Summit Global Investments Makes New $3.49 Million Investment in Cardinal Health, Inc. $CAH

Summit Global Investments bought a new stake in shares of Cardinal Health, Inc. (NYSE:CAH) during the 2nd quarter, HoldingsChannel.com reports. The firm bought 14,684 shares of the company’s stock, valued at approximately $3,488,000.

A number of other hedge funds also recently modified their holdings of the business. Stack Financial Management Inc purchased a new stake in shares of Cardinal Health in the second quarter valued at $24,681,000. Oppenheimer Asset Management Inc. purchased a new position in shares of Cardinal Health during the second quarter valued at $533,000. Laraway Financial Advisors Inc purchased a new position in shares of Cardinal Health during the second quarter valued at $359,000. Wedge Capital Management L L P NC raised its position in Cardinal Health by 0.8% during the second quarter. Wedge Capital Management L L P NC now owns 139,784 shares of the company’s stock valued at $33,207,000 after buying an additional 1,175 shares during the period. Finally, Investors Research Corp acquired a new position in Cardinal Health during the second quarter valued at $29,000. Hedge funds and other institutional investors own 87.17% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Mizuho raised their price objective on Cardinal Health from $240.00 to $250.00 and gave the stock an “outperform” rating in a research report on Wednesday. Evercore reiterated an “outperform” rating and issued a $270.00 target price on shares of Cardinal Health in a report on Wednesday. Wall Street Zen raised shares of Cardinal Health from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 4th. Barclays increased their price target on shares of Cardinal Health from $258.00 to $275.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, William Blair started coverage on shares of Cardinal Health in a report on Tuesday, April 28th. They set an “outperform” rating for the company. Fifteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, Cardinal Health presently has a consensus rating of “Moderate Buy” and a consensus price target of $265.93.

Cardinal Health Trading Up 1.6%

CAH opened at $234.92 on Friday. The stock has a market cap of $54.64 billion, a price-to-earnings ratio of 32.49, a PEG ratio of 1.37 and a beta of 0.49. Cardinal Health, Inc. has a 1 year low of $145.87 and a 1 year high of $258.30. The stock has a fifty day moving average price of $230.30 and a 200 day moving average price of $217.14.

Cardinal Health (NYSE:CAH) last issued its earnings results on Tuesday, August 11th. The company reported $2.91 EPS for the quarter, beating analysts’ consensus estimates of $2.42 by $0.49. Cardinal Health had a negative return on equity of 98.53% and a net margin of 0.67%.The firm had revenue of $63.67 billion for the quarter, compared to the consensus estimate of $65.15 billion. During the same quarter in the previous year, the company posted $2.08 earnings per share. The business’s quarterly revenue was up 5.8% compared to the same quarter last year. Cardinal Health has set its FY 2027 guidance at 12.400-12.600 EPS. As a group, sell-side analysts forecast that Cardinal Health, Inc. will post 12.52 earnings per share for the current fiscal year.

Cardinal Health Dividend Announcement

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