United Services Automobile Association lessened its stake in Cardinal Health Inc (NYSE:CAH) by 4.5% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 536,745 shares of the company’s stock after selling 25,558 shares during the quarter. United Services Automobile Association owned approximately 0.18% of Cardinal Health worth $28,984,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Standard Life Aberdeen plc raised its stake in Cardinal Health by 5.1% during the third quarter. Standard Life Aberdeen plc now owns 265,231 shares of the company’s stock valued at $14,322,000 after purchasing an additional 12,966 shares in the last quarter. Brown Advisory Inc. raised its stake in Cardinal Health by 0.9% during the third quarter. Brown Advisory Inc. now owns 112,968 shares of the company’s stock valued at $6,100,000 after purchasing an additional 1,046 shares in the last quarter. Sivik Global Healthcare LLC purchased a new stake in Cardinal Health during the third quarter valued at $3,240,000. Virtu Financial LLC purchased a new stake in Cardinal Health during the third quarter valued at $218,000. Finally, Panagora Asset Management Inc. raised its stake in Cardinal Health by 3,703.9% during the third quarter. Panagora Asset Management Inc. now owns 842,098 shares of the company’s stock valued at $45,473,000 after purchasing an additional 819,960 shares in the last quarter. 89.10% of the stock is currently owned by hedge funds and other institutional investors.
Shares of CAH opened at $55.04 on Monday. Cardinal Health Inc has a twelve month low of $48.14 and a twelve month high of $75.75. The firm has a market capitalization of $16.34 billion, a PE ratio of 11.01, a PEG ratio of 1.75 and a beta of 0.92. The company has a current ratio of 1.06, a quick ratio of 0.52 and a debt-to-equity ratio of 1.35.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Wednesday, January 2nd will be issued a $0.4763 dividend. This represents a $1.91 dividend on an annualized basis and a dividend yield of 3.46%. The ex-dividend date is Monday, December 31st. Cardinal Health’s payout ratio is presently 38.20%.
Cardinal Health declared that its board has approved a share buyback program on Thursday, November 8th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 6.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
A number of equities research analysts recently issued reports on the stock. Robert W. Baird decreased their price target on shares of Cardinal Health from $51.00 to $50.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 7th. Leerink Swann downgraded shares of Cardinal Health from an “outperform” rating to a “market perform” rating and set a $55.00 price target on the stock. in a research note on Friday, November 16th. Zacks Investment Research raised shares of Cardinal Health from a “sell” rating to a “hold” rating in a research note on Tuesday, November 13th. Royal Bank of Canada set a $60.00 target price on shares of Cardinal Health and gave the company a “hold” rating in a research note on Friday, September 21st. Finally, Mizuho reissued a “hold” rating and issued a $53.00 target price on shares of Cardinal Health in a research note on Sunday, August 12th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the stock. Cardinal Health currently has a consensus rating of “Hold” and an average target price of $60.75.
In other news, SVP Stuart G. Laws sold 804 shares of the company’s stock in a transaction dated Tuesday, November 13th. The shares were sold at an average price of $55.55, for a total value of $44,662.20. Following the transaction, the senior vice president now directly owns 6,342 shares in the company, valued at $352,298.10. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 1.10% of the company’s stock.
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About Cardinal Health
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.
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