Quantbot Technologies LP Sells 88,711 Shares of Cardinal Health, Inc. $CAH

Quantbot Technologies LP cut its holdings in Cardinal Health, Inc. (NYSE:CAH) by 79.7% in the third quarter, HoldingsChannel reports. The firm owned 22,537 shares of the company’s stock after selling 88,711 shares during the quarter. Quantbot Technologies LP’s holdings in Cardinal Health were worth $3,537,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in shares of Cardinal Health by 0.8% in the 3rd quarter. Vanguard Group Inc. now owns 30,823,483 shares of the company’s stock worth $4,838,054,000 after buying an additional 247,667 shares in the last quarter. Geode Capital Management LLC grew its position in Cardinal Health by 3.3% in the second quarter. Geode Capital Management LLC now owns 6,389,049 shares of the company’s stock worth $1,069,005,000 after acquiring an additional 205,539 shares in the last quarter. Norges Bank bought a new stake in Cardinal Health during the second quarter worth approximately $584,420,000. Invesco Ltd. increased its stake in Cardinal Health by 7.3% during the second quarter. Invesco Ltd. now owns 3,037,782 shares of the company’s stock worth $510,347,000 after acquiring an additional 207,750 shares during the last quarter. Finally, Legal & General Group Plc raised its position in Cardinal Health by 2.0% during the second quarter. Legal & General Group Plc now owns 2,349,767 shares of the company’s stock valued at $394,761,000 after purchasing an additional 45,812 shares during the period. Hedge funds and other institutional investors own 87.17% of the company’s stock.

Cardinal Health Stock Up 0.4%

Shares of Cardinal Health stock opened at $230.12 on Tuesday. The stock’s fifty day moving average is $214.58 and its two-hundred day moving average is $188.06. Cardinal Health, Inc. has a 52 week low of $120.72 and a 52 week high of $233.60. The company has a market capitalization of $54.15 billion, a PE ratio of 33.11, a price-to-earnings-growth ratio of 1.48 and a beta of 0.65.

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

Cardinal Health Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Wednesday, April 1st will be paid a $0.5107 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Wednesday, April 1st. Cardinal Health’s dividend payout ratio is currently 29.35%.

Analyst Upgrades and Downgrades

CAH has been the subject of a number of recent research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Cardinal Health in a report on Wednesday, January 21st. Wall Street Zen lowered shares of Cardinal Health from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 21st. Argus boosted their price objective on shares of Cardinal Health from $232.00 to $248.00 and gave the company a “buy” rating in a research report on Wednesday, February 11th. Leerink Partners increased their target price on shares of Cardinal Health from $268.00 to $275.00 and gave the company an “outperform” rating in a research note on Monday. Finally, Jefferies Financial Group raised their target price on shares of Cardinal Health from $220.00 to $270.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently 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.