Cardinal Health, Inc. $CAH Shares Sold by California State Teachers Retirement System

California State Teachers Retirement System lowered its position in Cardinal Health, Inc. (NYSE:CAH) by 2.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 370,711 shares of the company’s stock after selling 9,726 shares during the quarter. California State Teachers Retirement System owned about 0.16% of Cardinal Health worth $78,335,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Kornitzer Capital Management Inc. KS increased its position in shares of Cardinal Health by 100.8% during the fourth quarter. Kornitzer Capital Management Inc. KS now owns 18,164 shares of the company’s stock valued at $3,733,000 after acquiring an additional 9,120 shares during the last quarter. HF Advisory Group LLC lifted its holdings in shares of Cardinal Health by 97.5% in the 4th quarter. HF Advisory Group LLC now owns 10,227 shares of the company’s stock worth $2,102,000 after acquiring an additional 5,049 shares during the last quarter. Abacus FCF Advisors LLC purchased a new position in shares of Cardinal Health during the 4th quarter worth approximately $7,182,000. Byrne Financial Freedom LLC purchased a new position in shares of Cardinal Health during the 4th quarter worth approximately $1,574,000. Finally, Belleair Asset Management LLC acquired a new stake in Cardinal Health in the 4th quarter valued at approximately $1,100,000. 87.17% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on CAH shares. Morgan Stanley raised their price target on Cardinal Health from $245.00 to $255.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 28th. JPMorgan Chase & Co. cut their target price on shares of Cardinal Health from $243.00 to $215.00 and set a “neutral” rating on the stock in a research note on Monday, May 4th. Zacks Research cut shares of Cardinal Health from a “strong-buy” rating to a “hold” rating in a report on Friday, June 12th. Weiss Ratings downgraded shares of Cardinal Health from a “buy (b+)” rating to a “buy (b)” rating in a research note on Tuesday, May 19th. Finally, Evercore lowered their price target on shares of Cardinal Health from $260.00 to $240.00 and set an “outperform” rating for the company in a report on Wednesday, April 8th. Fifteen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $251.73.

Cardinal Health Stock Down 1.3%

CAH stock opened at $229.37 on Thursday. The business has a 50 day moving average price of $221.82 and a 200 day moving average price of $215.01. The stock has a market cap of $53.72 billion, a price-to-earnings ratio of 35.07, a PEG ratio of 1.14 and a beta of 0.49. Cardinal Health, Inc. has a fifty-two week low of $137.75 and a fifty-two week high of $243.21.

Cardinal Health (NYSE:CAH) last released its quarterly earnings data on Thursday, April 30th. The company reported $3.17 earnings per share for the quarter, topping analysts’ consensus estimates of $2.79 by $0.38. Cardinal Health had a net margin of 0.62% and a negative return on equity of 92.61%. The company had revenue of $60.94 billion for the quarter, compared to analysts’ expectations of $62.10 billion. During the same quarter last year, the company earned $2.35 earnings per share. The firm’s revenue for the quarter was up 11.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Cardinal Health, Inc. will post 10.77 EPS for the current year.

Cardinal Health Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Wednesday, July 1st were given a dividend of $0.5158 per share. This represents a $2.06 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Wednesday, July 1st. This is an increase from Cardinal Health’s previous quarterly dividend of $0.51. Cardinal Health’s payout ratio is 31.50%.

Cardinal Health Profile

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.