California Public Employees Retirement System increased its position in shares of Cardinal Health Inc (NYSE:CAH) by 9.4% during the 2nd quarter, Holdings Channel reports. The firm owned 880,153 shares of the company’s stock after purchasing an additional 75,908 shares during the period. California Public Employees Retirement System’s holdings in Cardinal Health were worth $42,978,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently made changes to their positions in the company. IFM Investors Pty Ltd increased its holdings in shares of Cardinal Health by 10.9% during the first quarter. IFM Investors Pty Ltd now owns 10,033 shares of the company’s stock valued at $629,000 after purchasing an additional 987 shares during the period. Cambridge Financial Group Inc. increased its holdings in shares of Cardinal Health by 1.2% during the first quarter. Cambridge Financial Group Inc. now owns 88,070 shares of the company’s stock valued at $5,520,000 after purchasing an additional 1,049 shares during the period. Sigma Planning Corp increased its holdings in shares of Cardinal Health by 17.0% during the second quarter. Sigma Planning Corp now owns 8,650 shares of the company’s stock valued at $422,000 after purchasing an additional 1,256 shares during the period. Ladenburg Thalmann Financial Services Inc. increased its holdings in shares of Cardinal Health by 7.2% during the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 18,987 shares of the company’s stock valued at $1,190,000 after purchasing an additional 1,272 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. increased its holdings in shares of Cardinal Health by 23.2% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 6,826 shares of the company’s stock valued at $333,000 after purchasing an additional 1,287 shares during the period. Hedge funds and other institutional investors own 87.86% of the company’s stock.
NYSE:CAH opened at $54.94 on Monday. The stock has a market cap of $16.97 billion, a P/E ratio of 10.99, a PEG ratio of 1.72 and a beta of 1.04. Cardinal Health Inc has a 52-week low of $48.14 and a 52-week high of $75.75. The company has a current ratio of 1.07, a quick ratio of 0.53 and a debt-to-equity ratio of 1.32.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Monday, October 1st will be given a $0.4763 dividend. This is a positive change from Cardinal Health’s previous quarterly dividend of $0.48. The ex-dividend date is Friday, September 28th. This represents a $1.91 dividend on an annualized basis and a dividend yield of 3.47%. Cardinal Health’s dividend payout ratio (DPR) is 38.20%.
In related news, CEO Jon L. Giacomin sold 2,890 shares of the stock in a transaction on Monday, August 20th. The stock was sold at an average price of $51.95, for a total value of $150,135.50. Following the completion of the transaction, the chief executive officer now owns 72,652 shares in the company, valued at approximately $3,774,271.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.97% of the company’s stock.
A number of brokerages have recently commented on CAH. Royal Bank of Canada set a $60.00 price target on Cardinal Health and gave the company a “hold” rating in a report on Friday. Argus lowered their price target on Cardinal Health from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Monday, July 16th. Robert W. Baird lowered their price target on Cardinal Health from $51.00 to $50.00 and set a “neutral” rating on the stock in a report on Tuesday, August 7th. Zacks Investment Research raised Cardinal Health from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 3rd. Finally, Morgan Stanley lowered their target price on Cardinal Health from $55.00 to $40.00 and set an “underweight” rating on the stock in a report on Tuesday, July 3rd. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $62.31.
Cardinal Health Profile
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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