Cardinal Health Inc. (CAH) Sees Unusually-High Trading Volume
Cardinal Health Inc. (NYSE:CAH) saw unusually-high trading volume on Thursday . Approximately 2,019,954 shares changed hands during trading, a decline of 24% from the previous session’s volume of 2,672,250 shares.The stock last traded at $79.28 and had previously closed at $79.99.
CAH has been the topic of a number of recent research reports. Goldman Sachs Group Inc. reaffirmed a “buy” rating on shares of Cardinal Health in a research note on Wednesday. Avondale Partners began coverage on shares of Cardinal Health in a research report on Monday, April 18th. They set an “outperform” rating and a $111.00 price objective on the stock. Vetr cut shares of Cardinal Health from a “strong-buy” rating to a “buy” rating and set a $91.44 price objective on the stock. in a research report on Monday, April 11th. Bank of America Corp. reiterated a “neutral” rating and set a $83.00 price objective on shares of Cardinal Health in a research report on Tuesday, June 7th. Finally, Morgan Stanley reiterated a “hold” rating on shares of Cardinal Health in a research report on Wednesday, June 15th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Cardinal Health presently has an average rating of “Buy” and an average price target of $97.13.
The stock has a market capitalization of $25.88 billion and a price-to-earnings ratio of 19.01. The company’s 50 day moving average is $77.80 and its 200-day moving average is $80.99.
Cardinal Health (NYSE:CAH) last posted its quarterly earnings results on Thursday, April 28th. The company reported $1.43 EPS for the quarter, topping the consensus estimate of $1.33 by $0.10. During the same quarter in the prior year, the firm earned $1.19 EPS. The company had revenue of $30.70 billion for the quarter, compared to analysts’ expectations of $30.54 billion. The firm’s revenue was up 20.8% on a year-over-year basis. On average, equities research analysts predict that Cardinal Health Inc. will post $5.24 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, July 15th. Stockholders of record on Friday, July 1st will be issued a dividend of $0.4489 per share. This is a boost from Cardinal Health’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Wednesday, June 29th. This represents a $1.80 annualized dividend and a dividend yield of 2.26%.
In other news, insider Carole S. Watkins sold 84,617 shares of Cardinal Health stock in a transaction on Friday, May 20th. The stock was sold at an average price of $77.33, for a total transaction of $6,543,432.61. Following the transaction, the insider now owns 116,202 shares in the company, valued at approximately $8,985,900.66. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.
Several hedge funds and institutional investors recently bought and sold shares of the company. State of Wisconsin Investment Board raised its position in Cardinal Health by 6.4% in the fourth quarter. State of Wisconsin Investment Board now owns 385,210 shares of the company’s stock valued at $34,388,000 after buying an additional 23,160 shares in the last quarter. Artemis Investment Management LLP raised its stake in shares of Cardinal Health by 17.9% in the fourth quarter. Artemis Investment Management LLP now owns 256,929 shares of the company’s stock valued at $22,932,000 after buying an additional 39,060 shares during the period. Calamos Wealth Management LLC raised its stake in shares of Cardinal Health by 12.0% in the fourth quarter. Calamos Wealth Management LLC now owns 18,759 shares of the company’s stock valued at $1,675,000 after buying an additional 2,004 shares during the period. Calamos Advisors LLC raised its stake in shares of Cardinal Health by 1.1% in the fourth quarter. Calamos Advisors LLC now owns 37,685 shares of the company’s stock valued at $3,364,000 after buying an additional 392 shares during the period. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp bought a new stake in shares of Cardinal Health during the fourth quarter valued at about $11,918,000.
Cardinal Health, Inc is a healthcare services and products company. The Company operates in two segments: Pharmaceutical and Medical. The Company also provides medical products to patients in the home. In the United States, the Company’s Pharmaceutical segment distributes branded and generic pharmaceutical, over-the-counter healthcare and consumer products through its Pharmaceutical Distribution division to retailers, hospitals and other healthcare providers.
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