Wells Fargo & Company MN Cuts Stake in Cardinal Health, Inc. (NYSE:CAH)

Posted by on Jun 11th, 2023

Wells Fargo & Company MN reduced its stake in Cardinal Health, Inc. (NYSE:CAH – Get Rating) by 0.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 539,026 shares of the company’s stock after selling 1,562 shares during the period. Wells Fargo & Company MN owned approximately 0.21% of Cardinal Health worth $41,435,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. BlackRock Inc. raised its stake in shares of Cardinal Health by 25.9% in the third quarter. BlackRock Inc. now owns 28,680,859 shares of the company’s stock worth $1,912,437,000 after buying an additional 5,896,875 shares during the period. Nomura Holdings Inc. grew its position in shares of Cardinal Health by 13,599.0% during the third quarter. Nomura Holdings Inc. now owns 2,719,672 shares of the company’s stock worth $181,445,000 after purchasing an additional 2,699,819 shares in the last quarter. Elliott Investment Management L.P. purchased a new stake in shares of Cardinal Health during the third quarter worth about $133,360,000. Marshall Wace LLP grew its position in shares of Cardinal Health by 6,373.0% during the third quarter. Marshall Wace LLP now owns 1,259,640 shares of the company’s stock worth $83,994,000 after purchasing an additional 1,240,180 shares in the last quarter. Finally, Two Sigma Investments LP grew its holdings in Cardinal Health by 363.8% during the 3rd quarter. Two Sigma Investments LP now owns 1,438,771 shares of the company’s stock valued at $95,937,000 after buying an additional 1,128,539 shares in the last quarter. 88.93% of the stock is owned by hedge funds and other institutional investors.

Cardinal Health Price Performance

Shares of CAH stock opened at $86.77 on Friday. Cardinal Health, Inc. has a 1-year low of $49.70 and a 1-year high of $87.13. The stock’s fifty day moving average price is $82.43 and its 200 day moving average price is $78.66. The company has a market cap of $22.09 billion, a price-to-earnings ratio of 49.87, a price-to-earnings-growth ratio of 1.21 and a beta of 0.76.

Cardinal Health (NYSE:CAH – Get Rating) last announced its earnings results on Thursday, May 4th. The company reported $1.74 earnings per share for the quarter, topping the consensus estimate of $1.48 by $0.26. The firm had revenue of $50.50 billion for the quarter, compared to the consensus estimate of $49.63 billion. Cardinal Health had a negative return on equity of 81.55% and a net margin of 0.23%. The firm’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.45 EPS. As a group, equities research analysts anticipate that Cardinal Health, Inc. will post 5.71 earnings per share for the current year.

Cardinal Health Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Saturday, July 15th. Shareholders of record on Monday, July 3rd will be issued a dividend of $0.5006 per share. The ex-dividend date of this dividend is Friday, June 30th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.31%. This is a boost from Cardinal Health’s previous quarterly dividend of $0.50. Cardinal Health’s dividend payout ratio is presently 113.79%.

Wall Street Analysts Forecast Growth

CAH has been the subject of several research analyst reports. UBS Group raised their price target on Cardinal Health from $91.00 to $93.00 in a report on Friday, May 5th. Citigroup started coverage on Cardinal Health in a report on Friday, March 31st. They set a “neutral” rating and a $77.00 price target for the company. Deutsche Bank Aktiengesellschaft lifted their target price on Cardinal Health from $88.00 to $90.00 in a report on Monday, May 8th. Evercore ISI lifted their target price on Cardinal Health from $90.00 to $95.00 in a report on Friday. Finally, Barclays lifted their target price on Cardinal Health from $80.00 to $85.00 in a report on Friday. Eight analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $87.00.

Cardinal Health Company Profile

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Cardinal Health, Inc operates as an integrated healthcare services and products company in the United States, Canada, Europe, Asia, and internationally. It provides customized solutions for hospitals, healthcare systems, pharmacies, ambulatory surgery centers, clinical laboratories, physician offices, and patients in the home.

Further Reading

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

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