Morgan Stanley Forecasts Strong Price Appreciation for Cardinal Health (NYSE:CAH) Stock

Cardinal Health (NYSE:CAH) had its target price lifted by Morgan Stanley from $181.00 to $190.00 in a research note released on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

CAH has been the subject of a number of other research reports. Wall Street Zen upgraded shares of Cardinal Health from a “buy” rating to a “strong-buy” rating in a research note on Monday, May 5th. UBS Group boosted their price target on shares of Cardinal Health from $150.00 to $160.00 and gave the company a “buy” rating in a research note on Tuesday, April 29th. Robert W. Baird boosted their price target on shares of Cardinal Health from $156.00 to $170.00 and gave the company an “outperform” rating in a research note on Friday, May 2nd. Bank of America boosted their price target on shares of Cardinal Health from $165.00 to $170.00 and gave the company a “buy” rating in a research note on Tuesday, June 10th. Finally, Citigroup restated a “neutral” rating and set a $170.00 price target (up previously from $157.00) on shares of Cardinal Health in a research note on Friday, June 13th. Three investment 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, the stock has an average rating of “Moderate Buy” and a consensus price target of $158.07.

Cardinal Health Stock Down 0.0%

Cardinal Health stock opened at $159.45 on Wednesday. The company has a market capitalization of $38.06 billion, a PE ratio of 24.88, a PEG ratio of 1.58 and a beta of 0.68. Cardinal Health has a 12-month low of $94.29 and a 12-month high of $168.44. The firm’s fifty day moving average is $158.68 and its 200 day moving average is $140.19.

Cardinal Health (NYSE:CAH) last posted its quarterly earnings results on Thursday, May 1st. The company reported $2.35 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.20. The business had revenue of $54.88 billion during the quarter, compared to analysts’ expectations of $55.33 billion. Cardinal Health had a net margin of 0.70% and a negative return on equity of 68.84%. 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 earnings per share. Sell-side analysts expect that Cardinal Health will post 7.95 EPS for the current fiscal year.

Cardinal Health Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Tuesday, July 1st were given a dividend of $0.5107 per share. The ex-dividend date of this dividend was Tuesday, July 1st. This represents a $2.04 annualized dividend and a yield of 1.28%. This is a positive change from Cardinal Health’s previous quarterly dividend of $0.51. Cardinal Health’s dividend payout ratio is presently 31.83%.

Hedge Funds Weigh In On Cardinal Health

Institutional investors have recently added to or reduced their stakes in the stock. Greykasell Wealth Strategies Inc. purchased a new stake in Cardinal Health during the first quarter valued at about $26,000. Cyrus J. Lawrence LLC purchased a new stake in shares of Cardinal Health in the fourth quarter worth about $26,000. Tompkins Financial Corp lifted its holdings in shares of Cardinal Health by 106.7% in the first quarter. Tompkins Financial Corp now owns 248 shares of the company’s stock worth $34,000 after buying an additional 128 shares in the last quarter. Bellwether Advisors LLC purchased a new stake in shares of Cardinal Health in the fourth quarter worth about $32,000. Finally, GW&K Investment Management LLC lifted its holdings in shares of Cardinal Health by 113.4% in the first quarter. GW&K Investment Management LLC now owns 271 shares of the company’s stock worth $37,000 after buying an additional 144 shares in the last quarter. Institutional investors own 87.17% of the company’s stock.

About Cardinal Health

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.