Comerica Bank Cuts Holdings in Cardinal Health Inc (NYSE:CAH)
Comerica Bank cut its stake in Cardinal Health Inc (NYSE:CAH) by 11.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 89,889 shares of the company’s stock after selling 12,065 shares during the quarter. Comerica Bank’s holdings in Cardinal Health were worth $4,658,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Macquarie Group Ltd. grew its stake in shares of Cardinal Health by 19.7% in the second quarter. Macquarie Group Ltd. now owns 12,544,267 shares of the company’s stock valued at $612,537,000 after acquiring an additional 2,067,829 shares in the last quarter. Millennium Management LLC grew its stake in Cardinal Health by 10,011.2% during the second quarter. Millennium Management LLC now owns 2,019,314 shares of the company’s stock worth $98,603,000 after buying an additional 1,999,343 shares in the last quarter. American Century Companies Inc. grew its stake in Cardinal Health by 52.2% during the second quarter. American Century Companies Inc. now owns 4,461,439 shares of the company’s stock worth $217,852,000 after buying an additional 1,530,702 shares in the last quarter. Brandes Investment Partners LP boosted its stake in shares of Cardinal Health by 63.4% in the 2nd quarter. Brandes Investment Partners LP now owns 1,968,288 shares of the company’s stock valued at $96,112,000 after purchasing an additional 763,486 shares in the last quarter. Finally, Mainstay Capital Management LLC ADV boosted its stake in shares of Cardinal Health by 2,109.3% in the 2nd quarter. Mainstay Capital Management LLC ADV now owns 753,361 shares of the company’s stock valued at $15,888,000 after purchasing an additional 719,261 shares in the last quarter. 89.10% of the stock is currently owned by institutional investors.
Shares of CAH stock traded down $0.90 during trading hours on Friday, hitting $53.91. 4,125,026 shares of the company were exchanged, compared to its average volume of 3,967,985. The company has a market cap of $16.33 billion, a price-to-earnings ratio of 10.78, a price-to-earnings-growth ratio of 1.75 and a beta of 0.92. Cardinal Health Inc has a fifty-two week low of $48.14 and a fifty-two week high of $75.75. The company has a quick ratio of 0.52, a current ratio of 1.06 and a debt-to-equity ratio of 1.35.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Wednesday, January 2nd will be given a $0.4763 dividend. This represents a $1.91 annualized dividend and a yield of 3.53%. The ex-dividend date is Monday, December 31st. Cardinal Health’s payout ratio is currently 38.20%.
Cardinal Health declared that its board has initiated a share buyback program on Thursday, November 8th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 6.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
CAH has been the topic of a number of research analyst reports. Royal Bank of Canada set a $60.00 price target on shares of Cardinal Health and gave the company a “hold” rating in a research note on Friday, September 21st. Zacks Investment Research downgraded shares of Cardinal Health from a “hold” rating to a “sell” rating in a research note on Tuesday, October 9th. Leerink Swann lowered shares of Cardinal Health from an “outperform” rating to a “market perform” rating and set a $55.00 price objective for the company. in a report on Friday, November 16th. Jefferies Financial Group reiterated a “hold” rating and issued a $61.00 price objective on shares of Cardinal Health in a report on Wednesday, November 14th. Finally, Mizuho reiterated a “hold” rating and issued a $53.00 price objective on shares of Cardinal Health in a report on Sunday, August 12th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $61.36.
In related news, SVP Stuart G. Laws sold 804 shares of Cardinal Health stock in a transaction on Tuesday, November 13th. The shares were sold at an average price of $55.55, for a total value of $44,662.20. Following the completion of the sale, the senior vice president now owns 6,342 shares of the company’s stock, valued at approximately $352,298.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 1.10% of the company’s stock.
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About Cardinal Health
Cardinal Health, Inc operates as an integrated healthcare services and products company in the United States and internationally. It provides medical products and pharmaceuticals, and solutions that enhance supply chain efficiency for hospitals, healthcare systems, pharmacies, ambulatory surgery centers, clinical laboratories, and physician offices.
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