Metropolitan Life Insurance Co. NY trimmed its stake in shares of Cardinal Health Inc (NYSE:CAH) by 67.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 48,779 shares of the company’s stock after selling 101,477 shares during the quarter. Metropolitan Life Insurance Co. NY’s holdings in Cardinal Health were worth $2,989,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of CAH. Steward Partners Investment Advisory LLC bought a new position in Cardinal Health during the 3rd quarter valued at $102,000. Ffcm LLC bought a new position in Cardinal Health during the 4th quarter valued at $105,000. JNBA Financial Advisors boosted its stake in Cardinal Health by 615.4% during the 4th quarter. JNBA Financial Advisors now owns 1,860 shares of the company’s stock valued at $114,000 after acquiring an additional 1,600 shares during the last quarter. Cerebellum GP LLC bought a new position in Cardinal Health during the 4th quarter valued at $129,000. Finally, James Hambro & Partners acquired a new stake in shares of Cardinal Health during the fourth quarter worth $138,000. Hedge funds and other institutional investors own 89.98% of the company’s stock.
A number of analysts have weighed in on the stock. TheStreet raised shares of Cardinal Health from a “c+” rating to a “b-” rating in a report on Tuesday, March 13th. Barclays assumed coverage on shares of Cardinal Health in a report on Thursday, March 8th. They set an “equal weight” rating and a $74.00 target price on the stock. Zacks Investment Research cut shares of Cardinal Health from a “buy” rating to a “hold” rating in a report on Wednesday, March 7th. ValuEngine cut shares of Cardinal Health from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. Finally, Bank of America assumed coverage on shares of Cardinal Health in a report on Tuesday, February 27th. They set an “underperform” rating and a $69.00 target price on the stock. Three analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $74.78.
Cardinal Health (NYSE:CAH) last released its quarterly earnings data on Thursday, February 8th. The company reported $1.31 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.17. Cardinal Health had a net margin of 1.37% and a return on equity of 24.81%. The business had revenue of $35.19 billion for the quarter, compared to analysts’ expectations of $34.63 billion. During the same quarter last year, the company earned $1.34 EPS. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. analysts expect that Cardinal Health Inc will post 5.42 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Sunday, April 15th. Investors of record on Monday, April 2nd will be issued a $0.4624 dividend. The ex-dividend date is Thursday, March 29th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 2.82%. Cardinal Health’s dividend payout ratio (DPR) is presently 32.17%.
Cardinal Health declared that its board has approved a stock buyback plan on Thursday, February 8th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
In other Cardinal Health news, insider Patricia Morrison sold 28,532 shares of the firm’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $66.30, for a total transaction of $1,891,671.60. Following the transaction, the insider now owns 36,157 shares of the company’s stock, valued at approximately $2,397,209.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Michael C. Kaufmann sold 18,586 shares of the firm’s stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $73.90, for a total transaction of $1,373,505.40. Following the transaction, the chief executive officer now directly owns 211,849 shares in the company, valued at approximately $15,655,641.10. The disclosure for this sale can be found here. In the last ninety days, insiders sold 55,113 shares of company stock worth $3,815,073. Corporate insiders own 0.97% of the company’s stock.
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About Cardinal Health
Cardinal Health, Inc is a healthcare services and products company. The Company operates through two segments: Pharmaceutical and Medical. The Pharmaceutical segment distributes branded and generic pharmaceutical, specialty pharmaceutical, over-the-counter healthcare and consumer products. This segment also operates nuclear pharmacies and cyclotron facilities; provides pharmacy management services to hospitals, as well as medication therapy management and patient outcomes services to hospitals, other healthcare providers and payers, and provides services to healthcare companies.
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