Summit Global Investments Sells 21,492 Shares of Cardinal Health, Inc. (NYSE:CAH)

Summit Global Investments reduced its stake in shares of Cardinal Health, Inc. (NYSE:CAH - Free Report) by 20.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 82,108 shares of the company's stock after selling 21,492 shares during the quarter. Summit Global Investments' holdings in Cardinal Health were worth $9,711,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. MRP Capital Investments LLC boosted its stake in Cardinal Health by 3.0% during the 4th quarter. MRP Capital Investments LLC now owns 5,140 shares of the company's stock valued at $608,000 after purchasing an additional 150 shares in the last quarter. 1620 Investment Advisors Inc. boosted its stake in Cardinal Health by 4.9% during the fourth quarter. 1620 Investment Advisors Inc. now owns 3,205 shares of the company's stock valued at $379,000 after buying an additional 149 shares in the last quarter. Wayfinding Financial LLC acquired a new position in Cardinal Health during the fourth quarter worth about $236,000. Lee Danner & Bass Inc. bought a new stake in Cardinal Health in the fourth quarter worth about $35,000. Finally, Whittier Trust Co. lifted its holdings in Cardinal Health by 30.7% in the 4th quarter. Whittier Trust Co. now owns 1,729 shares of the company's stock valued at $204,000 after acquiring an additional 406 shares during the last quarter. Institutional investors own 87.17% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CAH. Evercore ISI raised shares of Cardinal Health from an "in-line" rating to an "outperform" rating and set a $140.00 price objective on the stock in a research note on Tuesday, January 7th. Morgan Stanley upped their price target on Cardinal Health from $136.00 to $142.00 and gave the company an "overweight" rating in a report on Friday, January 31st. Wells Fargo & Company raised their price objective on Cardinal Health from $135.00 to $136.00 and gave the stock an "equal weight" rating in a research note on Tuesday, February 4th. Argus set a $148.00 target price on Cardinal Health in a research report on Tuesday, February 4th. Finally, Mizuho initiated coverage on Cardinal Health in a research report on Wednesday, December 4th. They issued an "outperform" rating and a $139.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $139.36.

Remove Ads

Cardinal Health Stock Performance

Shares of NYSE CAH traded up $1.16 during mid-day trading on Wednesday, reaching $133.91. The company had a trading volume of 1,231,981 shares, compared to its average volume of 1,970,202. The stock has a fifty day moving average of $127.78 and a two-hundred day moving average of $120.38. Cardinal Health, Inc. has a 12-month low of $93.17 and a 12-month high of $134.74. The company has a market capitalization of $32.35 billion, a price-to-earnings ratio of 24.98, a PEG ratio of 1.49 and a beta of 0.66.

Cardinal Health (NYSE:CAH - Get Free Report) last issued its earnings results on Thursday, January 30th. The company reported $1.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.74 by $0.19. Cardinal Health had a net margin of 0.59% and a negative return on equity of 59.57%. Sell-side analysts forecast that Cardinal Health, Inc. will post 7.95 earnings per share for the current fiscal year.

Cardinal Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, April 1st will be paid a $0.5056 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $2.02 annualized dividend and a dividend yield of 1.51%. Cardinal Health's payout ratio is 37.69%.

Cardinal Health 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.