Cardinal Health (NYSE:CAH) Issues FY24 Earnings Guidance

Cardinal Health (NYSE:CAH) issued an update on its FY24 earnings guidance on Monday morning. The company provided EPS guidance of $7.20-7.35 for the period, compared to the consensus EPS estimate of $7.29.

Cardinal Health Price Performance

NYSE CAH opened at $108.19 on Monday. The firm’s 50-day moving average is $109.59 and its two-hundred day moving average is $104.41. Cardinal Health has a 12 month low of $77.56 and a 12 month high of $116.04. The stock has a market capitalization of $26.32 billion, a P/E ratio of 42.59, a PEG ratio of 1.04 and a beta of 0.68.

Cardinal Health (NYSE:CAH) last posted its earnings results on Thursday, February 1st. The company reported $1.82 EPS for the quarter, beating analysts’ consensus estimates of $1.56 by $0.26. The company had revenue of $57.45 billion for the quarter, compared to analysts’ expectations of $57.02 billion. Cardinal Health had a net margin of 0.30% and a negative return on equity of 57.44%. Cardinal Health’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.32 earnings per share. As a group, analysts anticipate that Cardinal Health will post 7.28 EPS for the current year.

Cardinal Health Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Monday, April 1st were given a dividend of $0.5006 per share. The ex-dividend date was Thursday, March 28th. This represents a $2.00 annualized dividend and a dividend yield of 1.85%. Cardinal Health’s dividend payout ratio is presently 78.74%.

Analysts Set New Price Targets

CAH has been the topic of several analyst reports. Leerink Partnrs reaffirmed an outperform rating on shares of Cardinal Health in a report on Monday, February 26th. Argus raised shares of Cardinal Health from a hold rating to a buy rating in a report on Friday, February 9th. SVB Leerink initiated coverage on shares of Cardinal Health in a report on Monday, February 26th. They issued an outperform rating and a $125.00 target price on the stock. TheStreet cut shares of Cardinal Health from a b- rating to a c+ rating in a report on Wednesday, December 27th. Finally, UBS Group increased their price target on shares of Cardinal Health from $122.00 to $125.00 and gave the company a buy rating in a research note on Monday, February 5th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $103.07.

Hedge Funds Weigh In On Cardinal Health

A number of hedge funds have recently modified their holdings of the business. Gladius Capital Management LP grew its position in Cardinal Health by 6.6% in the 3rd quarter. Gladius Capital Management LP now owns 3,855 shares of the company’s stock valued at $335,000 after buying an additional 239 shares during the last quarter. West Tower Group LLC purchased a new position in Cardinal Health in the 4th quarter valued at $106,000. Harbour Investments Inc. grew its position in Cardinal Health by 18.4% in the 4th quarter. Harbour Investments Inc. now owns 1,004 shares of the company’s stock valued at $101,000 after buying an additional 156 shares during the last quarter. Fortis Capital Advisors LLC grew its position in Cardinal Health by 29.4% in the 1st quarter. Fortis Capital Advisors LLC now owns 1,294 shares of the company’s stock valued at $98,000 after buying an additional 294 shares during the last quarter. Finally, Sunbelt Securities Inc. purchased a new position in Cardinal Health in the 1st quarter valued at $76,000. 87.17% of the stock is currently owned by hedge funds and other institutional investors.

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.