6,309 Cardinal Health, Inc. $CAH Shares Purchased by Covenant Asset Management LLC

Covenant Asset Management LLC boosted its holdings in shares of Cardinal Health, Inc. (NYSE:CAH) by 44.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 20,611 shares of the company’s stock after buying an additional 6,309 shares during the quarter. Covenant Asset Management LLC’s holdings in Cardinal Health were worth $4,586,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in shares of Cardinal Health in the second quarter worth $6,293,115,000. Wellington Management Group LLP increased its position in shares of Cardinal Health by 247.5% during the second quarter. Wellington Management Group LLP now owns 14,860,271 shares of the company’s stock worth $3,530,206,000 after acquiring an additional 10,584,119 shares during the period. Bank of America Corp DE purchased a new stake in shares of Cardinal Health during the second quarter worth $689,066,000. Legal & General Group Plc acquired a new stake in shares of Cardinal Health in the second quarter valued at $438,870,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Cardinal Health in the second quarter valued at $308,640,000. 87.17% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Cardinal Health

In other news, CEO Deborah Weitzman sold 7,354 shares of the company’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $235.45, for a total value of $1,731,499.30. Following the completion of the transaction, the chief executive officer owned 77,901 shares in the company, valued at approximately $18,341,790.45. This represents a 8.63% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jessica L. Mayer sold 29,436 shares of the stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $236.19, for a total transaction of $6,952,488.84. Following the completion of the transaction, the insider directly owned 33,076 shares in the company, valued at $7,812,220.44. This trade represents a 47.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 210,271 shares of company stock worth $49,626,657. 0.12% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Evercore reiterated an “outperform” rating and issued a $270.00 target price on shares of Cardinal Health in a report on Wednesday, August 12th. Barclays upped their price target on Cardinal Health from $258.00 to $275.00 and gave the stock an “overweight” rating in a report on Thursday, August 13th. Citigroup increased their price target on Cardinal Health from $265.00 to $280.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. TD Cowen lifted their price objective on Cardinal Health from $275.00 to $280.00 and gave the company a “buy” rating in a research note on Thursday, August 13th. Finally, Robert W. Baird lifted their price objective on Cardinal Health from $251.00 to $274.00 and gave the company an “outperform” rating in a research note on Wednesday, August 12th. Sixteen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Cardinal Health has an average rating of “Moderate Buy” and an average target price of $266.56.

Cardinal Health Stock Performance

Shares of NYSE CAH opened at $247.32 on Thursday. The stock’s 50-day simple moving average is $233.88 and its 200-day simple moving average is $221.67. The firm has a market capitalization of $57.27 billion, a PE ratio of 34.21, a price-to-earnings-growth ratio of 1.44 and a beta of 0.50. Cardinal Health, Inc. has a fifty-two week low of $152.46 and a fifty-two week 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 analysts’ consensus estimates of $2.42 by $0.49. The firm had revenue of $63.67 billion during the quarter, compared to the consensus estimate of $65.15 billion. Cardinal Health had a negative return on equity of 98.53% and a net margin of 0.67%. The firm’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same period in the prior year, the company posted $2.08 earnings per share. Cardinal Health has set its FY 2027 guidance at 12.400-12.600 EPS. On average, sell-side analysts forecast that Cardinal Health, Inc. will post 12.55 earnings per share for the current fiscal year.

Cardinal Health Dividend Announcement

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

About Cardinal Health

Cardinal Health, Inc is a healthcare services and products company that supports pharmacies, hospitals, ambulatory surgery centers, physician offices and other healthcare providers. Its operations are primarily organized into Pharmaceutical and Medical segments.

The Pharmaceutical segment distributes branded, generic, specialty and over-the-counter medicines, as well as consumer health products. It also provides services related to specialty pharmaceuticals, pharmaceutical sourcing, nuclear and precision health products, and data and analytics for pharmaceutical manufacturers and healthcare organizations.

The Medical segment distributes medical and surgical products, including gloves, apparel, incontinence supplies, laboratory products and other essential items.