Cardinal Health, Inc. (NYSE:CAH) Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC reduced its stake in Cardinal Health, Inc. (NYSE:CAH – Free Report) by 51.3% during the second quarter, Holdings Channel reports. The institutional investor owned 29,669 shares of the company’s stock after selling 31,238 shares during the quarter. Fred Alger Management LLC’s holdings in Cardinal Health were worth $2,917,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the company. Cultivar Capital Inc. purchased a new stake in shares of Cardinal Health in the second quarter valued at about $27,000. Raleigh Capital Management Inc. raised its stake in Cardinal Health by 4,466.7% in the fourth quarter. Raleigh Capital Management Inc. now owns 274 shares of the company’s stock worth $28,000 after buying an additional 268 shares in the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Cardinal Health in the second quarter valued at about $29,000. YHB Investment Advisors Inc. purchased a new stake in shares of Cardinal Health in the 1st quarter valued at approximately $32,000. Finally, LRI Investments LLC purchased a new stake in shares of Cardinal Health in the 1st quarter worth about $32,000. Hedge funds and other institutional investors own 87.17% of the company’s shares.

Cardinal Health Price Performance

NYSE CAH opened at $109.23 on Friday. The company has a market cap of $26.60 billion, a PE ratio of 48.55, a price-to-earnings-growth ratio of 1.33 and a beta of 0.60. The stock’s 50-day simple moving average is $106.81 and its 200-day simple moving average is $104.03. Cardinal Health, Inc. has a 1 year low of $85.82 and a 1 year high of $116.05.

Cardinal Health (NYSE:CAH – Get Your Free Report ) last posted its quarterly earnings results on Wednesday, August 14th. The company reported $1.84 EPS for the quarter, topping the consensus estimate of $1.74 by $0.10. Cardinal Health had a negative return on equity of 54.85% and a net margin of 0.37%. The firm had revenue of $59.87 billion during the quarter, compared to analysts’ expectations of $58.74 billion. In the same quarter last year, the company earned $1.55 per share. The company’s revenue for the quarter was up 12.1% year over year. On average, equities research analysts anticipate that Cardinal Health, Inc. will post 7.62 EPS for the current fiscal year.

Cardinal Health increases dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st will be issued a $0.506 dividend. This represents an annualized dividend of $2.02 and a dividend yield of 1.85%. The ex-dividend date is Tuesday, October 1st. This is an increase from Cardinal Health’s previous quarterly dividend of $0.51. Cardinal Health’s dividend payout ratio (DPR) is currently 89.78%.

Analyst upgrades and downgrades

A number of analysts recently commented on CAH shares. Deutsche Bank Aktiengesellschaft increased their target price on Cardinal Health from $115.00 to $119.00 and gave the stock a “hold” rating in a research note on Friday, August 16th. Morgan Stanley boosted their price target on Cardinal Health from $114.00 to $119.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. Argus upped their target price on Cardinal Health from $115.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th. StockNews.com upgraded Cardinal Health from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 16th. Finally, Robert W. Baird upped their target price on Cardinal Health from $130.00 to $137.00 and gave the stock an “outperform” rating in a research report on Thursday, August 15th . One research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Moderate Buy” and an average target price of $119.36, according to data from MarketBeat.

Check out our latest research report on CAH

Insider activity at Cardinal Health

In related news, insider Michelle D. Greene sold 4,000 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $108.85, for a total value of $435,400.00. Following the completion of the sale, the insider now owns 19,242 shares of the company’s stock, valued at $2,094,491.70. The transaction was disclosed in a legal filing with the SEC, which is available on the SEC’s website. In related news, insider Michelle D. Greene sold 4,000 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $108.85, for a total value of $435,400.00. Following the completion of the sale, the insider now owns 19,242 shares of the company’s stock, valued at $2,094,491.70. The transaction was disclosed in a legal filing with the SEC, which is available on the SEC’s website. Also, insider Jessica L. Mayer sold 17,896 shares of the company’s stock in a transaction dated 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 sale, the insider now directly owns 94,529 shares of the company’s stock, valued at approximately $10,065,447.92. 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 shares are currently owned by insiders.

Cardinal Health Profile

(Free Report)

Cardinal Health, Inc operates as a healthcare products and services company in the United States, Canada, Europe, Asia and internationally. It provides customized solutions for hospitals, health systems, pharmacies, ambulatory surgery centers, clinical laboratories, doctor’s offices and home patients.

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