Westpac Banking Corp Purchases 6,812 Shares of Cardinal Health, Inc. $CAH

Westpac Banking Corp raised its position in Cardinal Health, Inc. (NYSE:CAH) by 256.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,464 shares of the company’s stock after purchasing an additional 6,812 shares during the period. Westpac Banking Corp’s holdings in Cardinal Health were worth $2,000,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Chase Investment Counsel Corp bought a new position in shares of Cardinal Health in the first quarter worth $756,000. Bellwether Advisors LLC bought a new stake in Cardinal Health during the first quarter valued at $2,100,000. ABN Amro Investment Solutions grew its position in Cardinal Health by 13.4% during the first quarter. ABN Amro Investment Solutions now owns 12,736 shares of the company’s stock worth $2,691,000 after buying an additional 1,504 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Cardinal Health by 3.3% during the first quarter. PNC Financial Services Group Inc. now owns 82,950 shares of the company’s stock worth $17,528,000 after buying an additional 2,621 shares in the last quarter. Finally, Oslo Pensjonsforsikring AS bought a new position in Cardinal Health in the 1st quarter worth about $101,000. 87.17% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on CAH. Morgan Stanley raised their price target on Cardinal Health from $245.00 to $255.00 and gave the company an “overweight” rating in a report on Tuesday, April 28th. Wells Fargo & Company decreased their price objective on shares of Cardinal Health from $256.00 to $245.00 and set an “overweight” rating on the stock in a research report on Friday, May 1st. Bank of America raised their target price on shares of Cardinal Health from $240.00 to $260.00 and gave the company a “buy” rating in a research note on Thursday, July 2nd. Evercore dropped their target price on shares of Cardinal Health from $260.00 to $240.00 and set an “outperform” rating for the company in a research report on Wednesday, April 8th. Finally, Zacks Research cut shares of Cardinal Health from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 12th. Fifteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $250.07.

Cardinal Health Stock Down 2.6%

Shares of CAH stock opened at $221.09 on Thursday. The business has a 50-day moving average price of $218.69 and a two-hundred day moving average price of $214.20. Cardinal Health, Inc. has a 12-month low of $137.75 and a 12-month high of $243.21. The firm has a market cap of $51.78 billion, a P/E ratio of 33.81, a price-to-earnings-growth ratio of 1.11 and a beta of 0.49.

Cardinal Health (NYSE:CAH) last posted its quarterly earnings data on Thursday, April 30th. The company reported $3.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.79 by $0.38. The firm had revenue of $60.94 billion during the quarter, compared to analysts’ expectations of $62.10 billion. Cardinal Health had a negative return on equity of 92.61% and a net margin of 0.62%.The company’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period in the prior year, the business earned $2.35 EPS. Cardinal Health has set its FY 2026 guidance at 10.700-10.80 EPS. As a group, research analysts expect that Cardinal Health, Inc. will post 10.77 EPS for the current fiscal year.

Cardinal Health Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st were paid a $0.5158 dividend. This is an increase from Cardinal Health’s previous quarterly dividend of $0.51. This represents a $2.06 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Wednesday, July 1st. Cardinal Health’s payout ratio is currently 31.50%.

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.