Cardinal Health Inc. (CAH) Sees Strong Trading Volume
Shares of Cardinal Health Inc. (NYSE:CAH) saw strong trading volume on Thursday . 2,019,954 shares were traded during mid-day 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.
Several research analysts have weighed in on the stock. Zacks Investment Research cut shares of Cardinal Health from a “hold” rating to a “sell” rating in a report on Thursday, April 21st. Vetr raised shares of Cardinal Health from a “buy” rating to a “strong-buy” rating and set a $95.36 price target on the stock in a report on Monday, April 18th. Avondale Partners assumed coverage on shares of Cardinal Health in a report on Monday, April 18th. They issued an “outperform” rating and a $111.00 price target on the stock. Goldman Sachs Group Inc. reissued a “buy” rating and issued a $105.00 price target on shares of Cardinal Health in a report on Friday, April 15th. Finally, Cowen and Company cut shares of Cardinal Health from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $99.00 to $90.00 in a report on Tuesday, March 15th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $97.13.
The company has a market cap of $26.19 billion and a PE ratio of 19.24. The firm’s 50 day moving average price is $77.89 and its 200 day moving average price is $80.93.
Cardinal Health (NYSE:CAH) last released its earnings results on Thursday, April 28th. The company reported $1.43 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.33 by $0.10. The company earned $30.70 billion during the quarter, compared to analysts’ expectations of $30.54 billion. During the same quarter in the previous year, the firm earned $1.19 earnings per share. The firm’s revenue was up 20.8% compared to the same quarter last year. Equities research analysts expect that Cardinal Health Inc. will post $5.24 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Friday, July 1st will be paid a $0.4489 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date is Wednesday, June 29th. This is an increase from Cardinal Health’s previous quarterly dividend of $0.39.
In other Cardinal Health news, insider Carole S. Watkins sold 84,617 shares of the business’s stock in a transaction dated Friday, May 20th. The shares were sold at an average price of $77.33, for a total value of $6,543,432.61. Following the transaction, the insider now directly owns 116,202 shares in the company, valued at $8,985,900.66. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.
Other hedge funds have made changes to their positions in the company. Commerzbank Aktiengesellschaft FI boosted its stake in shares of Cardinal Health by 89.1% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 19,083 shares of the company’s stock worth $1,704,000 after buying an additional 8,994 shares during the last quarter. Profund Advisors LLC boosted its stake in shares of Cardinal Health by 12.4% in the fourth quarter. Profund Advisors LLC now owns 12,281 shares of the company’s stock worth $1,096,000 after buying an additional 1,353 shares during the last quarter. Comerica Bank boosted its stake in shares of Cardinal Health by 16.5% in the fourth quarter. Comerica Bank now owns 119,371 shares of the company’s stock worth $10,011,000 after buying an additional 16,893 shares during the last quarter. Stevens Capital Management LP boosted its stake in shares of Cardinal Health by 9.3% in the fourth quarter. Stevens Capital Management LP now owns 114,573 shares of the company’s stock worth $10,228,000 after buying an additional 9,747 shares during the last quarter. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new stake in shares of Cardinal Health during the fourth quarter worth approximately $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.