Keystone Financial Planning Inc. boosted its holdings in Cardinal Health (NYSE:CAH) by 1.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 63,990 shares of the company’s stock after acquiring an additional 1,204 shares during the quarter. Cardinal Health comprises about 2.2% of Keystone Financial Planning Inc.’s investment portfolio, making the stock its 24th biggest holding. Keystone Financial Planning Inc.’s holdings in Cardinal Health were worth $4,011,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of CAH. Kempner Capital Management Inc. raised its position in Cardinal Health by 256.7% in the fourth quarter. Kempner Capital Management Inc. now owns 69,392 shares of the company’s stock worth $4,252,000 after acquiring an additional 49,937 shares in the last quarter. DnB Asset Management AS raised its position in Cardinal Health by 427.6% in the fourth quarter. DnB Asset Management AS now owns 185,083 shares of the company’s stock worth $11,340,000 after acquiring an additional 150,000 shares in the last quarter. Sawyer & Company Inc bought a new stake in Cardinal Health in the fourth quarter worth about $1,118,000. First PREMIER Bank purchased a new position in Cardinal Health in the 4th quarter worth about $163,000. Finally, Hexavest Inc. increased its stake in Cardinal Health by 1.6% in the 4th quarter. Hexavest Inc. now owns 999,501 shares of the company’s stock worth $61,239,000 after purchasing an additional 15,844 shares in the last quarter. Hedge funds and other institutional investors own 90.96% of the company’s stock.
CAH has been the topic of a number of analyst reports. ValuEngine cut Cardinal Health from a “hold” rating to a “sell” rating in a research note on Wednesday, May 2nd. Royal Bank of Canada set a $83.00 price target on Cardinal Health and gave the stock a “hold” rating in a research note on Thursday, February 8th. Zacks Investment Research raised Cardinal Health from a “hold” rating to a “buy” rating and set a $70.00 price target on the stock in a research note on Monday, April 16th. Bank of America initiated coverage on Cardinal Health in a research note on Tuesday, February 27th. They issued an “underperform” rating and a $69.00 price target on the stock. Finally, Barclays initiated coverage on Cardinal Health in a research note on Thursday, March 8th. They issued an “equal weight” rating and a $74.00 price target on the stock. Five research analysts have rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the stock. Cardinal Health has an average rating of “Hold” and an average price target of $70.33.
In related news, CEO Jon L. Giacomin sold 7,995 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $68.78, for a total value of $549,896.10. Following the completion of the sale, the chief executive officer now owns 63,043 shares of the company’s stock, valued at approximately $4,336,097.54. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.97% of the company’s stock.
Cardinal Health opened at $54.33 on Friday, MarketBeat reports. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 1.10. Cardinal Health has a fifty-two week low of $54.08 and a fifty-two week high of $54.92. The stock has a market cap of $16.94 billion, a price-to-earnings ratio of 10.69, a price-to-earnings-growth ratio of 1.37 and a beta of 1.06.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, July 15th. Shareholders of record on Monday, July 2nd will be paid a dividend of $0.476 per share. This represents a $1.90 annualized dividend and a yield of 3.50%. The ex-dividend date of this dividend is Friday, June 29th. This is a boost from Cardinal Health’s previous quarterly dividend of $0.46. Cardinal Health’s payout ratio is 34.26%.
Cardinal Health announced that its Board of Directors has approved a stock buyback plan on Thursday, February 8th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
Cardinal Health Company Profile
Cardinal Health, Inc operates as an integrated healthcare services and products company worldwide. The company's Pharmaceutical segment distributes branded and generic pharmaceutical, specialty pharmaceutical, over-the-counter healthcare, and consumer products to retailers, hospitals, and other healthcare providers.
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