Cardinal Health Inc (NYSE:CAH) gapped down prior to trading on Tuesday . The stock had previously closed at $70.98, but opened at $68.03. Cardinal Health shares last traded at $65.69, with a volume of 4063245 shares trading hands.

CAH has been the topic of a number of research analyst reports. Morgan Stanley downgraded shares of Cardinal Health from an “equal weight” rating to an “underweight” rating in a research note on Monday, November 20th. Deutsche Bank initiated coverage on shares of Cardinal Health in a research note on Monday, December 4th. They issued a “hold” rating and a $64.00 price target on the stock. Argus downgraded shares of Cardinal Health from a “buy” rating to a “hold” rating in a research note on Wednesday, November 15th. Zacks Investment Research raised shares of Cardinal Health from a “sell” rating to a “hold” rating in a research note on Wednesday, November 8th. Finally, Evercore ISI initiated coverage on shares of Cardinal Health in a research note on Thursday, January 4th. They issued an “in-line” rating and a $67.00 price target on the stock. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have assigned a buy rating to the stock. Cardinal Health currently has an average rating of “Hold” and a consensus price target of $75.84.

The company has a market cap of $20,673.10, a P/E ratio of 11.71, a price-to-earnings-growth ratio of 1.42 and a beta of 0.96. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.09 and a quick ratio of 0.57.

Cardinal Health (NYSE:CAH) last announced its earnings results on Thursday, February 8th. The company reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.17. Cardinal Health had a net margin of 0.45% and a return on equity of 8.93%. The firm had revenue of $35.19 billion for the quarter, compared to the consensus estimate of $34.63 billion. During the same period in the prior year, the firm earned $1.34 EPS. The firm’s revenue for the quarter was up 6.1% on a year-over-year basis. equities analysts expect that Cardinal Health Inc will post 5.44 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Sunday, April 15th. Investors of record on Monday, April 2nd will be paid a dividend of $0.4624 per share. This represents a $1.85 annualized dividend and a yield of 2.75%. The ex-dividend date of this dividend is Thursday, March 29th. Cardinal Health’s payout ratio is currently 32.17%.

Cardinal Health announced that its Board of Directors has authorized a stock 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 purchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

In related news, CEO Michael C. Kaufmann sold 18,586 shares of the company’s stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $73.90, for a total transaction of $1,373,505.40. Following the sale, the chief executive officer now directly owns 211,849 shares of the company’s stock, valued at approximately $15,655,641.10. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.97% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in CAH. Shelton Capital Management purchased a new stake in Cardinal Health during the 2nd quarter worth approximately $238,000. Scotia Capital Inc. increased its stake in Cardinal Health by 12.5% during the 2nd quarter. Scotia Capital Inc. now owns 4,108 shares of the company’s stock worth $320,000 after buying an additional 456 shares during the period. Ameritas Investment Partners Inc. increased its position in shares of Cardinal Health by 2.3% in the 2nd 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 last quarter. Advisory Services Network LLC increased its position in shares of Cardinal Health by 18.4% in the 2nd quarter. Advisory Services Network LLC now owns 1,739 shares of the company’s stock valued at $136,000 after purchasing an additional 270 shares during the last quarter. Finally, Toronto Dominion Bank increased its position in shares of Cardinal Health by 25.6% in the 2nd quarter. Toronto Dominion Bank now owns 107,005 shares of the company’s stock valued at $8,336,000 after purchasing an additional 21,799 shares during the last quarter. 87.55% of the stock is currently owned by hedge funds and other institutional investors.

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About Cardinal Health

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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