Cardinal Health (NYSE:CAH) Stock Price Down 4.1% – Here’s What Happened

Cardinal Health, Inc. (NYSE:CAH)’s share price fell 4.1% on Friday . The company traded as low as $124.21 and last traded at $122.98. 186,529 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 2,094,810 shares. The stock had previously closed at $128.26.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. TD Cowen raised shares of Cardinal Health from a “hold” rating to a “buy” rating and increased their price objective for the company from $130.00 to $144.00 in a report on Wednesday, January 8th. Evercore ISI raised Cardinal Health from an “in-line” rating to an “outperform” rating and set a $140.00 price objective for the company in a research note on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft increased their price target on Cardinal Health from $119.00 to $124.00 and gave the company a “hold” rating in a report on Monday, November 4th. Barclays boosted their price objective on Cardinal Health from $117.00 to $133.00 and gave the stock an “overweight” rating in a research note on Monday, November 4th. Finally, Mizuho began coverage on Cardinal Health in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $139.00 target price for the company. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $135.64.

Cardinal Health Stock Down 2.7 %

The business’s fifty day simple moving average is $122.00 and its two-hundred day simple moving average is $113.85. The company has a market cap of $30.21 billion, a price-to-earnings ratio of 24.30, a PEG ratio of 1.55 and a beta of 0.63.

Cardinal Health (NYSE:CAH) last posted its earnings results on Thursday, January 30th. The company reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.19. Cardinal Health had a negative return on equity of 56.56% and a net margin of 0.56%. Sell-side analysts predict that Cardinal Health, Inc. will post 7.84 EPS for the current fiscal year.

Cardinal Health Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Thursday, January 2nd were paid a $0.5056 dividend. The ex-dividend date of this dividend was Thursday, January 2nd. This represents a $2.02 annualized dividend and a dividend yield of 1.62%. Cardinal Health’s dividend payout ratio (DPR) is currently 39.30%.

Institutional Trading of Cardinal Health

Several hedge funds have recently made changes to their positions in CAH. Truist Financial Corp lifted its holdings in Cardinal Health by 29.5% in the fourth quarter. Truist Financial Corp now owns 108,486 shares of the company’s stock valued at $12,831,000 after acquiring an additional 24,732 shares during the period. CIBC Asset Management Inc lifted its stake in shares of Cardinal Health by 3.9% in the fourth quarter. CIBC Asset Management Inc now owns 37,100 shares of the company’s stock valued at $4,388,000 after purchasing an additional 1,377 shares during the period. Catalyst Capital Advisors LLC boosted its holdings in Cardinal Health by 426.1% during the fourth quarter. Catalyst Capital Advisors LLC now owns 726 shares of the company’s stock worth $86,000 after buying an additional 588 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Cardinal Health by 2.0% during the fourth quarter. Principal Financial Group Inc. now owns 299,861 shares of the company’s stock worth $35,465,000 after buying an additional 5,939 shares in the last quarter. Finally, Strategic Financial Concepts LLC acquired a new position in Cardinal Health during the fourth quarter worth about $93,000. Institutional investors and hedge funds own 87.17% of the company’s stock.

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.