Reston Wealth Management LLC Makes New $67,000 Investment in Cardinal Health, Inc. (NYSE:CAH)

Reston Wealth Management LLC bought a new position in Cardinal Health, Inc. (NYSE:CAH) in the third quarter, HoldingsChannel.com reports. The fund bought 609 shares of the company’s stock, valued at approximately $67,000.

Other hedge funds have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC raised its stake in shares of Cardinal Health by 379.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 106,105 shares of the company’s stock worth $11,873,000 after buying an additional 83,975 shares during the last quarter. State of Alaska Department of Revenue grew its holdings in Cardinal Health by 108.8% during the first quarter. State of Alaska Department of Revenue now owns 55,586 shares of the company’s stock valued at $6,219,000 after purchasing an additional 28,969 shares during the period. First Trust Direct Indexing L.P. boosted its position in shares of Cardinal Health by 5.5% during the first quarter. First Trust Direct Indexing L.P. now owns 11,499 shares of the company’s stock worth $1,287,000 after purchasing an additional 601 shares in the last quarter. Van ECK Associates Corp raised its stake in Cardinal Health by 21.7% during the 1st quarter. Van ECK Associates Corp now owns 27,656 shares of the company’s stock worth $3,095,000 after buying an additional 4,938 shares during the period. Finally, J.W. Cole Advisors Inc. grew its stake in Cardinal Health by 4.0% in the first quarter. J.W. Cole Advisors Inc. now owns 6,357 shares of the company’s stock valued at $712,000 after acquiring an additional 247 shares during the period. 87.17% of the stock is currently owned by institutional investors.

Cardinal Health Stock Up 0.6 %

Shares of CAH stock opened at $108.52 on Friday. Cardinal Health, Inc. has a twelve month low of $90.19 and a twelve month high of $116.05. The stock’s fifty day simple moving average is $111.61 and its 200 day simple moving average is $104.13. The firm has a market capitalization of $26.26 billion, a P/E ratio of 31.36, a P/E/G ratio of 1.48 and a beta of 0.60.

Cardinal Health (NYSE:CAH) last released its quarterly earnings data on Wednesday, August 14th. The company reported $1.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.10. Cardinal Health had a negative return on equity of 54.85% and a net margin of 0.37%. The company had revenue of $59.87 billion during the quarter, compared to the consensus estimate of $58.74 billion. During the same quarter in the prior year, the firm posted $1.55 earnings per share. The firm’s revenue was up 12.1% compared to the same quarter last year. As a group, equities research analysts expect that Cardinal Health, Inc. will post 7.61 EPS for the current fiscal year.

Cardinal Health Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st were issued a dividend of $0.506 per share. The ex-dividend date of this dividend was Tuesday, October 1st. This is an increase from Cardinal Health’s previous quarterly dividend of $0.51. This represents a $2.02 annualized dividend and a yield of 1.87%. Cardinal Health’s payout ratio is presently 58.38%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Morgan Stanley lifted their target price on Cardinal Health from $114.00 to $119.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. Robert W. Baird lifted their price objective on shares of Cardinal Health from $130.00 to $137.00 and gave the stock an “outperform” rating in a research report on Thursday, August 15th. Wells Fargo & Company lifted their target price on shares of Cardinal Health from $95.00 to $101.00 and gave the stock an “underweight” rating in a report on Thursday, August 15th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Cardinal Health from $115.00 to $119.00 and gave the company a “hold” rating in a report on Friday, August 16th. Finally, JPMorgan Chase & Co. boosted their price target on Cardinal Health from $111.00 to $123.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Cardinal Health has a consensus rating of “Moderate Buy” and a consensus price target of $120.18.

Insider Activity

In related news, CFO Aaron E. Alt sold 2,323 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $108.91, for a total value of $252,997.93. Following the sale, the chief financial officer now directly owns 36,867 shares in the company, valued at $4,015,184.97. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Cardinal Health news, insider Michelle D. Greene sold 4,000 shares of Cardinal Health stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $108.85, for a total value of $435,400.00. Following the completion of the sale, the insider now directly owns 19,242 shares in the company, valued at approximately $2,094,491.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Aaron E. Alt sold 2,323 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $108.91, for a total value of $252,997.93. Following the transaction, the chief financial officer now owns 36,867 shares in the company, valued at $4,015,184.97. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 113,963 shares of company stock valued at $12,379,980. Company insiders own 0.09% of the company’s stock.

Cardinal Health Profile

Cardinal Health, Inc operates as a healthcare services and products company in the United States, Canada, Europe, Asia, and internationally. It provides customized solutions for hospitals, healthcare systems, pharmacies, ambulatory surgery centers, clinical laboratories, physician offices, and patients in the home.