Confluence Wealth Services Inc. Buys 292 Shares of Cardinal Health, Inc. (NYSE:CAH)

Confluence Wealth Services Inc. raised its stake in shares of Cardinal Health, Inc. (NYSE:CAH) by 3.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 8,563 shares of the company’s stock after purchasing an additional 292 shares during the period. Confluence Wealth Services Inc.’s holdings in Cardinal Health were worth $842,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Clearstead Trust LLC bought a new stake in Cardinal Health during the fourth quarter valued at about $25,000. Cultivar Capital Inc. purchased a new position in shares of Cardinal Health in the second quarter valued at about $27,000. Raleigh Capital Management Inc. lifted its position in shares of Cardinal Health by 4,466.7% in the fourth quarter. Raleigh Capital Management Inc. now owns 274 shares of the company’s stock valued at $28,000 after acquiring an additional 268 shares in the last quarter. YHB Investment Advisors Inc. purchased a new position in shares of Cardinal Health in the first quarter valued at about $32,000. Finally, LRI Investments LLC purchased a new position in shares of Cardinal Health in the first quarter valued at about $32,000. Institutional investors own 87.17% of the company’s stock.

Cardinal Health Stock Performance

CAH stock traded up $0.52 during midday trading on Friday, reaching $112.72. 1,836,612 shares of the company traded hands, compared to its average volume of 1,865,675. The firm has a market capitalization of $27.49 billion, a price-to-earnings ratio of 50.10, a P/E/G ratio of 1.54 and a beta of 0.61. The business has a 50 day moving average of $101.14 and a 200-day moving average of $103.61. Cardinal Health, Inc. has a 52-week low of $85.82 and a 52-week high of $116.04.

Cardinal Health (NYSE:CAH) last released its earnings results on Wednesday, August 14th. The company reported $1.84 EPS for the quarter, beating analysts’ consensus estimates of $1.74 by $0.10. The firm had revenue of $59.87 billion for 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%. The company’s quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.55 earnings per share. Research analysts anticipate that Cardinal Health, Inc. will post 7.61 earnings per share for the current year.

Cardinal Health Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st will be paid a dividend of $0.506 per share. This is a boost from Cardinal Health’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $2.02 dividend on an annualized basis and a dividend yield of 1.80%. Cardinal Health’s dividend payout ratio is currently 89.78%.

Wall Street Analyst Weigh In

CAH has been the topic of several research analyst reports. 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 report on Thursday, August 15th. UBS Group boosted their price objective on Cardinal Health from $120.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. JPMorgan Chase & Co. boosted their target price on Cardinal Health from $111.00 to $123.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 21st. Argus decreased their target price on Cardinal Health from $120.00 to $115.00 and set a “buy” rating on the stock in a research report on Wednesday, May 15th. Finally, StockNews.com upgraded Cardinal Health from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 16th. One research analyst has rated the stock with a sell rating, four have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $118.45.

Insider Activity

In related news, insider Jessica L. Mayer sold 16,573 shares of the stock in a transaction that occurred 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 transaction, the insider now owns 75,971 shares of the company’s stock, valued at $8,310,467.69. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Jessica L. Mayer sold 16,573 shares of the stock in a transaction that occurred 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 transaction, the insider now owns 75,971 shares of the company’s stock, valued at $8,310,467.69. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Jason M. Hollar sold 46,455 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $109.02, for a total value of $5,064,524.10. Following the completion of the transaction, the chief executive officer now directly owns 197,636 shares in the company, valued at approximately $21,546,276.72. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 113,963 shares of company stock valued at $12,379,980. 0.15% of the stock is currently owned by insiders.

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.