Renaissance Technologies LLC Purchases Shares of 356,400 Cardinal Health Inc (CAH)
Renaissance Technologies LLC purchased a new stake in Cardinal Health Inc (NYSE:CAH) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 356,400 shares of the company’s stock, valued at approximately $17,403,000.
A number of other hedge funds also recently bought and sold shares of CAH. Sentry Investment Management LLC acquired a new position in Cardinal Health in the second quarter valued at about $132,000. Mount Yale Investment Advisors LLC acquired a new position in Cardinal Health in the first quarter valued at about $136,000. Cerebellum GP LLC acquired a new position in Cardinal Health in the second quarter valued at about $172,000. Archford Capital Strategies LLC acquired a new position in Cardinal Health in the first quarter valued at about $174,000. Finally, First Quadrant L P CA acquired a new position in Cardinal Health in the second quarter valued at about $181,000. 87.86% of the stock is owned by institutional investors and hedge funds.
A number of research analysts recently commented on the company. Robert W. Baird dropped their price target on Cardinal Health from $51.00 to $50.00 and set a “neutral” rating for the company in a research note on Tuesday, August 7th. Morgan Stanley decreased their target price 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 decreased their target price 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 target price on Cardinal Health and gave the company a “hold” rating in a research report on Friday, September 21st. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $62.31.
Cardinal Health (NYSE:CAH) last released its earnings results on Monday, August 6th. The company reported $1.01 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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 analysts’ expectations of $34.38 billion. During the same quarter in the previous year, the business posted $1.31 earnings per share. The business’s revenue for the quarter was up 7.2% on a year-over-year basis. equities analysts anticipate that Cardinal Health Inc will post 5.03 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Monday, October 1st will be issued a dividend of $0.4763 per share. This is a boost from Cardinal Health’s previous quarterly dividend of $0.48. This represents a $1.91 annualized dividend and a dividend yield of 3.55%. The ex-dividend date is Friday, September 28th. Cardinal Health’s payout ratio is 38.20%.
In other news, CEO Jon L. Giacomin sold 2,890 shares of the business’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 directly owns 72,652 shares in the company, valued at $3,774,271.40. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.97% of the company’s stock.
About Cardinal Health
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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