Pictet Asset Management Ltd. reduced its holdings in shares of Cardinal Health Inc (NYSE:CAH) by 5.1% during the third quarter, HoldingsChannel.com reports. The fund owned 167,771 shares of the company’s stock after selling 9,100 shares during the quarter. Pictet Asset Management Ltd.’s holdings in Cardinal Health were worth $9,060,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also modified their holdings of the stock. Korea Investment CORP lifted its holdings in Cardinal Health by 143.3% during the third quarter. Korea Investment CORP now owns 285,671 shares of the company’s stock worth $15,426,000 after acquiring an additional 168,250 shares during the period. Alambic Investment Management L.P. lifted its holdings in Cardinal Health by 169.5% during the third quarter. Alambic Investment Management L.P. now owns 15,900 shares of the company’s stock worth $859,000 after acquiring an additional 10,000 shares during the period. Freestone Capital Holdings LLC bought a new stake in Cardinal Health during the third quarter worth $4,825,000. Redwood Investment Management LLC lifted its holdings in Cardinal Health by 23.6% during the third quarter. Redwood Investment Management LLC now owns 5,439 shares of the company’s stock worth $294,000 after acquiring an additional 1,038 shares during the period. Finally, Credit Suisse AG lifted its holdings in Cardinal Health by 7.8% during the third quarter. Credit Suisse AG now owns 417,208 shares of the company’s stock worth $22,530,000 after acquiring an additional 30,224 shares during the period. Institutional investors and hedge funds own 89.10% of the company’s stock.
A number of analysts recently commented on the company. Morgan Stanley lifted their price target on Cardinal Health from $40.00 to $50.00 and gave the stock an “underweight” rating in a report on Monday, December 3rd. Leerink Swann lowered Cardinal Health from an “outperform” rating to a “market perform” rating and set a $55.00 price target on the stock. in a report on Friday, November 16th. Jefferies Financial Group reiterated a “hold” rating and set a $61.00 price target on shares of Cardinal Health in a report on Wednesday, November 14th. Zacks Investment Research upgraded Cardinal Health from a “sell” rating to a “hold” rating in a report on Tuesday, November 13th. Finally, ValuEngine upgraded Cardinal Health from a “strong sell” rating to a “sell” rating in a report on Monday, November 12th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company’s stock. Cardinal Health currently has a consensus rating of “Hold” and a consensus price target of $61.36.
Shares of CAH opened at $53.91 on Friday. The firm has a market capitalization of $16.33 billion, a price-to-earnings ratio of 10.96, a PEG ratio of 1.75 and a beta of 0.92. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.52 and a current ratio of 1.06. Cardinal Health Inc has a 1 year low of $48.14 and a 1 year high of $75.75.
Cardinal Health (NYSE:CAH) last issued its earnings results on Thursday, November 8th. The company reported $1.29 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.21. The firm had revenue of $35.21 billion for the quarter, compared to analyst estimates of $33.66 billion. Cardinal Health had a return on equity of 23.97% and a net margin of 0.53%. The business’s revenue was up 7.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.09 earnings per share. Research analysts anticipate that Cardinal Health Inc will post 5 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Wednesday, January 2nd will be paid a $0.4763 dividend. The ex-dividend date is Monday, December 31st. This represents a $1.91 annualized dividend and a dividend yield of 3.53%. Cardinal Health’s payout ratio is presently 38.20%.
Cardinal Health announced that its Board of Directors has initiated a stock buyback plan on Thursday, November 8th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 6.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.
In other Cardinal Health news, SVP Stuart G. Laws sold 804 shares of the business’s stock in a transaction on Tuesday, November 13th. The stock was sold at an average price of $55.55, for a total value of $44,662.20. Following the sale, the senior vice president now directly owns 6,342 shares in the company, valued at $352,298.10. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 1.10% of the company’s stock.
TRADEMARK VIOLATION WARNING: “Cardinal Health Inc (CAH) Position Reduced by Pictet Asset Management Ltd.” was posted by The Lincolnian Online and is the property of of The Lincolnian Online. If you are reading this story on another domain, it was illegally stolen and republished in violation of US & international copyright & trademark laws. The legal version of this story can be read at https://www.thelincolnianonline.com/2018/12/08/cardinal-health-inc-cah-position-reduced-by-pictet-asset-management-ltd.html.
Cardinal Health Company Profile
Cardinal Health, Inc operates as an integrated healthcare services and products company in the United States and internationally. It provides medical products and pharmaceuticals, and solutions that enhance supply chain efficiency for hospitals, healthcare systems, pharmacies, ambulatory surgery centers, clinical laboratories, and physician offices.
Further Reading: How much money do you need to begin day trading?
Want to see what other hedge funds are holding CAH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cardinal Health Inc (NYSE:CAH).
Receive News & Ratings for Cardinal Health Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cardinal Health and related companies with MarketBeat.com's FREE daily email newsletter.