Renaissance Technologies LLC Takes $17.40 Million Position in Cardinal Health Inc (CAH)

Renaissance Technologies LLC purchased a new position in shares of Cardinal Health Inc (NYSE:CAH) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 356,400 shares of the company’s stock, valued at approximately $17,403,000. Renaissance Technologies LLC owned approximately 0.11% of Cardinal Health as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of CAH. Sentry Investment Management LLC bought a new position in shares of Cardinal Health in the second quarter valued at $132,000. Mount Yale Investment Advisors LLC bought a new position in shares of Cardinal Health in the first quarter valued at $136,000. Cerebellum GP LLC bought a new position in shares of Cardinal Health in the second quarter valued at $172,000. Archford Capital Strategies LLC bought a new position in shares of Cardinal Health in the first quarter valued at $174,000. Finally, First Quadrant L P CA bought a new position in shares of Cardinal Health in the second quarter valued at $181,000. 87.86% of the stock is owned by institutional investors.

In other news, CEO Jon L. Giacomin sold 2,890 shares of Cardinal Health stock in a transaction on Monday, August 20th. The stock was sold at an average price of $51.95, for a total transaction of $150,135.50. Following the completion of the sale, the chief executive officer now owns 72,652 shares of the company’s stock, valued at $3,774,271.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.97% of the stock is currently owned by company insiders.

CAH stock opened at $53.63 on Thursday. The company has a debt-to-equity ratio of 1.32, a current ratio of 1.07 and a quick ratio of 0.53. Cardinal Health Inc has a one year low of $48.14 and a one year high of $75.75. The firm has a market cap of $16.47 billion, a price-to-earnings ratio of 11.11, a P/E/G ratio of 1.66 and a beta of 1.04.

Cardinal Health (NYSE:CAH) last released its quarterly earnings data on Monday, August 6th. The company reported $1.01 EPS for the quarter, topping the Zacks’ consensus estimate of $0.93 by $0.08. Cardinal Health had a net margin of 0.19% and a return on equity of 22.59%. The firm had revenue of $35.35 billion during the quarter, compared to analysts’ expectations of $34.38 billion. During the same period in the previous year, the business posted $1.31 earnings per share. The company’s revenue for the quarter was up 7.2% compared to the same quarter last year. sell-side analysts anticipate that Cardinal Health Inc will post 5.03 earnings per share for the current fiscal year.

The company also recently announced 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. The ex-dividend date is Friday, September 28th. This represents a $1.91 dividend on an annualized basis and a dividend yield of 3.55%. This is an increase from Cardinal Health’s previous quarterly dividend of $0.48. Cardinal Health’s dividend payout ratio (DPR) is currently 38.20%.

Several equities analysts recently weighed in on the stock. Royal Bank of Canada set a $60.00 target price on shares of Cardinal Health and gave the company a “hold” rating in a research note on Friday, September 21st. Argus reduced their price objective on shares of Cardinal Health from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Monday, July 16th. Robert W. Baird reduced their price objective on shares of Cardinal Health from $51.00 to $50.00 and set a “neutral” rating for the company in a research report on Tuesday, August 7th. Zacks Investment Research raised shares of Cardinal Health from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 3rd. Finally, Morgan Stanley reduced their price objective on shares of Cardinal Health from $55.00 to $40.00 and set an “underweight” rating for the company in a research report on Tuesday, July 3rd. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $62.31.

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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Institutional Ownership by Quarter for Cardinal Health (NYSE:CAH)

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