Procyon Advisors LLC Increases Stock Holdings in Cardinal Health, Inc. $CAH

Procyon Advisors LLC increased its position in shares of Cardinal Health, Inc. (NYSE:CAH) by 78.7% in the 4th quarter, Holdings Channel.com reports. The firm owned 17,025 shares of the company’s stock after acquiring an additional 7,499 shares during the quarter. Procyon Advisors LLC’s holdings in Cardinal Health were worth $3,499,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of CAH. Strategy Asset Managers LLC acquired a new position in shares of Cardinal Health in the 3rd quarter valued at $775,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Cardinal Health by 15.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 37,833 shares of the company’s stock worth $5,938,000 after purchasing an additional 5,030 shares during the period. Versor Investments LP acquired a new stake in shares of Cardinal Health during the 3rd quarter worth about $2,090,000. Atle Fund Management AB raised its holdings in Cardinal Health by 13.1% in the 3rd quarter. Atle Fund Management AB now owns 30,297 shares of the company’s stock valued at $4,755,000 after buying an additional 3,500 shares during the period. Finally, Candriam S.C.A. raised its holdings in Cardinal Health by 10.8% in the 3rd quarter. Candriam S.C.A. now owns 196,163 shares of the company’s stock valued at $30,790,000 after buying an additional 19,155 shares during the period. 87.17% of the stock is owned by hedge funds and other institutional investors.

Cardinal Health Stock Performance

NYSE CAH opened at $207.91 on Friday. The firm has a market cap of $48.93 billion, a price-to-earnings ratio of 29.92, a PEG ratio of 1.34 and a beta of 0.65. The firm has a 50 day simple moving average of $217.62 and a 200-day simple moving average of $194.42. Cardinal Health, Inc. has a one year low of $120.72 and a one year high of $233.60.

Cardinal Health (NYSE:CAH) last announced its earnings results on Thursday, February 5th. The company reported $2.63 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.32. Cardinal Health had a net margin of 0.68% and a negative return on equity of 92.50%. The firm had revenue of $65.63 billion for the quarter, compared to the consensus estimate of $64.88 billion. During the same period in the prior year, the firm earned $1.93 EPS. The firm’s revenue for the quarter was up 18.8% on a year-over-year basis. Equities analysts predict that Cardinal Health, Inc. will post 7.95 EPS for the current fiscal year.

Cardinal Health Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Wednesday, April 1st will be paid a $0.5107 dividend. This represents a $2.04 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Wednesday, April 1st. Cardinal Health’s dividend payout ratio (DPR) is presently 29.35%.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Mizuho increased their target price on shares of Cardinal Health from $222.00 to $235.00 and gave the stock an “outperform” rating in a research note on Friday, February 6th. Morgan Stanley set a $255.00 price target on shares of Cardinal Health in a research note on Friday, February 6th. Argus upped their price objective on shares of Cardinal Health from $232.00 to $248.00 and gave the stock a “buy” rating in a report on Wednesday, February 11th. Evercore increased their price objective on shares of Cardinal Health from $250.00 to $260.00 in a research report on Friday, February 6th. Finally, Barclays lifted their target price on shares of Cardinal Health from $243.00 to $258.00 and gave the company an “overweight” rating in a report on Tuesday, February 24th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $245.67.

About Cardinal Health

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.