Intech Investment Management LLC Increases Stake in Cardinal Health, Inc. (NYSE:CAH)

Intech Investment Management LLC grew its stake in Cardinal Health, Inc. (NYSE:CAH) by 1.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 148,552 shares of the company’s stock after purchasing an additional 1,633 shares during the period. Intech Investment Management LLC’s holdings in Cardinal Health were worth $16,418,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in CAH. Eastern Bank acquired a new stake in Cardinal Health during the third quarter valued at $25,000. Cultivar Capital Inc. purchased a new stake in shares of Cardinal Health during the 2nd quarter worth about $27,000. Frazier Financial Advisors LLC grew its position in shares of Cardinal Health by 69.8% during the 3rd quarter. Frazier Financial Advisors LLC now owns 253 shares of the company’s stock valued at $28,000 after acquiring an additional 104 shares during the period. Ashton Thomas Private Wealth LLC purchased a new position in shares of Cardinal Health in the 2nd quarter valued at about $29,000. Finally, Hara Capital LLC acquired a new position in Cardinal Health in the 3rd quarter worth about $31,000. Institutional investors and hedge funds own 87.17% of the company’s stock.

Cardinal Health Price Performance

Shares of CAH opened at $120.34 on Thursday. The firm has a 50-day simple moving average of $113.51 and a two-hundred day simple moving average of $105.58. The stock has a market cap of $29.12 billion, a PE ratio of 23.41, a P/E/G ratio of 1.48 and a beta of 0.60. Cardinal Health, Inc. has a 1-year low of $93.17 and a 1-year high of $126.14.

Cardinal Health (NYSE:CAH) last announced its earnings results on Friday, November 1st. The company reported $1.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.62 by $0.26. Cardinal Health had a negative return on equity of 56.56% and a net margin of 0.56%. The company had revenue of $52.28 billion for the quarter, compared to analyst estimates of $50.90 billion. During the same quarter in the previous year, the company earned $1.73 earnings per share. The firm’s quarterly revenue was down 4.3% compared to the same quarter last year. As a group, sell-side analysts expect that Cardinal Health, Inc. will post 7.83 earnings per share for the current fiscal year.

Cardinal Health Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Thursday, January 2nd will be paid a dividend of $0.5056 per share. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $2.02 dividend on an annualized basis and a yield of 1.68%. Cardinal Health’s dividend payout ratio (DPR) is presently 39.30%.

Analyst Ratings Changes

Several brokerages have commented on CAH. StockNews.com lowered Cardinal Health from a “strong-buy” rating to a “buy” rating in a report on Sunday, November 3rd. Robert W. Baird increased their price objective on shares of Cardinal Health from $130.00 to $137.00 and gave the company an “outperform” rating in a report on Thursday, August 15th. Morgan Stanley upped their price target on shares of Cardinal Health from $119.00 to $127.00 and gave the stock an “overweight” rating in a research report on Monday, November 4th. JPMorgan Chase & Co. raised their target price on Cardinal Health from $111.00 to $123.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Finally, Wells Fargo & Company raised their price objective on Cardinal Health from $95.00 to $101.00 and gave the company an “underweight” rating in a report on Thursday, August 15th. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $123.00.

Cardinal Health Company Profile

Cardinal Health, Inc operates as a healthcare services and products company in the United States, Canada, Europe, Asia, and internationally. It provides customized solutions for hospitals, healthcare systems, pharmacies, ambulatory surgery centers, clinical laboratories, physician offices, and patients in the home.