedge funds and other institutional investors own 88.64% of the company’s stock.
A number of equities analysts have recently issued reports on the company. Argus downgraded Cardinal Health from a “buy” rating to a “hold” rating in a research note on Wednesday. Zacks Investment Research upgraded Cardinal Health from a “sell” rating to a “hold” rating in a research report on Wednesday, November 8th. Jefferies Group LLC lowered their target price on Cardinal Health from $77.00 to $67.00 and set a “hold” rating on the stock in a research report on Tuesday, November 7th. Mizuho set a $70.00 target price on Cardinal Health and gave the company a “hold” rating in a research report on Tuesday, October 24th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Cardinal Health in a research report on Thursday, October 12th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the company’s stock. Cardinal Health currently has a consensus rating of “Hold” and a consensus price target of $74.81.
Cardinal Health, Inc. (NYSE CAH) traded up $0.59 during trading hours on Friday, reaching $57.42. The company’s stock had a trading volume of 4,960,000 shares, compared to its average volume of 2,364,550. The company has a current ratio of 1.06, a quick ratio of 0.52 and a debt-to-equity ratio of 1.35. The company has a market capitalization of $18,100.00, a PE ratio of 10.78, a PEG ratio of 1.64 and a beta of 0.88. Cardinal Health, Inc. has a twelve month low of $55.69 and a twelve month high of $84.88.
Cardinal Health (NYSE:CAH) last posted its quarterly earnings results on Monday, November 6th. The company reported $1.09 EPS for the quarter, beating the Zacks’ consensus estimate of $1.00 by $0.09. The business had revenue of $32.64 billion for the quarter, compared to analysts’ expectations of $33.48 billion. Cardinal Health had a return on equity of 25.24% and a net margin of 0.84%. The business’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period last year, the firm earned $1.24 earnings per share. research analysts forecast that Cardinal Health, Inc. will post 4.97 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, January 15th. Shareholders of record on Tuesday, January 2nd will be issued a dividend of $0.4624 per share. The ex-dividend date of this dividend is Friday, December 29th. This represents a $1.85 dividend on an annualized basis and a yield of 3.22%. Cardinal Health’s dividend payout ratio is presently 53.94%.
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About Cardinal Health
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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