Cadence Capital Management LLC Reduces Stake in Cardinal Health, Inc. (NYSE:CAH)

Cadence Capital Management LLC lessened its stake in shares of Cardinal Health, Inc. (NYSE:CAH) by 17.5% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,339 shares of the company’s stock after selling 1,767 shares during the quarter. Cadence Capital Management LLC’s holdings in Cardinal Health were worth $392,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in CAH. AQR Capital Management LLC boosted its position in shares of Cardinal Health by 233.2% in the second quarter. AQR Capital Management LLC now owns 2,722,090 shares of the company’s stock valued at $139,154,000 after acquiring an additional 1,905,166 shares during the period. AJO LP grew its position in shares of Cardinal Health by 43.1% during the 2nd quarter. AJO LP now owns 2,190,465 shares of the company’s stock valued at $114,319,000 after purchasing an additional 659,447 shares in the last quarter. PGGM Investments bought a new position in shares of Cardinal Health in the second quarter worth $31,092,000. Wedge Capital Management L L P NC bought a new position in shares of Cardinal Health in the second quarter worth $30,793,000. Finally, Prudential PLC raised its position in shares of Cardinal Health by 32.6% in the second quarter. Prudential PLC now owns 2,186,101 shares of the company’s stock worth $114,093,000 after buying an additional 537,500 shares in the last quarter. Hedge funds and other institutional investors own 84.72% of the company’s stock.

Shares of CAH stock traded down $0.13 on Friday, hitting $48.79. 1,284,587 shares of the company’s stock traded hands, compared to its average volume of 2,631,427. The stock has a market capitalization of $14.31 billion, a price-to-earnings ratio of -3.91, a P/E/G ratio of 1.63 and a beta of 0.94. The company’s fifty day simple moving average is $48.14 and its 200 day simple moving average is $51.00. Cardinal Health, Inc. has a one year low of $39.05 and a one year high of $60.69. The company has a debt-to-equity ratio of 3.78, a quick ratio of 0.54 and a current ratio of 1.10.

Cardinal Health (NYSE:CAH) last posted its quarterly earnings results on Thursday, August 6th. The company reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.13. The business had revenue of $36.70 billion during the quarter, compared to analyst estimates of $36.82 billion. Cardinal Health had a negative net margin of 2.42% and a positive return on equity of 130.94%. The company’s revenue was down 1.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.11 earnings per share. As a group, sell-side analysts anticipate that Cardinal Health, Inc. will post 5.45 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Thursday, October 1st were given a dividend of $0.4859 per share. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $1.94 annualized dividend and a yield of 3.98%. Cardinal Health’s payout ratio is 35.60%.

A number of equities analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft upgraded Cardinal Health from a “hold” rating to a “buy” rating and decreased their target price for the stock from $66.00 to $61.00 in a research note on Friday, September 25th. They noted that the move was a valuation call. ValuEngine cut shares of Cardinal Health from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 2nd. Guggenheim upgraded shares of Cardinal Health from a “neutral” rating to a “buy” rating in a research report on Monday, July 20th. Bank of America increased their price target on shares of Cardinal Health from $61.00 to $63.00 and gave the stock a “buy” rating in a report on Tuesday, July 21st. Finally, Zacks Investment Research raised shares of Cardinal Health from a “sell” rating to a “hold” rating and set a $56.00 price objective for the company in a report on Tuesday, August 11th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company’s stock. Cardinal Health has a consensus rating of “Hold” and a consensus target price of $59.40.

Cardinal Health Company Profile

Cardinal Health, Inc operates as an integrated healthcare services and products company in the United States and internationally. It provides customized solutions for hospitals, healthcare systems, pharmacies, ambulatory surgery centers, clinical laboratories, and physician offices. The company operates through two segments, Pharmaceutical and Medical.

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

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