Teacher Retirement System of Texas lifted its stake in shares of Cardinal Health (NYSE:CAH) by 26.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 386,477 shares of the company’s stock after purchasing an additional 81,909 shares during the quarter. Teacher Retirement System of Texas’ holdings in Cardinal Health were worth $24,224,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently made changes to their positions in CAH. Signaturefd LLC bought a new stake in shares of Cardinal Health during the 1st quarter valued at approximately $100,000. Ffcm LLC bought a new stake in shares of Cardinal Health during the 4th quarter valued at approximately $105,000. JNBA Financial Advisors grew its holdings in shares of Cardinal Health by 615.4% during the 4th quarter. JNBA Financial Advisors now owns 1,860 shares of the company’s stock valued at $114,000 after purchasing an additional 1,600 shares during the last quarter. Cerebellum GP LLC bought a new stake in shares of Cardinal Health during the 4th quarter valued at approximately $129,000. Finally, James Hambro & Partners bought a new stake in shares of Cardinal Health during the 4th quarter valued at approximately $138,000. 90.96% of the stock is currently owned by institutional investors.
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Cardinal Health stock opened at $54.51 on Thursday. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.54 and a current ratio of 1.10. Cardinal Health has a 12-month low of $54.08 and a 12-month high of $54.92. The firm has a market cap of $16.78 billion, a P/E ratio of 10.09, a P/E/G ratio of 1.36 and a beta of 1.06.
Cardinal Health declared that its board has authorized a stock buyback program on Thursday, February 8th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Sunday, July 15th. Investors of record on Monday, July 2nd will be given a dividend of $0.476 per share. This represents a $1.90 dividend on an annualized basis and a dividend yield of 3.49%. The ex-dividend date is Friday, June 29th. This is an increase from Cardinal Health’s previous quarterly dividend of $0.46. Cardinal Health’s payout ratio is presently 34.26%.
In other Cardinal Health news, CEO Jon L. Giacomin sold 7,995 shares of the company’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $68.78, for a total transaction of $549,896.10. Following the transaction, the chief executive officer now owns 63,043 shares in the company, valued at $4,336,097.54. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.97% of the company’s stock.
Several brokerages recently issued reports on CAH. Zacks Investment Research raised shares of Cardinal Health from a “hold” rating to a “buy” rating and set a $84.00 price target on the stock in a report on Monday, January 29th. Mizuho set a $73.00 price target on shares of Cardinal Health and gave the company a “hold” rating in a report on Wednesday, January 24th. Robert W. Baird reaffirmed a “hold” rating and set a $80.00 price target on shares of Cardinal Health in a report on Wednesday, January 17th. TheStreet raised shares of Cardinal Health from a “c+” rating to a “b-” rating in a report on Tuesday, March 13th. Finally, Bank of America initiated coverage on shares of Cardinal Health in a report on Tuesday, February 27th. They set an “underperform” rating and a $69.00 price target on the stock. Five analysts have rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the company. Cardinal Health has a consensus rating of “Hold” and a consensus target price of $70.33.
About Cardinal Health
Cardinal Health, Inc operates as an integrated healthcare services and products company worldwide. The company's Pharmaceutical segment distributes branded and generic pharmaceutical, specialty pharmaceutical, over-the-counter healthcare, and consumer products to retailers, hospitals, and other healthcare providers.
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