Retirement Systems of Alabama Reduces Holdings in Cardinal Health, Inc. (NYSE:CAH)

Retirement Systems of Alabama cut its stake in Cardinal Health, Inc. (NYSE:CAH) by 7.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 471,711 shares of the company’s stock after selling 40,036 shares during the period. Retirement Systems of Alabama owned about 0.19% of Cardinal Health worth $52,134,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in CAH. Sequoia Financial Advisors LLC lifted its position in Cardinal Health by 16.7% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 5,492 shares of the company’s stock worth $540,000 after acquiring an additional 787 shares during the period. Assenagon Asset Management S.A. raised its position in shares of Cardinal Health by 9.4% in the second quarter. Assenagon Asset Management S.A. now owns 10,385 shares of the company’s stock valued at $1,021,000 after buying an additional 891 shares during the last quarter. Triad Wealth Partners LLC purchased a new position in Cardinal Health during the second quarter worth approximately $105,000. Blue Trust Inc. raised its stake in shares of Cardinal Health by 41.5% in the 2nd quarter. Blue Trust Inc. now owns 3,400 shares of the company’s stock valued at $334,000 after acquiring an additional 998 shares during the period. Finally, Hennion & Walsh Asset Management Inc. grew its stake in shares of Cardinal Health by 15.4% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 18,694 shares of the company’s stock valued at $1,838,000 after buying an additional 2,488 shares in the last quarter. Institutional investors and hedge funds own 87.17% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Morgan Stanley lifted their price target on Cardinal Health from $119.00 to $127.00 and gave the stock an “overweight” rating in a research note on Monday, November 4th. UBS Group increased their target price on shares of Cardinal Health from $134.00 to $139.00 and gave the company a “buy” rating in a research note on Monday, November 4th. JPMorgan Chase & Co. raised their target price on shares of Cardinal Health from $111.00 to $123.00 and gave the stock a “neutral” rating in a report on Wednesday, August 21st. Evercore ISI raised their price objective on Cardinal Health from $105.00 to $115.00 and gave the stock an “in-line” rating in a research report on Thursday, August 15th. Finally, Barclays boosted their target price on Cardinal Health from $117.00 to $133.00 and gave the stock an “overweight” rating in a report on Monday, November 4th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $126.75.

Cardinal Health Trading Down 0.2 %

Shares of NYSE:CAH traded down $0.22 during mid-day trading on Friday, reaching $117.24. The stock had a trading volume of 45,827 shares, compared to its average volume of 2,095,069. The firm has a market cap of $28.37 billion, a PE ratio of 22.85, a price-to-earnings-growth ratio of 1.47 and a beta of 0.61. The firm has a 50 day simple moving average of $117.00 and a two-hundred day simple moving average of $108.20. Cardinal Health, Inc. has a twelve month low of $93.17 and a twelve month high of $126.23.

Cardinal Health (NYSE:CAH) last announced its quarterly earnings results on Friday, November 1st. The company reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.26. Cardinal Health had a net margin of 0.56% and a negative return on equity of 56.56%. The company had revenue of $52.28 billion during the quarter, compared to analyst estimates of $50.90 billion. During the same quarter in the previous year, the business earned $1.73 EPS. The firm’s revenue was down 4.3% on a year-over-year basis. On average, equities analysts anticipate that Cardinal Health, Inc. will post 7.82 EPS for the current fiscal year.

Cardinal Health Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Thursday, January 2nd will be paid a $0.5056 dividend. This represents a $2.02 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date of this dividend is Thursday, January 2nd. Cardinal Health’s payout ratio is currently 39.30%.

Cardinal Health Company Profile

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.