Powers Advisory Group LLC Has $248,000 Stake in Cardinal Health, Inc. (NYSE:CAH)

Powers Advisory Group LLC reduced its holdings in shares of Cardinal Health, Inc. (NYSE:CAH) by 11.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,218 shares of the company’s stock after selling 291 shares during the period. Powers Advisory Group LLC’s holdings in Cardinal Health were worth $248,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. First Trust Direct Indexing L.P. increased its holdings in Cardinal Health by 5.5% in the first quarter. First Trust Direct Indexing L.P. now owns 11,499 shares of the company’s stock worth $1,287,000 after purchasing an additional 601 shares in the last quarter. Wealthstar Advisors LLC acquired a new position in shares of Cardinal Health during the 1st quarter valued at $1,041,000. State of Alaska Department of Revenue boosted its stake in Cardinal Health by 108.8% during the first quarter. State of Alaska Department of Revenue now owns 55,586 shares of the company’s stock worth $6,219,000 after acquiring an additional 28,969 shares in the last quarter. Azzad Asset Management Inc. ADV acquired a new stake in Cardinal Health in the first quarter worth $881,000. Finally, Measured Wealth Private Client Group LLC increased its stake in Cardinal Health by 3.8% in the first quarter. Measured Wealth Private Client Group LLC now owns 7,889 shares of the company’s stock valued at $883,000 after purchasing an additional 286 shares in the last quarter. 87.17% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Wells Fargo & Company cut their price objective on shares of Cardinal Health from $96.00 to $94.00 and set an “underweight” rating on the stock in a research report on Monday, April 29th. Evercore ISI upped their price objective on shares of Cardinal Health from $110.00 to $115.00 and gave the stock an “in-line” rating in a report on Friday, May 3rd. Robert W. Baird reduced their price objective on shares of Cardinal Health from $134.00 to $128.00 and set an “outperform” rating for the company in a report on Friday, May 3rd. Argus lowered their target price on shares of Cardinal Health from $120.00 to $115.00 and set a “buy” rating on the stock in a report on Wednesday, May 15th. Finally, StockNews.com downgraded Cardinal Health from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Cardinal Health presently has an average rating of “Moderate Buy” and an average price target of $109.67.

Cardinal Health Stock Performance

Cardinal Health stock traded down $0.84 during midday trading on Thursday, hitting $95.70. 1,121,277 shares of the company’s stock were exchanged, compared to its average volume of 2,114,326. Cardinal Health, Inc. has a 52-week low of $85.11 and a 52-week high of $116.04. The stock has a 50-day moving average price of $99.48 and a two-hundred day moving average price of $104.36. The company has a market cap of $23.31 billion, a P/E ratio of 42.53, a PEG ratio of 1.06 and a beta of 0.61.

Cardinal Health (NYSE:CAH) last issued its earnings results on Thursday, May 2nd. The company reported $2.08 EPS for the quarter, topping analysts’ consensus estimates of $1.95 by $0.13. The company had revenue of $54.90 billion for the quarter, compared to analysts’ expectations of $56.05 billion. Cardinal Health had a net margin of 0.25% and a negative return on equity of 54.74%. The firm’s revenue was up 8.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.74 EPS. As a group, sell-side analysts expect that Cardinal Health, Inc. will post 7.35 earnings per share for the current year.

Cardinal Health Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Monday, July 1st will be given a $0.5056 dividend. This represents a $2.02 annualized dividend and a dividend yield of 2.11%. This is a boost from Cardinal Health’s previous quarterly dividend of $0.50. The ex-dividend date is Monday, July 1st. Cardinal Health’s dividend payout ratio (DPR) is currently 89.78%.

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.