Cinctive Capital Management LP Invests $3.51 Million in Cardinal Health, Inc. (NYSE:CAH)

Cinctive Capital Management LP bought a new stake in shares of Cardinal Health, Inc. (NYSE:CAH) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 31,789 shares of the company’s stock, valued at approximately $3,513,000.

Other hedge funds have also bought and sold shares of the company. Paragon Capital Management Inc. raised its position in shares of Cardinal Health by 0.7% during the 2nd quarter. Paragon Capital Management Inc. now owns 14,758 shares of the company’s stock valued at $1,451,000 after purchasing an additional 99 shares during the period. Midland Wealth Advisors LLC lifted its position in shares of Cardinal Health by 4.2% in the second quarter. Midland Wealth Advisors LLC now owns 2,488 shares of the company’s stock valued at $245,000 after acquiring an additional 100 shares in the last quarter. Aptus Capital Advisors LLC boosted its stake in shares of Cardinal Health by 5.1% in the second quarter. Aptus Capital Advisors LLC now owns 2,071 shares of the company’s stock worth $204,000 after acquiring an additional 100 shares during the period. Oregon Public Employees Retirement Fund boosted its stake in shares of Cardinal Health by 0.5% in the second quarter. Oregon Public Employees Retirement Fund now owns 20,891 shares of the company’s stock worth $2,054,000 after acquiring an additional 100 shares during the period. Finally, Huntington National Bank raised its stake in Cardinal Health by 0.9% during the 3rd quarter. Huntington National Bank now owns 10,792 shares of the company’s stock valued at $1,193,000 after purchasing an additional 100 shares during the period. Institutional investors own 87.17% of the company’s stock.

Cardinal Health Stock Performance

Shares of NYSE CAH opened at $122.45 on Tuesday. Cardinal Health, Inc. has a fifty-two week low of $93.17 and a fifty-two week high of $126.14. The company has a market cap of $29.63 billion, a price-to-earnings ratio of 23.82, a PEG ratio of 1.53 and a beta of 0.60. The business’s 50 day moving average price is $114.96 and its 200-day moving average price is $106.82.

Cardinal Health (NYSE:CAH) last released its earnings results on Friday, November 1st. The company reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.62 by $0.26. Cardinal Health had a negative return on equity of 56.56% and a net margin of 0.56%. The business had revenue of $52.28 billion for the quarter, compared to analyst estimates of $50.90 billion. During the same quarter last year, the firm posted $1.73 earnings per share. The business’s revenue was down 4.3% compared to the same quarter last year. Sell-side analysts predict that Cardinal Health, Inc. will post 7.82 earnings per share for the current year.

Cardinal Health Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Thursday, January 2nd will be issued a dividend of $0.5056 per share. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $2.02 dividend on an annualized basis and a yield of 1.65%. Cardinal Health’s payout ratio is 39.30%.

Wall Street Analyst Weigh In

Several research firms have weighed in on CAH. StockNews.com downgraded Cardinal Health from a “strong-buy” rating to a “buy” rating in a research note on Sunday, November 3rd. Deutsche Bank Aktiengesellschaft upped their target price on shares of Cardinal Health from $119.00 to $124.00 and gave the stock a “hold” rating in a research report on Monday, November 4th. JPMorgan Chase & Co. boosted their price target on shares of Cardinal Health from $111.00 to $123.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 21st. Barclays raised their price objective on Cardinal Health from $117.00 to $133.00 and gave the company an “overweight” rating in a research report on Monday, November 4th. Finally, UBS Group boosted their target price on Cardinal Health from $134.00 to $139.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. One analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Cardinal Health has a consensus rating of “Moderate Buy” and a consensus price target of $123.00.

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.