State of Alaska Department of Revenue Grows Stake in Cardinal Health, Inc. (NYSE:CAH)

State of Alaska Department of Revenue grew its stake in shares of Cardinal Health, Inc. (NYSE:CAH) by 108.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 55,586 shares of the company’s stock after purchasing an additional 28,969 shares during the quarter. State of Alaska Department of Revenue’s holdings in Cardinal Health were worth $6,219,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Clearstead Trust LLC purchased a new position in Cardinal Health in the 4th quarter worth approximately $25,000. Raleigh Capital Management Inc. lifted its position in shares of Cardinal Health by 4,466.7% during the fourth quarter. Raleigh Capital Management Inc. now owns 274 shares of the company’s stock worth $28,000 after purchasing an additional 268 shares in the last quarter. BKM Wealth Management LLC purchased a new position in shares of Cardinal Health in the fourth quarter valued at $30,000. Hexagon Capital Partners LLC grew its holdings in Cardinal Health by 53.6% during the 4th quarter. Hexagon Capital Partners LLC now owns 338 shares of the company’s stock valued at $34,000 after purchasing an additional 118 shares in the last quarter. Finally, Wetzel Investment Advisors Inc. purchased a new stake in Cardinal Health during the 4th quarter worth $36,000. Hedge funds and other institutional investors own 87.17% of the company’s stock.

Analysts Set New Price Targets

CAH has been the subject of several recent analyst reports. Evercore ISI raised their target price on Cardinal Health from $110.00 to $115.00 and gave the company an “in-line” rating in a research note on Friday, May 3rd. Argus lowered their price objective on Cardinal Health from $120.00 to $115.00 and set a “buy” rating for the company in a research note on Wednesday, May 15th. Wells Fargo & Company cut their target price on Cardinal Health from $96.00 to $94.00 and set an “underweight” rating on the stock in a research report on Monday, April 29th. StockNews.com downgraded shares of Cardinal Health from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. Finally, Robert W. Baird cut their price target on shares of Cardinal Health from $134.00 to $128.00 and set an “outperform” rating on the stock in a report on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $109.67.

Cardinal Health Price Performance

CAH stock opened at $95.70 on Thursday. The firm has a market cap of $23.31 billion, a price-to-earnings ratio of 42.53, a PEG ratio of 1.06 and a beta of 0.61. Cardinal Health, Inc. has a 1-year low of $85.11 and a 1-year high of $116.04. The firm has a fifty day moving average price of $99.48 and a two-hundred day moving average price of $104.36.

Cardinal Health (NYSE:CAH) last announced its quarterly earnings data on Thursday, May 2nd. The company reported $2.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.95 by $0.13. The business had revenue of $54.90 billion during the quarter, compared to the consensus estimate of $56.05 billion. Cardinal Health had a net margin of 0.25% and a negative return on equity of 54.74%. The company’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.74 EPS. As a group, analysts expect that Cardinal Health, Inc. will post 7.35 EPS for the current fiscal year.

Cardinal Health Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Monday, July 1st will be given a dividend of $0.5056 per share. This represents a $2.02 dividend on an annualized basis and a dividend yield of 2.11%. This is a boost from Cardinal Health’s previous quarterly dividend of $0.50. The ex-dividend date is Monday, July 1st. Cardinal Health’s dividend payout ratio is presently 89.78%.

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.