Cardinal Health (NYSE:CAH) Downgraded to Buy at StockNews.com

Cardinal Health (NYSE:CAH) was downgraded by analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Friday.

CAH has been the topic of several other reports. Leerink Partnrs reaffirmed an “outperform” rating on shares of Cardinal Health in a report on Monday, February 26th. Evercore ISI increased their target price on shares of Cardinal Health from $110.00 to $115.00 and gave the stock an “in-line” rating in a report on Friday, May 3rd. Argus raised shares of Cardinal Health from a “hold” rating to a “buy” rating in a report on Friday, February 9th. Wells Fargo & Company dropped their target price on shares of Cardinal Health from $96.00 to $94.00 and set an “underweight” rating on the stock in a report on Monday, April 29th. Finally, SVB Leerink initiated coverage on shares of Cardinal Health in a report on Monday, February 26th. They set an “outperform” rating and a $125.00 target price on the stock. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Cardinal Health presently has an average rating of “Moderate Buy” and an average price target of $107.00.

Cardinal Health Price Performance

CAH opened at $98.06 on Friday. The stock has a market capitalization of $23.88 billion, a PE ratio of 43.58, a P/E/G ratio of 1.01 and a beta of 0.71. The firm’s fifty day moving average price is $108.11 and its 200 day moving average price is $105.16. Cardinal Health has a 12-month low of $80.90 and a 12-month high of $116.04.

Cardinal Health (NYSE:CAH) last posted its quarterly earnings results on Thursday, May 2nd. The company reported $2.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.95 by $0.13. The firm had revenue of $54.90 billion for the quarter, compared to analysts’ expectations of $56.05 billion. Cardinal Health had a net margin of 0.25% and a negative return on equity of 54.74%. The firm’s quarterly revenue was up 8.7% on a year-over-year basis. During the same period in the prior year, the company posted $1.74 earnings per share. On average, equities research analysts forecast that Cardinal Health will post 7.34 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cardinal Health

A number of institutional investors and hedge funds have recently bought and sold shares of CAH. Cumberland Partners Ltd boosted its position in shares of Cardinal Health by 51.1% during the 1st quarter. Cumberland Partners Ltd now owns 14,537 shares of the company’s stock valued at $1,627,000 after purchasing an additional 4,918 shares in the last quarter. Orion Portfolio Solutions LLC boosted its position in shares of Cardinal Health by 10.1% during the 1st quarter. Orion Portfolio Solutions LLC now owns 37,067 shares of the company’s stock valued at $4,148,000 after purchasing an additional 3,409 shares in the last quarter. Kingsview Wealth Management LLC bought a new position in shares of Cardinal Health during the 1st quarter valued at about $593,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Cardinal Health by 14.7% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 344,707 shares of the company’s stock valued at $38,573,000 after purchasing an additional 44,273 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System boosted its position in shares of Cardinal Health by 5.2% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 314,213 shares of the company’s stock valued at $35,160,000 after purchasing an additional 15,663 shares in the last quarter. Institutional investors own 87.17% of the company’s stock.

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.