Keynote Financial Services LLC Invests $204,000 in Cardinal Health, Inc. (NYSE:CAH)

Keynote Financial Services LLC purchased a new position in Cardinal Health, Inc. (NYSE:CAH) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,822 shares of the company’s stock, valued at approximately $204,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Acadian Asset Management LLC increased its holdings in Cardinal Health by 19.1% during the 1st quarter. Acadian Asset Management LLC now owns 3,723,159 shares of the company’s stock worth $416,585,000 after purchasing an additional 598,002 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Cardinal Health by 0.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,730,854 shares of the company’s stock worth $305,584,000 after purchasing an additional 14,030 shares during the period. Norges Bank purchased a new position in Cardinal Health during the 4th quarter worth $258,499,000. California Public Employees Retirement System increased its holdings in Cardinal Health by 118.9% during the 4th quarter. California Public Employees Retirement System now owns 1,516,035 shares of the company’s stock worth $152,816,000 after purchasing an additional 823,520 shares during the period. Finally, Brandes Investment Partners LP increased its holdings in Cardinal Health by 2.4% during the 4th quarter. Brandes Investment Partners LP now owns 1,221,191 shares of the company’s stock worth $123,096,000 after purchasing an additional 28,042 shares during the period. 87.17% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently issued reports on CAH shares. Wells Fargo & Company cut their price target on Cardinal Health from $96.00 to $94.00 and set an “underweight” rating on the stock in a report on Monday, April 29th. Evercore ISI cut their price target on Cardinal Health from $115.00 to $105.00 and set an “in-line” rating on the stock in a report on Tuesday, July 9th. Robert W. Baird lifted their price target on Cardinal Health from $129.00 to $130.00 and gave the company an “outperform” rating in a report on Tuesday, July 9th. Argus cut their price target on Cardinal Health from $120.00 to $115.00 and set a “buy” rating on the stock in a report on Wednesday, May 15th. Finally, Citigroup cut their price target on Cardinal Health from $115.00 to $107.00 and set a “neutral” rating on the stock in a report on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $109.67.

Cardinal Health Stock Down 1.7 %

Shares of Cardinal Health stock traded down $1.79 on Friday, hitting $101.60. 2,613,341 shares of the company were exchanged, compared to its average volume of 1,790,428. The stock has a market capitalization of $24.75 billion, a price-to-earnings ratio of 45.16, a price-to-earnings-growth ratio of 1.14 and a beta of 0.61. The company has a 50-day moving average price of $98.44 and a 200 day moving average price of $103.43. Cardinal Health, Inc. has a 1-year low of $85.11 and a 1-year high of $116.04.

Cardinal Health (NYSE:CAH) last issued its earnings results on Thursday, May 2nd. The company reported $2.08 earnings per share for the quarter, topping the consensus estimate of $1.95 by $0.13. Cardinal Health had a negative return on equity of 54.74% and a net margin of 0.25%. The business had revenue of $54.90 billion for the quarter, compared to analysts’ expectations of $56.05 billion. During the same period in the previous year, the firm posted $1.74 EPS. The business’s revenue for the quarter was up 8.7% compared to the same quarter last year. Research analysts forecast that Cardinal Health, Inc. will post 7.35 EPS for the current year.

Cardinal Health Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Monday, July 1st were issued a $0.5056 dividend. The ex-dividend date was Monday, July 1st. This is a boost from Cardinal Health’s previous quarterly dividend of $0.50. This represents a $2.02 dividend on an annualized basis and a yield of 1.99%. Cardinal Health’s dividend payout ratio is currently 89.78%.

Cardinal Health 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.