Birmingham Capital Management Co. Inc. AL Sells 1,200 Shares of Cardinal Health, Inc. (NYSE:CAH)

Birmingham Capital Management Co. Inc. AL cut its holdings in Cardinal Health, Inc. (NYSE:CAH) by 15.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,500 shares of the company’s stock after selling 1,200 shares during the period. Birmingham Capital Management Co. Inc. AL’s holdings in Cardinal Health were worth $718,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CAH. Eastern Bank purchased a new stake in shares of Cardinal Health in the third quarter valued at $25,000. Cultivar Capital Inc. acquired a new position in Cardinal Health during the 2nd quarter valued at about $27,000. Frazier Financial Advisors LLC raised its stake in Cardinal Health by 69.8% in the 3rd quarter. Frazier Financial Advisors LLC now owns 253 shares of the company’s stock worth $28,000 after acquiring an additional 104 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in Cardinal Health in the second quarter valued at approximately $29,000. Finally, Hara Capital LLC acquired a new stake in shares of Cardinal Health in the third quarter worth $31,000. 87.17% of the stock is currently owned by hedge funds and other institutional investors.

Cardinal Health Stock Performance

Shares of CAH traded up $1.06 during midday trading on Friday, hitting $118.52. 224,803 shares of the stock were exchanged, compared to its average volume of 2,095,682. Cardinal Health, Inc. has a 52-week low of $93.17 and a 52-week high of $126.23. The stock has a fifty day simple moving average of $117.00 and a 200 day simple moving average of $108.20. The firm has a market cap of $28.68 billion, a P/E ratio of 22.85, a P/E/G ratio of 1.47 and a beta of 0.61.

Cardinal Health (NYSE:CAH) last posted its quarterly earnings data 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. The business had revenue of $52.28 billion for the quarter, compared to analyst estimates of $50.90 billion. Cardinal Health had a negative return on equity of 56.56% and a net margin of 0.56%. The company’s revenue was down 4.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.73 earnings per share. As a group, equities research analysts forecast that Cardinal Health, Inc. will post 7.82 EPS for the current fiscal year.

Cardinal Health Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Thursday, January 2nd will be given a dividend of $0.5056 per share. This represents a $2.02 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date is Thursday, January 2nd. Cardinal Health’s dividend payout ratio is presently 39.30%.

Analysts Set New Price Targets

Several brokerages have weighed in on CAH. UBS Group increased their price target on Cardinal Health from $134.00 to $139.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Mizuho began coverage on shares of Cardinal Health in a research report on Wednesday, December 4th. They issued an “outperform” rating and a $139.00 target price on the stock. Morgan Stanley boosted their price target on Cardinal Health from $119.00 to $127.00 and gave the stock an “overweight” rating in a research report on Monday, November 4th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Cardinal Health from $119.00 to $124.00 and gave the company a “hold” rating in a report on Monday, November 4th. Finally, Wells Fargo & Company upgraded Cardinal Health from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $101.00 to $127.00 in a report on Friday. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $126.75.

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.