Legal & General Group Plc Buys Shares of 1,847,406 Cardinal Health, Inc. $CAH

Legal & General Group Plc purchased a new stake in shares of Cardinal Health, Inc. (NYSE:CAH) during the second quarter, Holdings Channel reports. The fund purchased 1,847,406 shares of the company’s stock, valued at approximately $438,870,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Integrated Wealth Concepts LLC grew its holdings in Cardinal Health by 6.9% during the 1st quarter. Integrated Wealth Concepts LLC now owns 4,363 shares of the company’s stock worth $601,000 after acquiring an additional 280 shares during the last quarter. Jones Financial Companies Lllp raised its stake in shares of Cardinal Health by 198.3% during the first quarter. Jones Financial Companies Lllp now owns 21,112 shares of the company’s stock valued at $27,000 after acquiring an additional 14,034 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of Cardinal Health during the second quarter worth $1,935,000. Cerity Partners LLC lifted its holdings in shares of Cardinal Health by 17.0% during the second quarter. Cerity Partners LLC now owns 40,426 shares of the company’s stock worth $6,792,000 after purchasing an additional 5,880 shares during the period. Finally, Nebula Research & Development LLC grew its stake in shares of Cardinal Health by 34.4% in the second quarter. Nebula Research & Development LLC now owns 10,334 shares of the company’s stock worth $1,736,000 after purchasing an additional 2,646 shares during the last quarter. 87.17% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. JPMorgan Chase & Co. increased their price objective on Cardinal Health from $215.00 to $260.00 and gave the company a “neutral” rating in a report on Thursday, August 13th. Mizuho lifted their target price on Cardinal Health from $240.00 to $250.00 and gave the stock an “outperform” rating in a report on Wednesday, August 12th. TD Cowen upped their price target on Cardinal Health from $275.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, August 13th. Zacks Research downgraded Cardinal Health from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 12th. Finally, Royal Bank Of Canada started coverage on Cardinal Health in a research note on Wednesday, August 19th. They issued an “outperform” rating and a $276.00 price objective on the stock. Sixteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $266.56.

Insiders Place Their Bets

In other Cardinal Health news, insider Jessica L. Mayer sold 29,436 shares of Cardinal Health stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $236.19, for a total value of $6,952,488.84. Following the completion of the sale, the insider directly owned 33,076 shares of the company’s stock, valued at approximately $7,812,220.44. The trade was a 47.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Jason M. Hollar sold 44,529 shares of the company’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $236.18, for a total transaction of $10,516,859.22. Following the transaction, the chief executive officer owned 190,603 shares in the company, valued at $45,016,616.54. This represents a 18.94% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 210,271 shares of company stock valued at $49,626,657. 0.12% of the stock is currently owned by corporate insiders.

Cardinal Health Price Performance

NYSE CAH opened at $238.00 on Wednesday. The stock has a market capitalization of $55.35 billion, a P/E ratio of 32.92, a P/E/G ratio of 1.24 and a beta of 0.49. The business has a 50 day simple moving average of $232.34 and a 200 day simple moving average of $218.18. Cardinal Health, Inc. has a one year low of $145.87 and a one year high of $258.30.

Cardinal Health (NYSE:CAH) last issued its quarterly earnings results on Tuesday, August 11th. The company reported $2.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.42 by $0.49. The firm had revenue of $63.67 billion for the quarter, compared to analyst estimates of $65.15 billion. Cardinal Health had a negative return on equity of 98.53% and a net margin of 0.67%.The company’s revenue was up 5.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.08 earnings per share. Cardinal Health has set its FY 2027 guidance at 12.400-12.600 EPS. Equities analysts expect that Cardinal Health, Inc. will post 12.55 earnings per share for the current year.

Cardinal Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, October 1st will be paid a dividend of $0.5158 per share. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $2.06 annualized dividend and a yield of 0.9%. Cardinal Health’s dividend payout ratio is currently 28.49%.

About Cardinal Health

Cardinal Health is a multinational healthcare services and products company headquartered in Dublin, Ohio. Tracing its roots to the early 1970s, the company has grown into a major provider of supply chain and distribution services for the healthcare sector. Cardinal Health operates across a range of service lines that support hospitals, health systems, pharmacies, physician offices and clinical laboratories.

The company’s core activities include the wholesale distribution of branded and generic pharmaceuticals, the supply and distribution of medical-surgical products, and the provision of logistics and inventory management solutions.