Cardinal Health (NYSE:CAH) Downgraded to “Buy” Rating by Wall Street Zen

Wall Street Zen downgraded shares of Cardinal Health (NYSE:CAH) from a strong-buy rating to a buy rating in a report published on Saturday morning,Wall Street Zen reports.

Other equities research analysts also recently issued research reports about the company. JPMorgan Chase & Co. boosted their price objective on Cardinal Health from $215.00 to $260.00 and gave the company a “neutral” rating in a report on Thursday, August 13th. Leerink Partners set a $292.00 target price on Cardinal Health in a report on Tuesday, August 11th. Barclays lifted their price target on shares of Cardinal Health from $258.00 to $275.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. TD Cowen raised their price objective on shares of Cardinal Health from $275.00 to $280.00 and gave the company a “buy” rating in a research note on Thursday, August 13th. Finally, Weiss Ratings cut shares of Cardinal Health from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, August 19th. Sixteen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Cardinal Health currently has a consensus rating of “Moderate Buy” and a consensus price target of $266.56.

Cardinal Health Trading Down 0.6%

Shares of NYSE CAH opened at $224.95 on Friday. The firm has a market capitalization of $52.32 billion, a P/E ratio of 31.11, a P/E/G ratio of 1.35 and a beta of 0.51. The firm’s 50-day moving average price is $233.74 and its 200-day moving average price is $219.86. Cardinal Health has a 1-year low of $145.87 and a 1-year high of $258.30.

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

Cardinal Health Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, October 1st will be issued a $0.5158 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $2.06 annualized dividend and a dividend yield of 0.9%. Cardinal Health’s dividend payout ratio is currently 28.49%.

Insider Buying and Selling at Cardinal Health

In other Cardinal Health news, CAO Mary C. Scherer sold 2,302 shares of the company’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $237.39, for a total value of $546,471.78. Following the completion of the transaction, the chief accounting officer owned 2,811 shares in the company, valued at $667,303.29. This represents a 45.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michelle D. Greene sold 11,650 shares of the firm’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $235.72, for a total value of $2,746,138.00. Following the sale, the insider directly owned 10,330 shares of the company’s stock, valued at approximately $2,434,987.60. This represents a 53.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 210,271 shares of company stock valued at $49,626,657 in the last ninety days. 0.12% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cardinal Health

Institutional investors have recently added to or reduced their stakes in the stock. Wellington Altus USA Inc. bought a new stake in shares of Cardinal Health in the 2nd quarter worth approximately $55,000. National Pension Service lifted its stake in Cardinal Health by 3.8% in the second quarter. National Pension Service now owns 477,491 shares of the company’s stock valued at $113,433,000 after purchasing an additional 17,492 shares during the last quarter. WINTON GROUP Ltd grew its holdings in Cardinal Health by 394.9% during the second quarter. WINTON GROUP Ltd now owns 44,405 shares of the company’s stock valued at $10,549,000 after purchasing an additional 35,432 shares during the period. Summit Financial Strategies Inc. bought a new position in Cardinal Health during the second quarter valued at $202,000. Finally, Community Bank N.A. increased its position in Cardinal Health by 89.5% in the second quarter. Community Bank N.A. now owns 417 shares of the company’s stock worth $99,000 after buying an additional 197 shares during the last quarter. Institutional investors own 87.17% of the company’s stock.

About Cardinal Health

Cardinal Health, Inc is a healthcare services and products company that supports the pharmaceutical and medical industries. Its Pharmaceutical and Specialty Solutions segment distributes branded, generic and specialty pharmaceuticals, over-the-counter products and consumer health items to pharmacies, hospitals, health systems and other healthcare providers. The segment also provides specialty pharmaceutical services, nuclear and radiopharmaceutical products, and related support for manufacturers and providers.

Through its Global Medical Products and Distribution segment, Cardinal Health manufactures, sources and distributes medical and surgical products, including gloves, gowns, syringes, exam-room supplies and other essential equipment.