Burney Co. Increases Position in Cardinal Health, Inc. (NYSE:CAH)

Burney Co. grew its holdings in shares of Cardinal Health, Inc. (NYSE:CAH) by 5.8% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 38,577 shares of the company’s stock after purchasing an additional 2,116 shares during the period. Burney Co.’s holdings in Cardinal Health were worth $4,562,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Eastern Bank purchased a new stake in shares of Cardinal Health during the third quarter valued at approximately $25,000. Frazier Financial Advisors LLC increased its holdings in shares of 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 purchasing an additional 104 shares in the last quarter. Hara Capital LLC purchased a new position in shares of Cardinal Health in the third quarter worth $31,000. AM Squared Ltd bought a new position in shares of Cardinal Health during the third quarter valued at $33,000. Finally, Carolina Wealth Advisors LLC purchased a new stake in shares of Cardinal Health during the third quarter valued at $47,000. 87.17% of the stock is owned by institutional investors.

Cardinal Health Price Performance

Shares of NYSE:CAH opened at $124.51 on Thursday. Cardinal Health, Inc. has a 1-year low of $93.17 and a 1-year high of $126.23. The company has a market capitalization of $30.13 billion, a P/E ratio of 24.22, a P/E/G ratio of 1.47 and a beta of 0.63. The firm’s 50 day simple moving average is $120.28 and its two-hundred day simple moving average is $111.41.

Cardinal Health (NYSE:CAH) last issued its quarterly earnings results on Friday, November 1st. The company reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.62 by $0.26. Cardinal Health had a net margin of 0.56% and a negative return on equity of 56.56%. The business had revenue of $52.28 billion for the quarter, compared to the consensus estimate of $50.90 billion. During the same quarter in the previous year, the firm earned $1.73 earnings per share. The company’s revenue for the quarter was down 4.3% on a year-over-year basis. On average, sell-side analysts anticipate that Cardinal Health, Inc. will post 7.82 earnings per share for the current fiscal year.

Cardinal Health Cuts Dividend

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

Wall Street Analyst Weigh In

Several research firms have issued reports on CAH. TD Cowen upgraded shares of Cardinal Health from a “hold” rating to a “buy” rating and upped their target price for the company from $130.00 to $144.00 in a research note on Wednesday, January 8th. Evercore ISI upgraded shares of Cardinal Health from an “in-line” rating to an “outperform” rating and set a $140.00 price objective on the stock in a research report on Tuesday, January 7th. Wells Fargo & Company raised shares of Cardinal Health from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $101.00 to $127.00 in a research report on Friday, December 13th. Barclays increased their price target on Cardinal Health from $117.00 to $133.00 and gave the company an “overweight” rating in a report on Monday, November 4th. Finally, Morgan Stanley lifted their price objective on Cardinal Health from $127.00 to $136.00 and gave the stock an “overweight” rating in a report on Tuesday, December 17th. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cardinal Health currently has a consensus rating of “Moderate Buy” and a consensus price target of $133.29.

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.