Paralel Advisors LLC Makes New Investment in Cardinal Health, Inc. (NYSE:CAH)

Paralel Advisors LLC purchased a new stake in shares of Cardinal Health, Inc. (NYSE:CAH) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 20,443 shares of the company’s stock, valued at approximately $2,010,000.

Other institutional investors also recently modified their holdings of the company. J. W. Coons Advisors LLC lifted its stake in Cardinal Health by 0.6% during the 4th quarter. J. W. Coons Advisors LLC now owns 16,680 shares of the company’s stock valued at $1,681,000 after acquiring an additional 100 shares during the period. Edmonds Duncan Registered Investment Advisors LLC boosted its holdings in Cardinal Health by 5.0% in the first quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 2,090 shares of the company’s stock worth $234,000 after purchasing an additional 100 shares during the last quarter. Midland Wealth Advisors LLC grew its position in Cardinal Health by 4.2% in the 2nd quarter. Midland Wealth Advisors LLC now owns 2,488 shares of the company’s stock worth $245,000 after purchasing an additional 100 shares during the period. Aptus Capital Advisors LLC raised its stake in Cardinal Health by 5.1% during the 2nd quarter. Aptus Capital Advisors LLC now owns 2,071 shares of the company’s stock valued at $204,000 after buying an additional 100 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund raised its stake in Cardinal Health by 0.5% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 20,891 shares of the company’s stock valued at $2,054,000 after buying an additional 100 shares during the last quarter. 87.17% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Jessica L. Mayer sold 16,573 shares of Cardinal Health stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $109.39, for a total transaction of $1,812,920.47. Following the sale, the insider now owns 75,971 shares in the company, valued at $8,310,467.69. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, CEO Jason M. Hollar sold 26,716 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $108.87, for a total transaction of $2,908,570.92. Following the completion of the transaction, the chief executive officer now directly owns 244,091 shares of the company’s stock, valued at $26,574,187.17. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Jessica L. Mayer sold 16,573 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were 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 approximately $8,310,467.69. The disclosure for this sale can be found here. Insiders sold 113,963 shares of company stock worth $12,379,980 in the last three months. 0.15% of the stock is owned by company insiders.

Cardinal Health Price Performance

Shares of NYSE CAH remained flat at $111.77 during midday trading on Friday. 3,016,176 shares of the stock were exchanged, compared to its average volume of 2,122,697. The company has a market cap of $27.22 billion, a P/E ratio of 49.68, a price-to-earnings-growth ratio of 1.54 and a beta of 0.60. Cardinal Health, Inc. has a 1 year low of $85.82 and a 1 year high of $116.05. The business’s 50-day simple moving average is $102.29 and its 200-day simple moving average is $103.90.

Cardinal Health (NYSE:CAH) last issued its quarterly earnings results on Wednesday, August 14th. The company reported $1.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $59.87 billion during the quarter, compared to analyst estimates of $58.74 billion. During the same quarter in the prior year, the business posted $1.55 EPS. Cardinal Health’s revenue for the quarter was up 12.1% compared to the same quarter last year. Sell-side analysts predict that Cardinal Health, Inc. will post 7.61 earnings per share for the current fiscal year.

Cardinal Health Increases Dividend

The firm 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. The ex-dividend date of this dividend is Tuesday, October 1st. This is a boost from Cardinal Health’s previous quarterly dividend of $0.51. This represents a $2.02 dividend on an annualized basis and a yield of 1.81%. Cardinal Health’s payout ratio is currently 89.78%.

Analyst Ratings Changes

CAH has been the subject of several research analyst reports. Argus cut their price objective on Cardinal Health from $120.00 to $115.00 and set a “buy” rating for the company in a report on Wednesday, May 15th. Deutsche Bank Aktiengesellschaft raised their target price on Cardinal Health from $115.00 to $119.00 and gave the stock a “hold” rating in a research report on Friday, August 16th. Evercore ISI upped their price target 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. Wells Fargo & Company raised their price objective on shares of Cardinal Health from $95.00 to $101.00 and gave the stock an “underweight” rating in a report on Thursday, August 15th. Finally, Morgan Stanley boosted their target price on shares of Cardinal Health from $114.00 to $119.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Cardinal Health presently has a consensus rating of “Moderate Buy” and an average price target 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.