First Trust Advisors LP Trims Position in Cardinal Health, Inc. (NYSE:CAH)

Posted by on Mar 11th, 2023

First Trust Advisors LP lessened its stake in shares of Cardinal Health, Inc. (NYSE:CAH – Get Rating) by 66.9% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 234,623 shares of the company’s stock after selling 473,188 shares during the quarter. First Trust Advisors LP owned about 0.09% of Cardinal Health worth $15,645,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Panagora Asset Management Inc. boosted its position in shares of Cardinal Health by 53.6% during the 1st quarter. Panagora Asset Management Inc. now owns 25,616 shares of the company’s stock valued at $1,452,000 after acquiring an additional 8,935 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of Cardinal Health by 4.8% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 37,071 shares of the company’s stock valued at $2,102,000 after acquiring an additional 1,702 shares during the last quarter. Cibc World Market Inc. bought a new stake in shares of Cardinal Health during the 1st quarter valued at about $212,000. Blair William & Co. IL boosted its position in shares of Cardinal Health by 6.7% during the 1st quarter. Blair William & Co. IL now owns 11,769 shares of the company’s stock valued at $667,000 after acquiring an additional 734 shares during the last quarter. Finally, Sei Investments Co. boosted its position in shares of Cardinal Health by 6.4% during the 1st quarter. Sei Investments Co. now owns 472,799 shares of the company’s stock valued at $26,792,000 after acquiring an additional 28,568 shares during the last quarter. Hedge funds and other institutional investors own 88.93% of the company’s stock.

Cardinal Health Stock Performance

Shares of CAH stock opened at $71.19 on Friday. Cardinal Health, Inc. has a fifty-two week low of $49.70 and a fifty-two week high of $81.57. The stock has a 50 day moving average price of $76.75 and a two-hundred day moving average price of $74.79. The company has a market capitalization of $18.34 billion, a P/E ratio of 13.06, a PEG ratio of 1.16 and a beta of 0.76.

Cardinal Health (NYSE:CAH – Get Rating) last announced its quarterly earnings data on Thursday, February 2nd. The company reported $1.32 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.19. Cardinal Health had a negative return on equity of 101.28% and a negative net margin of 0.66%. The firm had revenue of $51.47 billion during the quarter, compared to the consensus estimate of $50.03 billion. During the same quarter in the previous year, the company posted $1.27 earnings per share. The business’s revenue was up 13.2% on a year-over-year basis. As a group, equities analysts predict that Cardinal Health, Inc. will post 5.42 earnings per share for the current year.

Cardinal Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Saturday, April 15th. Stockholders of record on Monday, April 3rd will be paid a dividend of $0.4957 per share. The ex-dividend date of this dividend is Friday, March 31st. This represents a $1.98 annualized dividend and a dividend yield of 2.79%. Cardinal Health’s dividend payout ratio (DPR) is presently 36.33%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Mizuho lifted their price target on Cardinal Health from $66.00 to $74.00 and gave the company a “neutral” rating in a research report on Monday, November 14th. Robert W. Baird upgraded Cardinal Health from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $87.00 to $94.00 in a research report on Friday, February 3rd. Credit Suisse Group boosted their target price on Cardinal Health from $89.00 to $92.00 and gave the stock a “neutral” rating in a research report on Friday, February 3rd. UBS Group boosted their target price on Cardinal Health from $78.00 to $91.00 and gave the stock a “buy” rating in a research report on Tuesday, January 31st. Finally, Morgan Stanley boosted their target price on Cardinal Health from $86.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, February 3rd. Seven analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Cardinal Health has a consensus rating of “Moderate Buy” and an average target price of $80.64.

Cardinal Health Company Profile

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Cardinal Health, Inc is a healthcare services and products company, which engages in the provision of customized solutions for hospitals, healthcare systems, pharmacies, ambulatory surgery centers, clinical laboratories, and physician offices. It also provides medical products and pharmaceuticals and cost-effective solutions that enhance supply chain efficiency.

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Institutional Ownership by Quarter for Cardinal Health (NYSE:CAH)

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