Sumitomo Mitsui Trust Holdings Inc. reduced its holdings in Cardinal Health, Inc. (NYSE:CAH – Free Report) by 3.4% in the 1st quarter, HoldingsChannel reports. The fund owned 865,446 shares of the company’s stock after selling 30,853 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Cardinal Health were worth $65,341,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CAH. Norges Bank acquired a new stake in shares of Cardinal Health during the fourth quarter worth $220,230,000. Moneta Group Investment Advisors LLC acquired a new stake in shares of Cardinal Health during the fourth quarter worth $215,893,000. Arrowstreet Capital Limited Partnership boosted its stake in Cardinal Health by 52.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,876,715 shares of the company’s stock worth $298,003,000 after acquiring an additional 1,327,772 shares in the last quarter. Edmp Inc. boosted its stake in Cardinal Health by 7,587.0% during the fourth quarter. Edmp Inc. now owns 961,259 shares of the company’s stock worth $12,505,000 after acquiring an additional 948,754 shares in the last quarter. Finally, Pacer Advisors Inc. boosted its stake in Cardinal Health by 78.2% during the fourth quarter. Pacer Advisors Inc. now owns 2,002,237 shares of the company’s stock worth $153,912,000 after acquiring an additional 878,429 shares in the last quarter. 85.40% of the stock is currently owned by institutional investors and hedge funds.
Cardinal Health Price Performance
Shares of CAH stock opened at $93.49 on Tuesday. The firm has a 50-day moving average of $88.48 and a 200-day moving average of $80.95. The company has a market cap of $23.80 billion, a P/E ratio of 53.73, a P/E/G ratio of 1.07 and a beta of 0.79. Cardinal Health, Inc. has a one year low of $54.49 and a one year high of $95.10.
Cardinal Health Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Saturday, July 15th. Investors of record on Monday, July 3rd were issued a dividend of $0.5006 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date was Friday, June 30th. This is an increase from Cardinal Health’s previous quarterly dividend of $0.50. Cardinal Health’s dividend payout ratio (DPR) is 114.94%.
Wall Street Analysts Forecast Growth
Several research analysts recently issued reports on the stock. Credit Suisse Group increased their target price on shares of Cardinal Health from $90.00 to $100.00 in a research note on Monday, June 12th. StockNews.com assumed coverage on shares of Cardinal Health in a research note on Thursday, May 18th. They set a “strong-buy” rating on the stock. UBS Group increased their target price on shares of Cardinal Health from $93.00 to $97.00 in a research note on Sunday, June 11th. Citigroup increased their target price on shares of Cardinal Health from $88.00 to $90.00 in a research note on Monday, June 12th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Cardinal Health from $90.00 to $93.00 in a research note on Friday, June 9th. Eight analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $90.00.
Cardinal Health Company Profile
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.
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