Pitcairn Co. Cuts Stock Position in Cardinal Health, Inc. (NYSE:CAH)

Pitcairn Co. lowered its stake in Cardinal Health, Inc. (NYSE:CAH) by 27.3% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 9,095 shares of the company’s stock after selling 3,409 shares during the quarter. Pitcairn Co.’s holdings in Cardinal Health were worth $1,005,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in CAH. Axxcess Wealth Management LLC purchased a new stake in shares of Cardinal Health in the 1st quarter worth approximately $217,000. Price T Rowe Associates Inc. MD grew its stake in shares of Cardinal Health by 0.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,730,854 shares of the company’s stock worth $305,584,000 after buying an additional 14,030 shares during the last quarter. Meiji Yasuda Life Insurance Co grew its stake in shares of Cardinal Health by 4.1% in the 1st quarter. Meiji Yasuda Life Insurance Co now owns 7,931 shares of the company’s stock worth $887,000 after buying an additional 310 shares during the last quarter. California State Teachers Retirement System grew its stake in shares of Cardinal Health by 1.7% in the 1st quarter. California State Teachers Retirement System now owns 402,696 shares of the company’s stock worth $45,062,000 after buying an additional 6,904 shares during the last quarter. Finally, Hancock Whitney Corp grew its stake in shares of Cardinal Health by 143.9% in the 1st quarter. Hancock Whitney Corp now owns 166,964 shares of the company’s stock worth $18,683,000 after buying an additional 98,517 shares during the last quarter. Hedge funds and other institutional investors own 87.17% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Argus increased their target price on Cardinal Health from $115.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Deutsche Bank Aktiengesellschaft increased their target price on Cardinal Health from $119.00 to $124.00 and gave the company a “hold” rating in a research note on Monday, November 4th. Mizuho increased their target price on Cardinal Health from $110.00 to $120.00 and gave the company a “neutral” rating in a research note on Monday, November 4th. UBS Group increased their target price on Cardinal Health from $134.00 to $139.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Finally, Morgan Stanley increased their target price on Cardinal Health from $119.00 to $127.00 and gave the company an “overweight” rating in a research note on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $123.00.

Cardinal Health Price Performance

CAH stock opened at $121.84 on Monday. The company has a market cap of $29.49 billion, a P/E ratio of 23.70, a price-to-earnings-growth ratio of 1.54 and a beta of 0.60. Cardinal Health, Inc. has a 1 year low of $93.17 and a 1 year high of $126.14. The stock’s fifty day moving average price is $113.90 and its 200-day moving average price is $105.96.

Cardinal Health (NYSE:CAH) last announced its earnings results on Friday, November 1st. The company reported $1.88 EPS for the quarter, topping analysts’ consensus estimates of $1.62 by $0.26. Cardinal Health had a negative return on equity of 56.56% and a net margin of 0.56%. The company had revenue of $52.28 billion for the quarter, compared to analysts’ expectations of $50.90 billion. During the same period last year, the firm earned $1.73 EPS. Cardinal Health’s revenue for the quarter was down 4.3% compared to the same quarter last year. As a group, analysts expect that Cardinal Health, Inc. will post 7.83 earnings per share for the current year.

Cardinal Health Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Thursday, January 2nd will be issued a $0.5056 dividend. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $2.02 dividend on an annualized basis and a yield of 1.66%. Cardinal Health’s dividend payout ratio is currently 39.30%.

Cardinal Health Company 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.