Cardinal Health, Inc. (NYSE:CAH) Shares Sold by Edgestream Partners L.P.

Edgestream Partners L.P. reduced its stake in Cardinal Health, Inc. (NYSE:CAH) by 29.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,173 shares of the company’s stock after selling 6,749 shares during the period. Edgestream Partners L.P.’s holdings in Cardinal Health were worth $1,590,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of CAH. Citizens Financial Group Inc. RI purchased a new stake in Cardinal Health during the 2nd quarter worth $232,000. Renaissance Technologies LLC raised its holdings in shares of Cardinal Health by 7.1% during the second quarter. Renaissance Technologies LLC now owns 1,683,447 shares of the company’s stock worth $165,517,000 after purchasing an additional 111,137 shares during the period. Quantbot Technologies LP lifted its holdings in Cardinal Health by 132.4% in the second quarter. Quantbot Technologies LP now owns 170,808 shares of the company’s stock worth $16,794,000 after acquiring an additional 97,307 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Cardinal Health by 6.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,237,338 shares of the company’s stock worth $121,664,000 after purchasing an additional 69,934 shares during the last quarter. Finally, Dai ichi Life Insurance Company Ltd boosted its holdings in shares of Cardinal Health by 10.2% during the second quarter. Dai ichi Life Insurance Company Ltd now owns 49,221 shares of the company’s stock valued at $4,839,000 after acquiring an additional 4,541 shares during the period. 87.17% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cardinal Health

In related news, insider Jessica L. Mayer sold 17,896 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $106.48, for a total transaction of $1,905,566.08. Following the completion of the transaction, the insider now owns 94,529 shares in the company, valued at approximately $10,065,447.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Jessica L. Mayer sold 16,573 shares of the firm’s stock in a transaction on 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 completion of the sale, the insider now directly owns 75,971 shares in the company, valued at $8,310,467.69. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jessica L. Mayer sold 17,896 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $106.48, for a total transaction of $1,905,566.08. Following the completion of the transaction, the insider now directly owns 94,529 shares of the company’s stock, valued at $10,065,447.92. The disclosure for this sale can be found here. In the last three months, insiders sold 113,963 shares of company stock valued at $12,379,980. Company insiders own 0.15% of the company’s stock.

Cardinal Health Trading Down 0.6 %

Shares of Cardinal Health stock opened at $110.76 on Friday. The firm has a fifty day simple moving average of $104.93 and a 200-day simple moving average of $104.07. The stock has a market capitalization of $26.98 billion, a price-to-earnings ratio of 49.23, a PEG ratio of 1.55 and a beta of 0.60. Cardinal Health, Inc. has a 1-year low of $85.82 and a 1-year high of $116.05.

Cardinal Health (NYSE:CAH) last announced its earnings results on Wednesday, August 14th. The company reported $1.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.10. Cardinal Health had a net margin of 0.37% and a negative return on equity of 54.85%. The business had revenue of $59.87 billion for the quarter, compared to analyst estimates of $58.74 billion. During the same quarter in the previous year, the firm posted $1.55 earnings per share. Cardinal Health’s revenue was up 12.1% compared to the same quarter last year. As a group, research analysts predict that Cardinal Health, Inc. will post 7.61 earnings per share for the current year.

Cardinal Health Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be paid a $0.506 dividend. This represents a $2.02 dividend on an annualized basis and a dividend yield of 1.83%. This is a positive change from Cardinal Health’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend is Tuesday, October 1st. Cardinal Health’s dividend payout ratio is presently 89.78%.

Wall Street Analyst Weigh In

CAH has been the subject of several analyst reports. Morgan Stanley boosted their price objective on Cardinal Health from $114.00 to $119.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. Robert W. Baird boosted 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. Deutsche Bank Aktiengesellschaft lifted their target price on Cardinal Health from $115.00 to $119.00 and gave the stock a “hold” rating in a report on Friday, August 16th. Wells Fargo & Company increased their price objective on Cardinal Health from $95.00 to $101.00 and gave the stock an “underweight” rating in a research note on Thursday, August 15th. Finally, Evercore ISI increased their target price on shares of Cardinal Health from $105.00 to $115.00 and gave the stock an “in-line” rating in a research report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, four have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $119.36.

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.