M&T Bank Corp Buys 8,544 Shares of Cardinal Health, Inc. (NYSE:CAH)

M&T Bank Corp lifted its stake in shares of Cardinal Health, Inc. (NYSE:CAH) by 43.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,326 shares of the company’s stock after acquiring an additional 8,544 shares during the period. M&T Bank Corp’s holdings in Cardinal Health were worth $3,131,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in CAH. Assenagon Asset Management S.A. raised its stake in shares of Cardinal Health by 9.4% in the 2nd quarter. Assenagon Asset Management S.A. now owns 10,385 shares of the company’s stock valued at $1,021,000 after purchasing an additional 891 shares during the period. Blue Trust Inc. lifted its stake in Cardinal Health by 41.5% in the 2nd quarter. Blue Trust Inc. now owns 3,400 shares of the company’s stock valued at $334,000 after acquiring an additional 998 shares in the last quarter. Hennion & Walsh Asset Management Inc. boosted its position in Cardinal Health by 15.4% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 18,694 shares of the company’s stock worth $1,838,000 after acquiring an additional 2,488 shares during the last quarter. Milestone Asset Management LLC grew its stake in shares of Cardinal Health by 7.7% during the 2nd quarter. Milestone Asset Management LLC now owns 5,689 shares of the company’s stock worth $559,000 after acquiring an additional 408 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. raised its holdings in shares of Cardinal Health by 6.1% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 38,895 shares of the company’s stock valued at $3,854,000 after purchasing an additional 2,225 shares during the last quarter. 87.17% of the stock is currently owned by institutional investors and hedge funds.

Cardinal Health Trading Up 0.5 %

Shares of NYSE CAH opened at $118.06 on Friday. The business’s 50 day moving average is $117.12 and its 200-day moving average is $108.35. The firm has a market cap of $28.57 billion, a P/E ratio of 22.97, a price-to-earnings-growth ratio of 1.47 and a beta of 0.61. Cardinal Health, Inc. has a 1-year low of $93.17 and a 1-year high of $126.23.

Cardinal Health (NYSE:CAH) last posted its earnings results 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. Cardinal Health had a negative return on equity of 56.56% and a net margin of 0.56%. The company had revenue of $52.28 billion during the quarter, compared to the consensus estimate of $50.90 billion. During the same quarter last year, the firm earned $1.73 earnings per share. The company’s revenue was down 4.3% on a year-over-year basis. Analysts forecast that Cardinal Health, Inc. will post 7.82 EPS for the current year.

Cardinal Health Cuts Dividend

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

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. StockNews.com downgraded shares of Cardinal Health from a “strong-buy” rating to a “buy” rating in a research report on Sunday, November 3rd. Mizuho started coverage on 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 raised their price target on Cardinal Health from $119.00 to $127.00 and gave the company an “overweight” rating in a research note on Monday, November 4th. Argus upped their price objective on Cardinal Health from $115.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. Finally, JPMorgan Chase & Co. raised their target price on shares of Cardinal Health from $111.00 to $123.00 and gave the company a “neutral” rating in a research note on Wednesday, August 21st. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Cardinal Health presently has a consensus rating of “Moderate Buy” and an average price target of $126.75.

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.