Kentucky Retirement Systems Reduces Stock Holdings in Cardinal Health, Inc. (NYSE:CAH)

Kentucky Retirement Systems lowered its stake in shares of Cardinal Health, Inc. (NYSE:CAH) by 7.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,988 shares of the company’s stock after selling 1,366 shares during the quarter. Kentucky Retirement Systems’ holdings in Cardinal Health were worth $1,878,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Pacer Advisors Inc. raised its stake in Cardinal Health by 9.9% during the 2nd quarter. Pacer Advisors Inc. now owns 4,099,082 shares of the company’s stock worth $403,022,000 after acquiring an additional 370,181 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Cardinal Health by 0.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,730,854 shares of the company’s stock worth $305,584,000 after purchasing an additional 14,030 shares during the last quarter. ProShare Advisors LLC increased its position in shares of Cardinal Health by 5.1% during the second quarter. ProShare Advisors LLC now owns 1,759,299 shares of the company’s stock worth $172,974,000 after purchasing an additional 85,247 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Cardinal Health by 7.1% in the 2nd quarter. Renaissance Technologies LLC now owns 1,683,447 shares of the company’s stock valued at $165,517,000 after purchasing an additional 111,137 shares during the last quarter. Finally, American Century Companies Inc. boosted its position in shares of Cardinal Health by 17.7% in the 2nd quarter. American Century Companies Inc. now owns 1,610,968 shares of the company’s stock valued at $158,390,000 after purchasing an additional 242,608 shares during the period. Hedge funds and other institutional investors own 87.17% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on CAH shares. JPMorgan Chase & Co. lifted their price target on Cardinal Health from $111.00 to $123.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Morgan Stanley lifted their target price on shares of Cardinal Health from $119.00 to $127.00 and gave the company an “overweight” rating in a report on Monday, November 4th. Barclays increased their price target on shares of Cardinal Health from $117.00 to $133.00 and gave the stock an “overweight” rating in a research note on Monday, November 4th. Mizuho lifted their price objective on shares of Cardinal Health from $110.00 to $120.00 and gave the company a “neutral” rating in a research note on Monday, November 4th. Finally, Wells Fargo & Company boosted their price target on Cardinal Health from $95.00 to $101.00 and gave the company an “underweight” rating in a research report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $123.00.

Insiders Place Their Bets

In related news, insider Jessica L. Mayer sold 16,573 shares of the stock in a transaction dated Wednesday, August 21st. The shares were 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 of the company’s stock, valued at approximately $8,310,467.69. This represents a 17.91 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.09% of the stock is owned by company insiders.

Cardinal Health Stock Performance

Shares of NYSE CAH opened at $118.78 on Monday. The company’s fifty day moving average is $113.14 and its two-hundred day moving average is $105.22. The firm has a market capitalization of $28.75 billion, a P/E ratio of 23.11, a PEG ratio of 1.48 and a beta of 0.60. Cardinal Health, Inc. has a one year low of $93.17 and a one year high of $126.14.

Cardinal Health (NYSE:CAH) last issued its earnings results on Friday, November 1st. The company reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.26. Cardinal Health had a net margin of 0.56% and a negative return on equity of 56.56%. The company had revenue of $52.28 billion for the quarter, compared to analyst estimates of $50.90 billion. During the same period in the prior year, the business posted $1.73 earnings per share. The firm’s revenue for the quarter was down 4.3% compared to the same quarter last year. On average, sell-side analysts forecast that Cardinal Health, Inc. will post 7.83 earnings per share for the current fiscal year.

Cardinal Health Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Thursday, January 2nd will be issued 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 1.70%. Cardinal Health’s dividend payout ratio is presently 39.30%.

Cardinal Health Company 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.