Public Employees Retirement Association of Colorado Increases Stake in Cardinal Health Inc (CAH)
Public Employees Retirement Association of Colorado grew its position in Cardinal Health Inc (NYSE:CAH) by 3.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 58,687 shares of the company’s stock after purchasing an additional 2,016 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Cardinal Health were worth $3,596,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in CAH. Shelton Capital Management acquired a new position in shares of Cardinal Health in the second quarter valued at about $238,000. BlueCrest Capital Management Ltd acquired a new position in shares of Cardinal Health in the second quarter valued at about $517,000. Scotia Capital Inc. increased its holdings in shares of Cardinal Health by 12.5% in the second quarter. Scotia Capital Inc. now owns 4,108 shares of the company’s stock valued at $320,000 after purchasing an additional 456 shares during the period. Ameritas Investment Partners Inc. increased its holdings in shares of Cardinal Health by 2.3% in the second quarter. Ameritas Investment Partners Inc. now owns 15,232 shares of the company’s stock valued at $1,185,000 after purchasing an additional 345 shares during the period. Finally, Colony Group LLC increased its holdings in shares of Cardinal Health by 2.0% in the second quarter. Colony Group LLC now owns 19,571 shares of the company’s stock valued at $1,525,000 after purchasing an additional 388 shares during the period. 87.55% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts have recently commented on the company. Royal Bank of Canada set a $83.00 target price on Cardinal Health and gave the stock a “hold” rating in a research note on Thursday. Jefferies Group set a $72.00 target price on Cardinal Health and gave the stock a “hold” rating in a research note on Friday. ValuEngine downgraded Cardinal Health from a “buy” rating to a “hold” rating in a research note on Friday, February 2nd. Zacks Investment Research upgraded Cardinal Health from a “hold” rating to a “buy” rating and set a $84.00 target price on the stock in a research note on Monday, January 29th. Finally, Mizuho set a $73.00 target price on Cardinal Health and gave the stock a “hold” rating in a research note on Wednesday, January 24th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $75.84.
Cardinal Health (NYSE:CAH) last issued its quarterly earnings results on Thursday, February 8th. The company reported $1.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.17. The company had revenue of $35.19 billion for the quarter, compared to the consensus estimate of $34.63 billion. Cardinal Health had a return on equity of 24.81% and a net margin of 1.37%. Cardinal Health’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.34 earnings per share. equities analysts forecast that Cardinal Health Inc will post 5.41 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, April 15th. Shareholders of record on Monday, April 2nd will be given a dividend of $0.4624 per share. The ex-dividend date of this dividend is Thursday, March 29th. This represents a $1.85 dividend on an annualized basis and a yield of 2.77%. Cardinal Health’s dividend payout ratio is currently 32.17%.
Cardinal Health declared that its Board of Directors has initiated a share repurchase program on Thursday, February 8th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
In other Cardinal Health news, CEO Michael C. Kaufmann sold 18,586 shares of the stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $73.90, for a total transaction of $1,373,505.40. Following the transaction, the chief executive officer now owns 211,849 shares in the company, valued at $15,655,641.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.97% of the company’s stock.
Cardinal Health Profile
Cardinal Health, Inc is a healthcare services and products company. The Company operates through two segments: Pharmaceutical and Medical. The Pharmaceutical segment distributes branded and generic pharmaceutical, specialty pharmaceutical, over-the-counter healthcare and consumer products. This segment also operates nuclear pharmacies and cyclotron facilities; provides pharmacy management services to hospitals, as well as medication therapy management and patient outcomes services to hospitals, other healthcare providers and payers, and provides services to healthcare companies.
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