Cardinal Health (NYSE:CAH) Price Target Raised to $309.00

Cardinal Health (NYSE:CAH) had its price target upped by Argus from $264.00 to $309.00 in a report released on Thursday, Marketbeat reports. The firm currently has a buy rating on the stock.

CAH has been the topic of several other reports. JPMorgan Chase & Co. raised their price objective on shares of Cardinal Health from $260.00 to $286.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 10th. Robert W. Baird upped their target price on shares of Cardinal Health from $251.00 to $274.00 and gave the company an “outperform” rating in a report on Wednesday, August 12th. Royal Bank Of Canada increased their target price on shares of Cardinal Health from $276.00 to $295.00 and gave the stock an “outperform” rating in a research note on Friday, November 6th. Citigroup raised their price target on Cardinal Health from $265.00 to $280.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Finally, Weiss Ratings upgraded Cardinal Health from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, November 9th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $279.44.

Cardinal Health Trading Up 1.2%

Shares of NYSE CAH traded up $3.41 during trading hours on Thursday, reaching $281.55. The stock had a trading volume of 1,261,589 shares, compared to its average volume of 1,807,750. The firm has a market cap of $65.08 billion, a price-to-earnings ratio of 36.42, a PEG ratio of 2.13 and a beta of 0.53. Cardinal Health has a fifty-two week low of $180.45 and a fifty-two week high of $286.29. The firm has a 50-day moving average of $244.15 and a 200-day moving average of $225.24.

Cardinal Health (NYSE:CAH) last issued its quarterly earnings data 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. The company had revenue of $67.51 billion during the quarter, compared to analysts’ expectations of $66.67 billion. Cardinal Health had a negative return on equity of 102.72% and a net margin of 0.71%. The firm’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.55 earnings per share. On average, equities analysts predict that Cardinal Health will post 12.97 EPS for the current year.

Cardinal Health Announces Dividend

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

Insider Buying and Selling

In other Cardinal Health news, insider Michelle Greene sold 11,650 shares of the company’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $235.72, for a total transaction of $2,746,138.00. Following the completion of the transaction, the insider owned 10,330 shares in the company, valued at approximately $2,434,987.60. This represents a 53.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Stephen Mason sold 35,000 shares of the firm’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $236.40, for a total transaction of $8,274,000.00. Following the completion of the sale, the chief executive officer owned 18,061 shares of the company’s stock, valued at $4,269,620.40. This trade represents a 65.96% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 210,271 shares of company stock worth $49,626,657 in the last ninety days. Insiders own 0.12% of the company’s stock.

Institutional Investors Weigh In On Cardinal Health

A number of hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Cardinal Health during the 2nd quarter worth approximately $6,293,115,000. Wellington Management Group LLP lifted its holdings in shares of Cardinal Health by 247.5% in the 2nd quarter. Wellington Management Group LLP now owns 14,860,271 shares of the company’s stock valued at $3,530,206,000 after buying an additional 10,584,119 shares during the period. Bank of America Corp DE purchased a new stake in shares of Cardinal Health in the second quarter valued at approximately $689,066,000. Legal & General Group Plc purchased a new stake in shares of Cardinal Health in the second quarter valued at approximately $438,870,000. Finally, Pacer Advisors Inc. boosted its stake in shares of Cardinal Health by 14.7% in the first quarter. Pacer Advisors Inc. now owns 1,565,131 shares of the company’s stock valued at $330,728,000 after buying an additional 200,021 shares in the last quarter. Institutional investors and hedge funds own 87.17% of the company’s stock.

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.