Te Ahumairangi Investment Management Ltd Purchases 3,275 Shares of Cardinal Health, Inc. $CAH

Te Ahumairangi Investment Management Ltd boosted its holdings in Cardinal Health, Inc. (NYSE:CAH) by 10.9% in the third quarter, HoldingsChannel reports. The institutional investor owned 33,441 shares of the company’s stock after purchasing an additional 3,275 shares during the quarter. Te Ahumairangi Investment Management Ltd’s holdings in Cardinal Health were worth $5,249,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. Integrated Wealth Concepts LLC grew its position in shares of Cardinal Health by 6.9% during the first quarter. Integrated Wealth Concepts LLC now owns 4,363 shares of the company’s stock worth $601,000 after purchasing an additional 280 shares in the last quarter. Jones Financial Companies Lllp lifted its holdings in Cardinal Health by 198.3% in the 1st quarter. Jones Financial Companies Lllp now owns 21,112 shares of the company’s stock worth $27,000 after purchasing an additional 14,034 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in Cardinal Health in the 2nd quarter worth approximately $221,000. Allworth Financial LP boosted its stake in Cardinal Health by 9.2% in the 2nd quarter. Allworth Financial LP now owns 4,345 shares of the company’s stock worth $730,000 after purchasing an additional 367 shares during the period. Finally, Vise Technologies Inc. purchased a new stake in Cardinal Health during the 2nd quarter valued at approximately $1,011,000. 87.17% of the stock is currently owned by hedge funds and other institutional investors.

Cardinal Health Stock Performance

CAH stock traded up $0.28 during mid-day trading on Friday, reaching $219.37. 234,204 shares of the stock traded hands, compared to its average volume of 1,734,198. Cardinal Health, Inc. has a one year low of $120.72 and a one year high of $233.60. The stock has a market capitalization of $51.62 billion, a PE ratio of 31.60, a PEG ratio of 1.39 and a beta of 0.65. The business has a 50-day moving average price of $216.60 and a two-hundred day moving average price of $191.39.

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

Cardinal Health Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Morgan Stanley set a $255.00 target price on shares of Cardinal Health in a report on Friday, February 6th. TD Cowen lifted their price target on shares of Cardinal Health from $233.00 to $251.00 and gave the company a “buy” rating in a report on Wednesday, February 11th. Wall Street Zen cut shares of Cardinal Health from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 21st. Citigroup raised shares of Cardinal Health from a “neutral” rating to a “buy” rating and increased their price objective for the company from $190.00 to $244.00 in a report on Friday, January 9th. Finally, Mizuho raised their price objective on Cardinal Health from $222.00 to $235.00 and gave the company an “outperform” rating in a research report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Cardinal Health presently has a consensus rating of “Moderate Buy” and an average 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.