Envestnet Portfolio Solutions Inc. Acquires 2,862 Shares of Cardinal Health, Inc. (NYSE:CAH)

Envestnet Portfolio Solutions Inc. increased its holdings in Cardinal Health, Inc. (NYSE:CAH) by 6.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 46,053 shares of the company’s stock after purchasing an additional 2,862 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Cardinal Health were worth $6,345,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Flputnam Investment Management Co. raised its holdings in shares of Cardinal Health by 1.8% in the 4th quarter. Flputnam Investment Management Co. now owns 180,586 shares of the company’s stock worth $21,358,000 after buying an additional 3,148 shares in the last quarter. Huntington National Bank raised its stake in Cardinal Health by 1.2% during the fourth quarter. Huntington National Bank now owns 10,920 shares of the company’s stock worth $1,292,000 after acquiring an additional 128 shares in the last quarter. Fisher Asset Management LLC acquired a new position in Cardinal Health during the fourth quarter worth $368,000. Truist Financial Corp lifted its holdings in shares of Cardinal Health by 29.5% during 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. Finally, Keybank National Association OH acquired a new stake in shares of Cardinal Health in the 4th quarter valued at $257,000. Institutional investors own 87.17% of the company’s stock.

Cardinal Health Stock Performance

NYSE CAH opened at $163.08 on Friday. The stock has a market capitalization of $38.92 billion, a P/E ratio of 25.44, a price-to-earnings-growth ratio of 1.85 and a beta of 0.66. Cardinal Health, Inc. has a 52 week low of $93.17 and a 52 week high of $166.32. The stock has a fifty day moving average of $149.53 and a 200-day moving average of $134.05.

Cardinal Health (NYSE:CAH) last posted its quarterly earnings results on Thursday, May 1st. The company reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.20. The business had revenue of $54.88 billion for the quarter, compared to analysts’ expectations of $55.33 billion. Cardinal Health had a negative return on equity of 68.84% and a net margin of 0.70%. The firm’s quarterly revenue was up .0% compared to the same quarter last year. During the same quarter last year, the business earned $2.08 earnings per share. Equities research analysts forecast that Cardinal Health, Inc. will post 7.95 earnings per share for the current fiscal year.

Cardinal Health Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st will be given a dividend of $0.5107 per share. This is a boost from Cardinal Health’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $2.04 annualized dividend and a dividend yield of 1.25%. Cardinal Health’s payout ratio is currently 31.51%.

Wall Street Analyst Weigh In

CAH has been the subject of a number of recent analyst reports. UBS Group increased their target price on shares of Cardinal Health from $150.00 to $160.00 and gave the stock a “buy” rating in a research report on Tuesday, April 29th. Evercore ISI reaffirmed an “outperform” rating and set a $180.00 price objective (up previously from $175.00) on shares of Cardinal Health in a report on Thursday, June 12th. Mizuho boosted their target price on Cardinal Health from $142.00 to $150.00 and gave the stock an “outperform” rating in a report on Monday, March 31st. Robert W. Baird raised their price target on Cardinal Health from $156.00 to $170.00 and gave the company an “outperform” rating in a report on Friday, May 2nd. Finally, Bank of America lifted their price objective on Cardinal Health from $165.00 to $170.00 and gave the company a “buy” rating in a research report on Tuesday, June 10th. Three analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $157.43.

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.