Summit Securities Group LLC Makes New $698,000 Investment in Cardinal Health, Inc. (NYSE:CAH)

Summit Securities Group LLC purchased a new stake in shares of Cardinal Health, Inc. (NYSE:CAH) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 5,900 shares of the company’s stock, valued at approximately $698,000.

A number of other hedge funds also recently added to or reduced their stakes in CAH. Mirae Asset Global Investments Co. Ltd. raised its stake in Cardinal Health by 35.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 32,520 shares of the company’s stock valued at $3,871,000 after buying an additional 8,471 shares during the last quarter. CHURCHILL MANAGEMENT Corp lifted its position in shares of Cardinal Health by 1.5% in the fourth quarter. CHURCHILL MANAGEMENT Corp now owns 240,422 shares of the company’s stock valued at $28,435,000 after acquiring an additional 3,576 shares in the last quarter. Geode Capital Management LLC boosted its stake in Cardinal Health by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 5,749,859 shares of the company’s stock worth $633,298,000 after purchasing an additional 42,082 shares during the period. Consolidated Planning Corp grew its position in shares of Cardinal Health by 40.0% during the fourth quarter. Consolidated Planning Corp now owns 8,926 shares of the company’s stock valued at $1,056,000 after purchasing an additional 2,552 shares in the last quarter. Finally, Flputnam Investment Management Co. boosted its stake in Cardinal Health by 1.8% during the fourth quarter. Flputnam Investment Management Co. now owns 180,586 shares of the company’s stock valued at $21,358,000 after buying an additional 3,148 shares during the last quarter. 87.17% of the stock is currently owned by hedge funds and other institutional investors.

Cardinal Health Stock Performance

Shares of CAH opened at $136.43 on Friday. Cardinal Health, Inc. has a one year low of $93.17 and a one year high of $137.18. The company has a market capitalization of $32.96 billion, a P/E ratio of 25.45, a P/E/G ratio of 1.49 and a beta of 0.66. The stock has a 50-day moving average price of $128.36 and a 200 day moving average price of $120.80.

Cardinal Health (NYSE:CAH) last posted its quarterly earnings results on Thursday, January 30th. The company reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.19. Cardinal Health had a negative return on equity of 59.57% and a net margin of 0.59%. As a group, equities research analysts forecast that Cardinal Health, Inc. will post 7.95 earnings per share for the current fiscal year.

Cardinal Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, April 1st will be paid a dividend of $0.5056 per share. This represents a $2.02 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date of this dividend is Tuesday, April 1st. Cardinal Health’s dividend payout ratio is presently 37.69%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on CAH shares. Morgan Stanley boosted their target price on Cardinal Health from $136.00 to $142.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Mizuho started coverage on Cardinal Health in a research report on Wednesday, December 4th. They issued an “outperform” rating and a $139.00 price target for the company. Argus set a $148.00 target price on shares of Cardinal Health in a research note on Tuesday, February 4th. Evercore ISI upgraded shares of Cardinal Health from an “in-line” rating to an “outperform” rating and set a $140.00 price objective for the company in a research note on Tuesday, January 7th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Cardinal Health from $142.00 to $145.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 4th. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $139.36.

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.