Cardinal Health (NYSE:CAH) Reaches New 1-Year High – Here’s Why

Cardinal Health, Inc. (NYSE:CAH) hit a new 52-week high during trading on Thursday . The stock traded as high as $244.87 and last traded at $240.5860, with a volume of 63666 shares traded. The stock had previously closed at $239.23.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CAH. Evercore lowered their target price on shares of Cardinal Health from $260.00 to $240.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 8th. Robert W. Baird set a $248.00 price target on shares of Cardinal Health in a report on Friday, May 1st. TD Cowen raised their price objective on shares of Cardinal Health from $255.00 to $275.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. Morgan Stanley lifted their price objective on shares of Cardinal Health from $245.00 to $255.00 and gave the stock an “overweight” rating in a report on Tuesday, April 28th. Finally, Zacks Research cut Cardinal Health from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 12th. Fifteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $251.73.

Cardinal Health Stock Down 1.6%

The stock has a market cap of $55.16 billion, a PE ratio of 35.99, a PEG ratio of 1.14 and a beta of 0.49. The business’s 50-day simple moving average is $225.07 and its 200-day simple moving average is $215.91.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CAH. Vanguard Group Inc. grew its position in shares of Cardinal Health by 2.0% in the 4th quarter. Vanguard Group Inc. now owns 31,441,258 shares of the company’s stock worth $6,461,179,000 after buying an additional 617,775 shares during the last quarter. State Street Corp raised its holdings in shares of Cardinal Health by 1.8% during the fourth quarter. State Street Corp now owns 12,509,230 shares of the company’s stock valued at $2,570,647,000 after acquiring an additional 221,497 shares in the last quarter. Geode Capital Management LLC lifted its stake in Cardinal Health by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 6,529,013 shares of the company’s stock worth $1,336,750,000 after acquiring an additional 43,924 shares during the period. Wellington Management Group LLP boosted its holdings in Cardinal Health by 153.2% in the third quarter. Wellington Management Group LLP now owns 5,804,090 shares of the company’s stock valued at $911,010,000 after acquiring an additional 3,511,579 shares in the last quarter. Finally, Norges Bank purchased a new position in Cardinal Health during the 4th quarter valued at $790,344,000. Hedge funds and other institutional investors own 87.17% of the company’s stock.

Cardinal Health Company 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.