abrdn plc Has $79.93 Million Holdings in Cardinal Health, Inc. (NYSE:CAH)

abrdn plc raised its position in Cardinal Health, Inc. (NYSE:CAH) by 2.3% during the third quarter, Holdings Channel reports. The firm owned 724,944 shares of the company’s stock after purchasing an additional 16,569 shares during the period. abrdn plc’s holdings in Cardinal Health were worth $79,932,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Pacer Advisors Inc. lifted its holdings in Cardinal Health by 9.9% in the second quarter. Pacer Advisors Inc. now owns 4,099,082 shares of the company’s stock valued at $403,022,000 after buying an additional 370,181 shares during the period. Acadian Asset Management LLC raised its position in shares of Cardinal Health by 19.1% during the first quarter. Acadian Asset Management LLC now owns 3,723,159 shares of the company’s stock worth $416,585,000 after purchasing an additional 598,002 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Cardinal Health by 0.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,730,854 shares of the company’s stock worth $305,584,000 after purchasing an additional 14,030 shares in the last quarter. ProShare Advisors LLC increased its position in shares of Cardinal Health by 5.1% during the second quarter. ProShare Advisors LLC now owns 1,759,299 shares of the company’s stock worth $172,974,000 after acquiring an additional 85,247 shares in the last quarter. Finally, Renaissance Technologies LLC raised its holdings in shares of Cardinal Health by 7.1% in the 2nd quarter. Renaissance Technologies LLC now owns 1,683,447 shares of the company’s stock worth $165,517,000 after acquiring an additional 111,137 shares during the last quarter. 87.17% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on CAH shares. Argus lifted their target price on Cardinal Health from $115.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. Citigroup reduced their target price on shares of Cardinal Health from $115.00 to $107.00 and set a “neutral” rating for the company in a research note on Friday, July 19th. Robert W. Baird raised their price target on shares of Cardinal Health from $130.00 to $137.00 and gave the company an “outperform” rating in a research report on Thursday, August 15th. StockNews.com raised shares of Cardinal Health from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Finally, Wells Fargo & Company boosted their target price on Cardinal Health from $95.00 to $101.00 and gave the stock an “underweight” rating in a research note on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $120.18.

Cardinal Health Stock Performance

Shares of Cardinal Health stock opened at $110.06 on Wednesday. The stock has a market capitalization of $26.81 billion, a P/E ratio of 48.92, a P/E/G ratio of 1.57 and a beta of 0.60. Cardinal Health, Inc. has a 52-week low of $90.19 and a 52-week high of $116.05. The stock’s 50-day simple moving average is $111.69 and its 200 day simple moving average is $104.07.

Cardinal Health (NYSE:CAH) last posted its quarterly earnings results on Wednesday, August 14th. The company reported $1.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.10. The company had revenue of $59.87 billion for the quarter, compared to analyst estimates of $58.74 billion. Cardinal Health had a net margin of 0.37% and a negative return on equity of 54.85%. The company’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.55 earnings per share. Equities research analysts forecast that Cardinal Health, Inc. will post 7.61 EPS for the current fiscal year.

Cardinal Health Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Tuesday, October 1st were issued a $0.506 dividend. This is a positive change from Cardinal Health’s previous quarterly dividend of $0.51. This represents a $2.02 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date was Tuesday, October 1st. Cardinal Health’s dividend payout ratio (DPR) is presently 89.78%.

Insider Activity

In related news, insider Jessica L. Mayer sold 17,896 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $106.48, for a total transaction of $1,905,566.08. Following the sale, the insider now owns 94,529 shares of the company’s stock, valued at approximately $10,065,447.92. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Cardinal Health news, insider Jessica L. Mayer sold 17,896 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $106.48, for a total value of $1,905,566.08. Following the sale, the insider now directly owns 94,529 shares in the company, valued at $10,065,447.92. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Aaron E. Alt sold 2,323 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $108.91, for a total transaction of $252,997.93. Following the transaction, the chief financial officer now owns 36,867 shares of the company’s stock, valued at $4,015,184.97. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 113,963 shares of company stock worth $12,379,980. 0.15% of the stock is owned by corporate insiders.

Cardinal Health 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.