Zega Financial LLC Purchases New Shares in Cardinal Health, Inc. (NYSE:CAH)

Zega Financial LLC purchased a new position in Cardinal Health, Inc. (NYSE:CAH) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 2,545 shares of the company’s stock, valued at approximately $250,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Cultivar Capital Inc. purchased a new position in shares of Cardinal Health in the second quarter worth approximately $27,000. Raleigh Capital Management Inc. grew its position in Cardinal Health by 4,466.7% during the 4th quarter. Raleigh Capital Management Inc. now owns 274 shares of the company’s stock worth $28,000 after purchasing an additional 268 shares in the last quarter. Ashton Thomas Private Wealth LLC purchased a new position in Cardinal Health during the 2nd quarter worth approximately $29,000. YHB Investment Advisors Inc. acquired a new stake in Cardinal Health during the 1st quarter valued at $32,000. Finally, LRI Investments LLC purchased a new stake in shares of Cardinal Health in the first quarter valued at $32,000. Institutional investors and hedge funds own 87.17% of the company’s stock.

Insider Activity

In related news, insider Jessica L. Mayer sold 16,573 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $109.39, for a total transaction of $1,812,920.47. Following the completion of the sale, the insider now directly owns 75,971 shares of the company’s stock, valued at approximately $8,310,467.69. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Cardinal Health news, insider Jessica L. Mayer sold 16,573 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $109.39, for a total transaction of $1,812,920.47. Following the completion of the transaction, the insider now owns 75,971 shares of the company’s stock, valued at approximately $8,310,467.69. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Jason M. Hollar sold 46,455 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $109.02, for a total transaction of $5,064,524.10. Following the sale, the chief executive officer now owns 197,636 shares of the company’s stock, valued at $21,546,276.72. The disclosure for this sale can be found here. Insiders have sold a total of 113,963 shares of company stock valued at $12,379,980 over the last 90 days. 0.15% of the stock is currently owned by company insiders.

Analyst Ratings Changes

CAH has been the topic of a number of research analyst reports. JPMorgan Chase & Co. lifted their price target on Cardinal Health from $111.00 to $123.00 and gave the company a “neutral” rating in a report on Wednesday, August 21st. Morgan Stanley upped their target price on Cardinal Health from $114.00 to $119.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. UBS Group increased their price target on shares of Cardinal Health from $120.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Citigroup lowered their price objective on shares of Cardinal Health from $115.00 to $107.00 and set a “neutral” rating on the stock in a research report on Friday, July 19th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Cardinal Health from $115.00 to $119.00 and gave the stock a “hold” rating in a research report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $119.36.

Cardinal Health Trading Down 1.7 %

Cardinal Health stock opened at $111.39 on Wednesday. Cardinal Health, Inc. has a 1-year low of $85.82 and a 1-year high of $116.05. The firm’s fifty day simple moving average is $104.31 and its 200-day simple moving average is $104.03. The company has a market capitalization of $27.13 billion, a P/E ratio of 49.51, a P/E/G ratio of 1.55 and a beta of 0.60.

Cardinal Health (NYSE:CAH) last posted its earnings results on Wednesday, August 14th. The company reported $1.84 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.10. The company had revenue of $59.87 billion for the quarter, compared to analyst estimates of $58.74 billion. Cardinal Health had a negative return on equity of 54.85% and a net margin of 0.37%. The business’s revenue was up 12.1% compared to the same quarter last year. During the same period last year, the company earned $1.55 earnings per share. On average, equities research analysts predict that Cardinal Health, Inc. will post 7.61 earnings per share for the current year.

Cardinal Health Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be issued a dividend of $0.506 per share. This represents a $2.02 annualized dividend and a yield of 1.82%. The ex-dividend date is Tuesday, October 1st. This is an increase from Cardinal Health’s previous quarterly dividend of $0.51. Cardinal Health’s dividend payout ratio (DPR) is 89.78%.

About Cardinal Health

Cardinal Health, Inc operates as a healthcare services and products company in the United States, Canada, Europe, Asia, and internationally. It provides customized solutions for hospitals, healthcare systems, pharmacies, ambulatory surgery centers, clinical laboratories, physician offices, and patients in the home.