Cardinal Health, Inc. $CAH Shares Bought by Cornerstone Wealth Management LLC

Cornerstone Wealth Management LLC grew its position in Cardinal Health, Inc. (NYSE:CAH) by 72.5% during the third quarter, HoldingsChannel reports. The firm owned 6,717 shares of the company’s stock after buying an additional 2,824 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Cardinal Health were worth $1,494,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. acquired a new position in Cardinal Health in the 2nd quarter valued at $6,293,115,000. Wellington Management Group LLP raised its holdings in Cardinal Health by 247.5% in the 2nd quarter. Wellington Management Group LLP now owns 14,860,271 shares of the company’s stock worth $3,530,206,000 after acquiring an additional 10,584,119 shares during the period. Bank of America Corp DE acquired a new position in Cardinal Health during the 2nd quarter worth $689,066,000. Legal & General Group Plc acquired a new position in Cardinal Health during the 2nd quarter worth $438,870,000. Finally, Bank of New York Mellon Corp bought a new stake in Cardinal Health during the second quarter valued at about $308,640,000. 87.17% of the stock is currently owned by institutional investors and hedge funds.

Cardinal Health Trading Up 0.2%

Shares of CAH stock opened at $277.97 on Friday. The firm has a market capitalization of $64.25 billion, a P/E ratio of 35.96, a price-to-earnings-growth ratio of 2.13 and a beta of 0.53. Cardinal Health, Inc. has a 1 year low of $180.45 and a 1 year high of $286.29. The firm’s fifty day simple moving average is $243.50 and its 200 day simple moving average is $224.91.

Cardinal Health (NYSE:CAH) last issued its quarterly earnings results on Thursday, November 5th. The company reported $3.26 earnings per share for the quarter, beating analysts’ consensus estimates of $2.94 by $0.32. Cardinal Health had a net margin of 0.71% and a negative return on equity of 102.72%. The firm had revenue of $67.51 billion during the quarter, compared to the consensus estimate of $66.67 billion. During the same period in the prior year, the firm earned $2.55 EPS. The business’s revenue was up 5.5% on a year-over-year basis. Equities research analysts anticipate that Cardinal Health, Inc. will post 12.96 EPS for the current fiscal year.

Cardinal Health Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Monday, January 4th will be given a dividend of $0.5158 per share. The ex-dividend date of this dividend is Monday, January 4th. This represents a $2.06 dividend on an annualized basis and a dividend yield of 0.7%. Cardinal Health’s dividend payout ratio is currently 26.65%.

Insider Buying and Selling at Cardinal Health

In other news, CEO Deborah Weitzman sold 7,354 shares of the company’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $235.45, for a total transaction of $1,731,499.30. Following the completion of the transaction, the chief executive officer owned 77,901 shares of the company’s stock, valued at approximately $18,341,790.45. This represents a 8.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jessica Mayer sold 29,436 shares of the stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $236.19, for a total transaction of $6,952,488.84. Following the completion of the sale, the insider 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 position. The disclosure for this sale is available in the SEC filing. Insiders have sold 210,271 shares of company stock valued at $49,626,657 in the last three months. Company insiders own 0.12% of the company’s stock.

Wall Street Analysts Forecast Growth

CAH has been the topic of several research analyst reports. Barclays raised their price target on Cardinal Health from $258.00 to $275.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. Wells Fargo & Company boosted their price objective on Cardinal Health from $245.00 to $277.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 12th. Mizuho set a $290.00 price objective on Cardinal Health in a research report on Thursday, November 5th. Weiss Ratings upgraded Cardinal Health from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday. Finally, Argus raised their target price on Cardinal Health from $264.00 to $309.00 and gave the company a “buy” rating in a report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Cardinal Health currently has a consensus rating of “Moderate Buy” and a consensus price target of $279.44.

Cardinal Health Company Profile

Cardinal Health is a healthcare services and products company that distributes pharmaceuticals and medical supplies. Its customers include pharmacies, hospitals, surgery centers, physician offices and other healthcare providers. The company’s businesses include pharmaceutical distribution and specialty services, as well as the sourcing and distribution of medical and surgical products. Its offerings support areas such as specialty medications, medication management and supply-chain operations. Cardinal Health traces its roots to a wholesale business founded in Ohio in 1971 and later expanded into pharmaceutical distribution.