NEOS Investment Management LLC Buys 3,549 Shares of Cardinal Health, Inc. $CAH

NEOS Investment Management LLC boosted its position in shares of Cardinal Health, Inc. (NYSE:CAH) by 10.4% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 37,684 shares of the company’s stock after purchasing an additional 3,549 shares during the quarter. NEOS Investment Management LLC’s holdings in Cardinal Health were worth $8,933,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of CAH. Bank of New York Mellon Corp acquired a new stake in shares of Cardinal Health during the 2nd quarter worth approximately $308,640,000. First Nebraska Trust Co bought a new stake in shares of Cardinal Health during the second quarter worth approximately $20,050,000. Byrne Financial Freedom LLC acquired a new position in Cardinal Health in the fourth quarter valued at approximately $1,574,000. Castlekeep Investment Advisors LLC bought a new position in Cardinal Health in the second quarter valued at approximately $1,177,000. Finally, Stack Financial Management Inc bought a new position in Cardinal Health in the second quarter valued at approximately $24,681,000. 87.17% of the stock is currently owned by institutional investors.

Cardinal Health Stock Performance

CAH opened at $246.67 on Friday. The firm’s fifty day moving average is $234.23 and its two-hundred day moving average is $219.18. The firm has a market cap of $57.37 billion, a PE ratio of 34.12, a price-to-earnings-growth ratio of 1.49 and a beta of 0.51. Cardinal Health, Inc. has a twelve month low of $145.87 and a twelve month high of $258.30.

Cardinal Health (NYSE:CAH) last announced its quarterly earnings results on Tuesday, August 11th. The company reported $2.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.42 by $0.49. Cardinal Health had a net margin of 0.67% and a negative return on equity of 98.53%. The company had revenue of $63.67 billion during the quarter, compared to analyst estimates of $65.15 billion. During the same quarter in the previous year, the business earned $2.08 EPS. The firm’s revenue was up 5.8% on a year-over-year basis. Cardinal Health has set its FY 2027 guidance at 12.400-12.600 EPS. Equities analysts forecast that Cardinal Health, Inc. will post 12.55 EPS for the current fiscal year.

Cardinal Health Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Thursday, October 1st will be paid a $0.5158 dividend. This represents a $2.06 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Thursday, October 1st. Cardinal Health’s payout ratio is presently 28.49%.

Insider Transactions at Cardinal Health

In other news, CEO Stephen M. Mason sold 35,000 shares of Cardinal Health stock in a transaction dated 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 transaction, the chief executive officer owned 18,061 shares in the company, valued at $4,269,620.40. The trade was a 65.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Jason M. Hollar sold 80,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $235.74, for a total value of $18,859,200.00. Following the completion of the transaction, the chief executive officer owned 235,132 shares of the company’s stock, valued at $55,430,017.68. This represents a 25.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 210,271 shares of company stock valued at $49,626,657. Insiders own 0.12% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on CAH. Zacks Research cut shares of Cardinal Health from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 12th. Wall Street Zen upgraded Cardinal Health from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 4th. Weiss Ratings cut Cardinal Health from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, August 19th. Robert W. Baird increased their target price on Cardinal Health from $251.00 to $274.00 and gave the company an “outperform” rating in a research note on Wednesday, August 12th. Finally, Leerink Partners set a $292.00 target price on Cardinal Health in a research note on Tuesday, August 11th. Sixteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $266.56.

About Cardinal Health

Cardinal Health is a multinational healthcare services and products company headquartered in Dublin, Ohio. Tracing its roots to the early 1970s, the company has grown into a major provider of supply chain and distribution services for the healthcare sector. Cardinal Health operates across a range of service lines that support hospitals, health systems, pharmacies, physician offices and clinical laboratories.

The company’s core activities include the wholesale distribution of branded and generic pharmaceuticals, the supply and distribution of medical-surgical products, and the provision of logistics and inventory management solutions.