Summit Global Investments Sells 15,188 Shares of Cardinal Health, Inc. (NYSE:CAH)

Summit Global Investments reduced its position in shares of Cardinal Health, Inc. (NYSE:CAH) by 12.8% in the third quarter, Holdings Channel reports. The firm owned 103,600 shares of the company’s stock after selling 15,188 shares during the quarter. Summit Global Investments’ holdings in Cardinal Health were worth $11,450,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Point72 Asset Management L.P. purchased a new stake in shares of Cardinal Health during the 2nd quarter valued at about $90,440,000. Acadian Asset Management LLC grew its position in Cardinal Health by 19.1% in the 1st quarter. Acadian Asset Management LLC now owns 3,723,159 shares of the company’s stock worth $416,585,000 after purchasing an additional 598,002 shares during the period. Jupiter Asset Management Ltd. purchased a new stake in Cardinal Health during the 1st quarter valued at $56,454,000. Jacobs Levy Equity Management Inc. lifted its holdings in shares of Cardinal Health by 265.6% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 657,526 shares of the company’s stock valued at $73,577,000 after buying an additional 477,682 shares during the period. Finally, Swedbank AB bought a new stake in shares of Cardinal Health in the first quarter worth $48,673,000. Institutional investors own 87.17% of the company’s stock.

Insider Buying and Selling

In other Cardinal Health news, CFO Aaron E. Alt sold 2,323 shares of Cardinal Health stock in a transaction on Monday, August 19th. The shares were sold at an average price of $108.91, for a total value of $252,997.93. Following the completion of the transaction, the chief financial officer now directly owns 36,867 shares of the company’s stock, valued at $4,015,184.97. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, CEO Jason M. Hollar sold 26,716 shares of the firm’s stock in a transaction 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 directly owns 244,091 shares in the company, valued at $26,574,187.17. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Aaron E. Alt sold 2,323 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $108.91, for a total transaction of $252,997.93. Following the transaction, the chief financial officer now owns 36,867 shares in the company, valued at $4,015,184.97. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 113,963 shares of company stock worth $12,379,980. Insiders own 0.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on CAH shares. Citigroup dropped their target price on Cardinal Health from $115.00 to $107.00 and set a “neutral” rating on the stock in a research report on Friday, July 19th. Mizuho boosted their target price on shares of Cardinal Health from $110.00 to $120.00 and gave the company a “neutral” rating in a research report on Monday. UBS Group increased their price target on shares of Cardinal Health from $134.00 to $139.00 and gave the stock a “buy” rating in a research report on Monday. Morgan Stanley boosted their price objective on shares of Cardinal Health from $119.00 to $127.00 and gave the company an “overweight” rating in a research report on Monday. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Cardinal Health from $119.00 to $124.00 and gave the stock a “hold” rating in a report on Monday. One analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $123.00.

Cardinal Health Stock Performance

CAH stock opened at $118.22 on Friday. The company has a market capitalization of $28.61 billion, a PE ratio of 23.00, a price-to-earnings-growth ratio of 1.39 and a beta of 0.60. The company’s fifty day moving average price is $112.07 and its 200-day moving average price is $104.41. Cardinal Health, Inc. has a one year low of $93.17 and a one year high of $119.58.

Cardinal Health (NYSE:CAH) last issued its quarterly earnings data on Friday, November 1st. The company reported $1.88 earnings per share for the quarter, beating analysts’ consensus estimates of $1.62 by $0.26. The firm had revenue of $52.28 billion during the quarter, compared to analyst estimates of $50.90 billion. Cardinal Health had a negative return on equity of 56.56% and a net margin of 0.56%. The business’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same quarter last year, the business posted $1.73 earnings per share. On average, research analysts predict that Cardinal Health, Inc. will post 7.84 EPS for the current fiscal year.

Cardinal Health Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Thursday, January 2nd will be issued a $0.5056 dividend. This represents a $2.02 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date is Thursday, January 2nd. Cardinal Health’s dividend payout ratio (DPR) is presently 39.30%.

Cardinal Health Company Profile

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.