Wells Fargo & Company Lowers Cardinal Health (NYSE:CAH) Price Target to $94.00

Cardinal Health (NYSE:CAH) had its price target decreased by equities researchers at Wells Fargo & Company from $96.00 to $94.00 in a report released on Monday, Benzinga reports. The firm presently has an “underweight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential downside of 8.76% from the company’s current price.

A number of other research firms also recently issued reports on CAH. SVB Leerink began coverage on Cardinal Health in a research note on Monday, February 26th. They set an “outperform” rating and a $125.00 price target for the company. Argus upgraded Cardinal Health from a “hold” rating to a “buy” rating in a report on Friday, February 9th. UBS Group increased their price target on Cardinal Health from $122.00 to $125.00 and gave the company a “buy” rating in a research report on Monday, February 5th. Barclays assumed coverage on shares of Cardinal Health in a report on Wednesday, January 3rd. They set an “overweight” rating and a $117.00 price objective on the stock. Finally, StockNews.com downgraded shares of Cardinal Health from a “strong-buy” rating to a “buy” rating in a report on Wednesday, April 24th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $102.93.

Cardinal Health Stock Performance

Cardinal Health stock opened at $103.03 on Monday. The stock has a market capitalization of $25.06 billion, a price-to-earnings ratio of 40.57, a PEG ratio of 1.04 and a beta of 0.68. Cardinal Health has a 52-week low of $77.56 and a 52-week high of $116.04. The stock’s 50 day moving average price is $109.48 and its two-hundred day moving average price is $104.93.

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

Institutional Investors Weigh In On Cardinal Health

Several institutional investors have recently added to or reduced their stakes in the business. Linden Thomas Advisory Services LLC purchased a new position in Cardinal Health in the 3rd quarter valued at approximately $861,000. Brookstone Capital Management raised its stake in shares of Cardinal Health by 6.4% during the 3rd quarter. Brookstone Capital Management now owns 12,043 shares of the company’s stock valued at $1,118,000 after purchasing an additional 724 shares during the period. Commonwealth Equity Services LLC lifted its holdings in Cardinal Health by 9.3% during the 3rd quarter. Commonwealth Equity Services LLC now owns 84,096 shares of the company’s stock worth $7,301,000 after purchasing an additional 7,174 shares in the last quarter. Toews Corp ADV purchased a new stake in Cardinal Health during the 3rd quarter worth about $773,000. Finally, Callahan Advisors LLC boosted its stake in Cardinal Health by 26.3% in the 3rd quarter. Callahan Advisors LLC now owns 66,451 shares of the company’s stock worth $5,769,000 after purchasing an additional 13,858 shares during the period. 87.17% of the stock is 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.