Fifth Third Wealth Advisors LLC Buys Shares of 3,477 Cardinal Health, Inc. (NYSE:CAH)

Fifth Third Wealth Advisors LLC acquired a new stake in shares of Cardinal Health, Inc. (NYSE:CAH) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 3,477 shares of the company’s stock, valued at approximately $342,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Clearstead Trust LLC purchased a new stake in Cardinal Health in the fourth quarter worth about $25,000. Raleigh Capital Management Inc. boosted its holdings in shares of Cardinal Health by 4,466.7% in the 4th quarter. Raleigh Capital Management Inc. now owns 274 shares of the company’s stock worth $28,000 after purchasing an additional 268 shares during the period. YHB Investment Advisors Inc. bought a new position in shares of Cardinal Health during the 1st quarter valued at approximately $32,000. LRI Investments LLC purchased a new stake in Cardinal Health during the 1st quarter valued at $32,000. Finally, Palisade Asset Management LLC bought a new stake in Cardinal Health in the first quarter worth $34,000. 87.17% of the stock is currently owned by hedge funds and other institutional investors.

Cardinal Health Price Performance

NYSE CAH traded up $0.77 during midday trading on Wednesday, hitting $109.65. 1,326,440 shares of the company traded hands, compared to its average volume of 2,140,665. Cardinal Health, Inc. has a 52 week low of $85.11 and a 52 week high of $116.04. The company’s 50-day simple moving average is $99.80 and its 200-day simple moving average is $103.24. The company has a market cap of $26.71 billion, a PE ratio of 48.73, a price-to-earnings-growth ratio of 1.14 and a beta of 0.61.

Cardinal Health (NYSE:CAH) last issued its quarterly earnings data on Wednesday, August 14th. The company reported $1.84 earnings per share for the quarter, beating analysts’ consensus estimates of $1.74 by $0.10. The company had revenue of $59.87 billion for the quarter, compared to the consensus estimate of $58.74 billion. Cardinal Health had a negative return on equity of 54.74% and a net margin of 0.25%. The firm’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.55 earnings per share. On average, research analysts predict that Cardinal Health, Inc. will post 7.35 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. Shareholders of record on Tuesday, October 1st will be paid a $0.506 dividend. This represents a $2.02 annualized dividend and a yield of 1.85%. This is an increase from Cardinal Health’s previous quarterly dividend of $0.51. The ex-dividend date is Tuesday, October 1st. Cardinal Health’s dividend payout ratio (DPR) is 89.78%.

Insiders Place Their Bets

In other news, CFO Aaron E. Alt sold 2,323 shares of the stock in a transaction on Monday, August 19th. The stock was sold at an average price of $108.91, for a total transaction of $252,997.93. Following the completion of the sale, the chief financial officer now owns 36,867 shares in the company, valued at approximately $4,015,184.97. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Cardinal Health news, insider Jessica L. Mayer sold 17,896 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $106.48, for a total transaction of $1,905,566.08. Following the sale, the insider now owns 94,529 shares of the company’s stock, valued at approximately $10,065,447.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Aaron E. Alt sold 2,323 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $108.91, for a total transaction 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 approximately $4,015,184.97. The disclosure for this sale can be found here. Over the last three months, insiders have sold 97,390 shares of company stock valued at $10,567,059. 0.15% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms have weighed in on CAH. StockNews.com upgraded shares of Cardinal Health from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 16th. Wells Fargo & Company raised their price target on shares of Cardinal Health from $95.00 to $101.00 and gave the stock an “underweight” rating in a research note on Thursday, August 15th. Evercore ISI boosted their price objective on shares of Cardinal Health from $105.00 to $115.00 and gave the company an “in-line” rating in a research report on Thursday, August 15th. UBS Group raised their target price on shares of Cardinal Health from $120.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Finally, Morgan Stanley boosted their price target on Cardinal Health from $114.00 to $119.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. One research 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $118.45.

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.