Summit Global Investments Has $11.45 Million Stock Position in Cardinal Health, Inc. (NYSE:CAH)

Summit Global Investments trimmed its position in shares of Cardinal Health, Inc. (NYSE:CAH - Free Report) by 12.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 103,600 shares of the company's stock after selling 15,188 shares during the period. Summit Global Investments' holdings in Cardinal Health were worth $11,450,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Eastern Bank acquired a new stake in Cardinal Health in the third quarter worth approximately $25,000. Cultivar Capital Inc. acquired a new stake in Cardinal Health during the second quarter valued at approximately $27,000. Hara Capital LLC bought a new stake in Cardinal Health during the third quarter worth approximately $31,000. LRI Investments LLC acquired a new position in shares of Cardinal Health in the 1st quarter valued at $32,000. Finally, Ashton Thomas Private Wealth LLC purchased a new position in Cardinal Health in the 2nd quarter worth about $29,000. Institutional investors own 87.17% of the company's stock.

Cardinal Health Trading Up 2.4 %

NYSE:CAH traded up $2.82 during trading hours on Friday, hitting $121.04. 1,271,450 shares of the company traded hands, compared to its average volume of 2,082,291. The stock has a market capitalization of $29.29 billion, a price-to-earnings ratio of 23.00, a P/E/G ratio of 1.39 and a beta of 0.60. The firm has a 50-day moving average of $112.07 and a 200 day moving average of $104.41. Cardinal Health, Inc. has a twelve month low of $93.17 and a twelve month high of $121.79.

Cardinal Health (NYSE:CAH - Get Free Report) last released its earnings results on Friday, November 1st. The company reported $1.88 earnings per share for the quarter, topping 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 business had revenue of $52.28 billion for the quarter, compared to the consensus estimate of $50.90 billion. During the same period last year, the business earned $1.73 earnings per share. The firm's revenue for the quarter was down 4.3% compared to the same quarter last year. Equities research analysts predict that Cardinal Health, Inc. will post 7.84 earnings per share for the current fiscal year.

Cardinal Health Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Thursday, January 2nd will be issued a dividend of $0.5056 per share. This represents a $2.02 dividend on an annualized basis and a yield of 1.67%. The ex-dividend date is Thursday, January 2nd. Cardinal Health's payout ratio is 39.30%.

Analyst Upgrades and Downgrades

CAH has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft raised their target price on shares of Cardinal Health from $119.00 to $124.00 and gave the stock a "hold" rating in a report on Monday. JPMorgan Chase & Co. upped their price objective on shares of Cardinal Health from $111.00 to $123.00 and gave the company a "neutral" rating in a research note on Wednesday, August 21st. Argus boosted their price target on shares of Cardinal Health from $115.00 to $125.00 and gave the company a "buy" rating in a report on Wednesday, September 11th. Mizuho upped their price target on shares of Cardinal Health from $110.00 to $120.00 and gave the stock a "neutral" rating in a research note on Monday. Finally, Evercore ISI boosted their target price on Cardinal Health from $105.00 to $115.00 and gave the company an "in-line" rating in a research note on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $123.00.

Insider Activity

In other Cardinal Health news, CEO Jason M. Hollar sold 46,455 shares of the stock in a transaction on Monday, August 19th. The stock was sold at an average price of $109.02, for a total transaction of $5,064,524.10. Following the completion of the transaction, the chief executive officer now directly owns 197,636 shares in the company, valued at $21,546,276.72. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CFO Aaron E. Alt sold 2,323 shares of Cardinal Health stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $108.91, for a total value of $252,997.93. Following the completion of the transaction, the chief financial officer now directly owns 36,867 shares of the company's stock, valued at $4,015,184.97. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Jason M. Hollar sold 46,455 shares of the firm's stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $109.02, for a total transaction of $5,064,524.10. Following the completion of the sale, the chief executive officer now owns 197,636 shares of the company's stock, valued at $21,546,276.72. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 113,963 shares of company stock worth $12,379,980. Company insiders own 0.09% 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.