The Manufacturers Life Insurance Company Sells 25,108 Shares of Cardinal Health, Inc. (NYSE:CAH)

The Manufacturers Life Insurance Company cut its position in Cardinal Health, Inc. (NYSE:CAH) by 10.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 223,737 shares of the company’s stock after selling 25,108 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.09% of Cardinal Health worth $21,998,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. J. W. Coons Advisors LLC raised its stake in shares of Cardinal Health by 0.6% in the fourth quarter. J. W. Coons Advisors LLC now owns 16,680 shares of the company’s stock valued at $1,681,000 after buying an additional 100 shares during the period. Edmonds Duncan Registered Investment Advisors LLC raised its stake in shares of Cardinal Health by 5.0% during the 1st quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 2,090 shares of the company’s stock valued at $234,000 after purchasing an additional 100 shares during the period. Midland Wealth Advisors LLC raised its stake in shares of Cardinal Health by 4.2% during the 2nd quarter. Midland Wealth Advisors LLC now owns 2,488 shares of the company’s stock valued at $245,000 after purchasing an additional 100 shares during the period. Aptus Capital Advisors LLC raised its stake in shares of Cardinal Health by 5.1% during the 2nd quarter. Aptus Capital Advisors LLC now owns 2,071 shares of the company’s stock valued at $204,000 after purchasing an additional 100 shares during the period. Finally, Oregon Public Employees Retirement Fund raised its stake in shares of Cardinal Health by 0.5% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 20,891 shares of the company’s stock valued at $2,054,000 after purchasing an additional 100 shares during the period. 87.17% of the stock is currently owned by institutional investors.

Insider Activity at Cardinal Health

In related news, insider Jessica L. Mayer sold 17,896 shares of the 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 sale, the insider now directly owns 94,529 shares in the company, valued at approximately $10,065,447.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Cardinal Health news, insider Jessica L. Mayer sold 17,896 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $106.48, for a total value of $1,905,566.08. Following the completion of the sale, the insider now owns 94,529 shares in the company, valued at approximately $10,065,447.92. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Jason M. Hollar sold 26,716 shares of the stock in a transaction that occurred on 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 owns 244,091 shares of the company’s stock, valued at approximately $26,574,187.17. The disclosure for this sale can be found here. Insiders sold 113,963 shares of company stock worth $12,379,980 in the last ninety days. 0.15% of the stock is owned by company insiders.

Cardinal Health Trading Up 0.3 %

CAH opened at $110.33 on Wednesday. The stock has a 50-day moving average price of $107.69 and a 200-day moving average price of $103.86. Cardinal Health, Inc. has a 12-month low of $85.82 and a 12-month high of $116.05. The stock has a market capitalization of $26.87 billion, a P/E ratio of 49.04, a PEG ratio of 1.33 and a beta of 0.60.

Cardinal Health (NYSE:CAH) last issued its earnings results on Wednesday, August 14th. The company reported $1.84 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.10. The company had revenue of $59.87 billion during the quarter, compared to analysts’ expectations of $58.74 billion. Cardinal Health had a negative return on equity of 54.85% and a net margin of 0.37%. Cardinal Health’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.55 EPS. On average, equities research analysts predict that Cardinal Health, Inc. will post 7.62 EPS for the current year.

Cardinal Health Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be issued a dividend of $0.506 per share. 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. This represents a $2.02 annualized dividend and a yield of 1.83%. Cardinal Health’s dividend payout ratio is currently 89.78%.

Analyst Ratings Changes

A number of analysts recently issued reports on CAH shares. Deutsche Bank Aktiengesellschaft boosted their price objective on Cardinal Health from $115.00 to $119.00 and gave the company a “hold” rating in a research note on Friday, August 16th. Morgan Stanley boosted their price objective on Cardinal Health from $114.00 to $119.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. Evercore ISI boosted their price objective on Cardinal Health from $105.00 to $115.00 and gave the company an “in-line” rating in a research note on Thursday, August 15th. Wells Fargo & Company boosted their price objective on Cardinal Health from $95.00 to $101.00 and gave the company an “underweight” rating in a research note on Thursday, August 15th. Finally, UBS Group upped their target price on Cardinal Health from $120.00 to $125.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Cardinal Health currently has an average 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.