Bank of New York Mellon Corp Cuts Stock Holdings in Cardinal Health, Inc. (NYSE:CAH)

Bank of New York Mellon Corp reduced its position in shares of Cardinal Health, Inc. (NYSE:CAH) by 2.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,609,797 shares of the company’s stock after selling 46,822 shares during the period. Bank of New York Mellon Corp’s holdings in Cardinal Health were worth $190,391,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Frazier Financial Advisors LLC increased its stake in Cardinal Health by 69.8% in the 3rd quarter. Frazier Financial Advisors LLC now owns 253 shares of the company’s stock valued at $28,000 after buying an additional 104 shares during the last quarter. Hara Capital LLC bought a new position in shares of Cardinal Health in the third quarter valued at approximately $31,000. AM Squared Ltd purchased a new stake in shares of Cardinal Health during the third quarter valued at approximately $33,000. Kentucky Trust Co bought a new stake in Cardinal Health during the fourth quarter worth $41,000. Finally, HHM Wealth Advisors LLC boosted its position in Cardinal Health by 57.6% in the fourth quarter. HHM Wealth Advisors LLC now owns 394 shares of the company’s stock worth $47,000 after purchasing an additional 144 shares during the last quarter. 87.17% of the stock is currently owned by hedge funds and other institutional investors.

Cardinal Health Price Performance

NYSE:CAH opened at $127.22 on Friday. Cardinal Health, Inc. has a 1 year low of $93.17 and a 1 year high of $132.84. The stock’s fifty day moving average price is $124.52 and its two-hundred day moving average price is $117.85. The company has a market cap of $30.73 billion, a P/E ratio of 23.74, a P/E/G ratio of 1.49 and a beta of 0.63.

Cardinal Health (NYSE:CAH) last issued its quarterly earnings data on Thursday, January 30th. The company reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.19. Cardinal Health had a negative return on equity of 59.57% and a net margin of 0.59%. On average, analysts expect that Cardinal Health, Inc. will post 7.95 earnings per share for the current fiscal year.

Cardinal Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st will be issued a dividend of $0.5056 per share. This represents a $2.02 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date is Tuesday, April 1st. Cardinal Health’s dividend payout ratio (DPR) is presently 37.69%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CAH. TD Cowen raised Cardinal Health from a “hold” rating to a “buy” rating and raised their target price for the company from $130.00 to $144.00 in a research report on Wednesday, January 8th. JPMorgan Chase & Co. raised their price objective on shares of Cardinal Health from $142.00 to $145.00 and gave the stock a “neutral” rating in a report on Tuesday, February 4th. Barclays boosted their target price on shares of Cardinal Health from $117.00 to $133.00 and gave the company an “overweight” rating in a research note on Monday, November 4th. StockNews.com lowered shares of Cardinal Health from a “strong-buy” rating to a “buy” rating in a research note on Sunday, November 3rd. Finally, Evercore ISI raised shares of Cardinal Health from an “in-line” rating to an “outperform” rating and set a $140.00 price target on the stock in a report on Tuesday, January 7th. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $139.36.

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.