Sound Shore Management Inc. CT Acquires 133,195 Shares of Cardinal Health, Inc. (NYSE:CAH)

Sound Shore Management Inc. CT lifted its stake in shares of Cardinal Health, Inc. (NYSE:CAH) by 24.8% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 669,762 shares of the company’s stock after buying an additional 133,195 shares during the quarter. Sound Shore Management Inc. CT owned about 0.27% of Cardinal Health worth $65,851,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Pacer Advisors Inc. increased its holdings in Cardinal Health by 9.9% in the 2nd quarter. Pacer Advisors Inc. now owns 4,099,082 shares of the company’s stock valued at $403,022,000 after buying an additional 370,181 shares during the period. AE Wealth Management LLC increased its position in Cardinal Health by 17.8% in the 2nd quarter. AE Wealth Management LLC now owns 45,059 shares of the company’s stock valued at $4,430,000 after acquiring an additional 6,797 shares during the period. Promethos Capital LLC raised its stake in shares of Cardinal Health by 2,850.6% during the second quarter. Promethos Capital LLC now owns 28,680 shares of the company’s stock valued at $2,820,000 after acquiring an additional 27,708 shares during the last quarter. MQS Management LLC increased its holdings in Cardinal Health by 54.3% in the second quarter. MQS Management LLC now owns 4,795 shares of the company’s stock valued at $471,000 after purchasing an additional 1,687 shares during the period. Finally, XTX Topco Ltd acquired a new position in shares of Cardinal Health in the second quarter worth approximately $2,469,000. Institutional investors own 87.17% of the company’s stock.

Insider Buying and Selling at Cardinal Health

In other Cardinal Health news, CEO Jason M. Hollar sold 26,716 shares of the stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $108.87, for a total value of $2,908,570.92. Following the completion of the sale, the chief executive officer now directly owns 244,091 shares in the company, valued at $26,574,187.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Jessica L. Mayer sold 16,573 shares of Cardinal Health 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 completion of the transaction, the insider now directly owns 75,971 shares of the company’s stock, valued at approximately $8,310,467.69. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Jason M. Hollar sold 26,716 shares of the stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $108.87, for a total transaction of $2,908,570.92. Following the transaction, the chief executive officer now directly owns 244,091 shares in the company, valued at approximately $26,574,187.17. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 113,963 shares of company stock worth $12,379,980. Insiders own 0.15% of the company’s stock.

Cardinal Health Trading Up 0.9 %

Shares of NYSE CAH opened at $111.81 on Friday. The company has a market cap of $27.23 billion, a P/E ratio of 49.69, a P/E/G ratio of 1.55 and a beta of 0.60. The stock has a fifty day moving average price of $105.26 and a 200 day moving average price of $104.12. Cardinal Health, Inc. has a 12-month low of $85.82 and a 12-month high of $116.05.

Cardinal Health (NYSE:CAH) last issued its earnings results on Wednesday, August 14th. The company reported $1.84 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.10. The firm had revenue of $59.87 billion for the quarter, compared to analyst estimates of $58.74 billion. Cardinal Health had a negative return on equity of 54.85% and a net margin of 0.37%. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same period last year, the company earned $1.55 earnings per share. On average, sell-side analysts forecast that Cardinal Health, Inc. will post 7.61 EPS for the current fiscal year.

Cardinal Health Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be given a $0.506 dividend. This represents a $2.02 annualized dividend and a yield of 1.81%. The ex-dividend date of this dividend is Tuesday, October 1st. This is a boost from Cardinal Health’s previous quarterly dividend of $0.51. Cardinal Health’s payout ratio is 89.78%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on CAH shares. Wells Fargo & Company boosted their target price on shares of Cardinal Health from $95.00 to $101.00 and gave the company an “underweight” rating in a research report on Thursday, August 15th. Morgan Stanley upped their price target on shares of Cardinal Health from $114.00 to $119.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. Robert W. Baird raised their price objective on shares of Cardinal Health from $130.00 to $137.00 and gave the company an “outperform” rating in a research report on Thursday, August 15th. JPMorgan Chase & Co. boosted their price objective on Cardinal Health from $111.00 to $123.00 and gave the company a “neutral” rating in a research report on Wednesday, August 21st. Finally, Citigroup reduced their price target on shares of Cardinal Health from $115.00 to $107.00 and set a “neutral” rating on the stock in a research report on Friday, July 19th. One analyst has rated the stock with a sell rating, four have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price 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.