M&T Bank Corp Raises Stock Holdings in Cardinal Health, Inc. (NYSE:CAH)

M&T Bank Corp increased its position in Cardinal Health, Inc. (NYSE:CAH - Free Report) by 43.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 28,326 shares of the company's stock after acquiring an additional 8,544 shares during the quarter. M&T Bank Corp's holdings in Cardinal Health were worth $3,131,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of CAH. Charles Schwab Investment Management Inc. raised its holdings in shares of Cardinal Health by 2.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,474,625 shares of the company's stock valued at $162,976,000 after acquiring an additional 33,388 shares in the last quarter. Alpha Cubed Investments LLC purchased a new stake in Cardinal Health in the third quarter valued at approximately $371,000. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Cardinal Health during the third quarter valued at approximately $1,691,000. National Wealth Management Group LLC bought a new position in shares of Cardinal Health in the 3rd quarter worth $903,000. Finally, Cerity Partners LLC raised its position in shares of Cardinal Health by 35.9% during the 3rd quarter. Cerity Partners LLC now owns 32,964 shares of the company's stock valued at $3,643,000 after buying an additional 8,707 shares in the last quarter. Hedge funds and other institutional investors own 87.17% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CAH. StockNews.com downgraded Cardinal Health from a "strong-buy" rating to a "buy" rating in a research report on Sunday, November 3rd. Barclays boosted their target price on Cardinal Health from $117.00 to $133.00 and gave the stock an "overweight" rating in a research report on Monday, November 4th. Mizuho started coverage on shares of Cardinal Health in a research note on Wednesday, December 4th. They set an "outperform" rating and a $139.00 price target on the stock. Argus upped their price objective on shares of Cardinal Health from $115.00 to $125.00 and gave the company a "buy" rating in a research note on Wednesday, September 11th. Finally, Morgan Stanley lifted their target price 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. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $126.75.

Cardinal Health Stock Up 0.5 %

Shares of Cardinal Health stock traded up $0.64 during trading on Friday, reaching $118.10. 1,413,636 shares of the stock were exchanged, compared to its average volume of 2,100,808. Cardinal Health, Inc. has a 1 year low of $93.17 and a 1 year high of $126.23. The firm has a market cap of $28.58 billion, a price-to-earnings ratio of 22.98, a price-to-earnings-growth ratio of 1.47 and a beta of 0.61. The stock's fifty day moving average is $117.12 and its 200 day moving average is $108.45.

Cardinal Health (NYSE:CAH - Get Free Report) last posted its earnings results on Friday, November 1st. The company reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.26. The firm had revenue of $52.28 billion for the quarter, compared to analysts' expectations of $50.90 billion. Cardinal Health had a negative return on equity of 56.56% and a net margin of 0.56%. The business's revenue was down 4.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.73 earnings per share. Equities analysts forecast that Cardinal Health, Inc. will post 7.82 earnings per share for the current year.

Cardinal Health Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Thursday, January 2nd will be paid a dividend of $0.5056 per share. This represents a $2.02 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date of this dividend is Thursday, January 2nd. Cardinal Health's payout ratio is 39.30%.

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.