TrinityPoint Wealth LLC Makes New Investment in Cardinal Health, Inc. (NYSE:CAH)

TrinityPoint Wealth LLC bought a new position in Cardinal Health, Inc. (NYSE:CAH - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 16,518 shares of the company's stock, valued at approximately $1,826,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Swiss National Bank increased its stake in Cardinal Health by 0.4% during the 3rd quarter. Swiss National Bank now owns 722,800 shares of the company's stock valued at $79,884,000 after purchasing an additional 2,700 shares in the last quarter. Thrivent Financial for Lutherans grew its holdings in shares of Cardinal Health by 23.9% during the third quarter. Thrivent Financial for Lutherans now owns 12,727 shares of the company's stock valued at $1,406,000 after buying an additional 2,451 shares during the last quarter. AM Squared Ltd bought a new stake in shares of Cardinal Health during the third quarter valued at approximately $33,000. Gladius Capital Management LP raised its holdings in Cardinal Health by 23.0% in the 3rd quarter. Gladius Capital Management LP now owns 10,013 shares of the company's stock worth $1,107,000 after acquiring an additional 1,873 shares during the last quarter. Finally, Frazier Financial Advisors LLC lifted its position in Cardinal Health by 69.8% in the 3rd quarter. Frazier Financial Advisors LLC now owns 253 shares of the company's stock valued at $28,000 after acquiring an additional 104 shares in the last quarter. 87.17% of the stock is currently owned by institutional investors.

Cardinal Health Price Performance

Shares of CAH stock traded up $0.98 on Monday, hitting $119.76. 378,650 shares of the stock traded hands, compared to its average volume of 2,104,971. The firm has a 50 day simple moving average of $113.14 and a two-hundred day simple moving average of $105.22. The firm has a market cap of $28.98 billion, a price-to-earnings ratio of 23.11, a PEG ratio of 1.48 and a beta of 0.60. Cardinal Health, Inc. has a 52 week low of $93.17 and a 52 week high of $126.14.

Cardinal Health (NYSE:CAH - Get Free Report) last released its earnings results on Friday, November 1st. The company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $52.28 billion during the quarter, compared to analysts' expectations of $50.90 billion. During the same quarter last year, the business posted $1.73 earnings per share. The firm's revenue was down 4.3% on a year-over-year basis. Sell-side analysts forecast that Cardinal Health, Inc. will post 7.83 EPS for the current year.

Cardinal Health Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Thursday, January 2nd will be paid a dividend of $0.5056 per share. The ex-dividend date is Thursday, January 2nd. This represents a $2.02 annualized dividend and a yield of 1.69%. Cardinal Health's payout ratio is 39.30%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Barclays boosted their price target on Cardinal Health from $117.00 to $133.00 and gave the stock an "overweight" rating in a research note on Monday, November 4th. Robert W. Baird raised their target price on shares of Cardinal Health from $130.00 to $137.00 and gave the stock an "outperform" rating in a report on Thursday, August 15th. StockNews.com downgraded Cardinal Health from a "strong-buy" rating to a "buy" rating in a research note on Sunday, November 3rd. Mizuho increased their target price on Cardinal Health from $110.00 to $120.00 and gave the company a "neutral" rating in a report on Monday, November 4th. Finally, Argus boosted their price target on Cardinal Health from $115.00 to $125.00 and gave the company a "buy" rating in a research note on Wednesday, September 11th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $123.00.

Insider Buying and Selling at Cardinal Health

In related news, insider Jessica L. Mayer sold 16,573 shares of the business's stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $109.39, for a total value of $1,812,920.47. Following the sale, the insider now directly owns 75,971 shares in the company, valued at approximately $8,310,467.69. The trade was a 17.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.09% of the stock is currently owned by insiders.

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.