Cardinal Health (NYSE:CAH) Given New $170.00 Price Target at Bank of America

Cardinal Health (NYSE:CAH) had its price target lifted by Bank of America from $165.00 to $170.00 in a report published on Tuesday morning,Benzinga reports. Bank of America currently has a buy rating on the stock.

Several other equities research analysts have also recently commented on the stock. Morgan Stanley boosted their price objective on shares of Cardinal Health from $142.00 to $166.00 and gave the company an “overweight” rating in a research report on Monday, May 5th. Robert W. Baird boosted their price objective on shares of Cardinal Health from $156.00 to $170.00 and gave the company an “outperform” rating in a research report on Friday, May 2nd. Citigroup reaffirmed a “neutral” rating on shares of Cardinal Health in a research report on Thursday, May 1st. Mizuho boosted their price objective on shares of Cardinal Health from $142.00 to $150.00 and gave the company an “outperform” rating in a research report on Monday, March 31st. Finally, Wall Street Zen raised shares of Cardinal Health from a “buy” rating to a “strong-buy” rating in a research report on Monday, May 5th. Three research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $150.57.

Cardinal Health Stock Performance

Shares of CAH stock opened at $153.07 on Tuesday. The company has a market capitalization of $36.54 billion, a P/E ratio of 28.56, a price-to-earnings-growth ratio of 1.49 and a beta of 0.66. The company’s 50 day moving average price is $144.14 and its two-hundred day moving average price is $131.94. Cardinal Health has a 52 week low of $93.17 and a 52 week high of $157.82.

Cardinal Health (NYSE:CAH) last announced its earnings results on Thursday, May 1st. The company reported $2.35 EPS for the quarter, topping the consensus estimate of $2.15 by $0.20. The firm had revenue of $54.88 billion for the quarter, compared to the consensus estimate of $55.33 billion. Cardinal Health had a net margin of 0.59% and a negative return on equity of 59.57%. The business’s quarterly revenue was up .0% on a year-over-year basis. During the same period last year, the company posted $2.08 EPS. Analysts forecast that Cardinal Health will post 7.95 earnings per share for the current year.

Cardinal Health Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st will be paid a $0.5107 dividend. The ex-dividend date of this dividend is Tuesday, July 1st. This is a boost from Cardinal Health’s previous quarterly dividend of $0.51. This represents a $2.04 annualized dividend and a dividend yield of 1.33%. Cardinal Health’s dividend payout ratio (DPR) is currently 31.83%.

Hedge Funds Weigh In On Cardinal Health

Hedge funds and other institutional investors have recently made changes to their positions in the company. Greykasell Wealth Strategies Inc. bought a new position in shares of Cardinal Health in the first quarter valued at $26,000. Cyrus J. Lawrence LLC bought a new stake in shares of Cardinal Health in the 4th quarter valued at about $26,000. Tompkins Financial Corp raised its holdings in shares of Cardinal Health by 106.7% in the 1st quarter. Tompkins Financial Corp now owns 248 shares of the company’s stock valued at $34,000 after purchasing an additional 128 shares during the period. Promus Capital LLC bought a new stake in shares of Cardinal Health in the 4th quarter valued at about $30,000. Finally, Bellwether Advisors LLC bought a new stake in shares of Cardinal Health in the 4th quarter valued at about $32,000. 87.17% of the stock is owned by institutional investors.

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.