Convergence Investment Partners LLC Has $2.86 Million Stock Holdings in Cardinal Health, Inc. (NYSE:CAH)

Convergence Investment Partners LLC lessened its holdings in Cardinal Health, Inc. (NYSE:CAH) by 3.9% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 28,388 shares of the company’s stock after selling 1,164 shares during the quarter. Cardinal Health comprises about 1.5% of Convergence Investment Partners LLC’s investment portfolio, making the stock its 12th largest position. Convergence Investment Partners LLC’s holdings in Cardinal Health were worth $2,862,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of CAH. Czech National Bank boosted its position in shares of Cardinal Health by 47.6% in the third quarter. Czech National Bank now owns 44,499 shares of the company’s stock worth $3,863,000 after buying an additional 14,359 shares during the period. Country Club Bank GFN raised its holdings in shares of Cardinal Health by 91.7% during the third quarter. Country Club Bank GFN now owns 11,636 shares of the company’s stock worth $1,022,000 after acquiring an additional 5,565 shares in the last quarter. Linden Thomas Advisory Services LLC purchased a new stake in shares of Cardinal Health during the third quarter worth $861,000. Ascent Wealth Partners LLC purchased a new stake in shares of Cardinal Health during the third quarter worth $957,000. Finally, Brookstone Capital Management raised its holdings in shares of Cardinal Health by 6.4% during the third quarter. Brookstone Capital Management now owns 12,043 shares of the company’s stock worth $1,118,000 after acquiring an additional 724 shares in the last quarter. Institutional investors and hedge funds own 87.17% of the company’s stock.

Cardinal Health Price Performance

Shares of NYSE:CAH traded down $0.60 during trading on Friday, reaching $103.21. The stock had a trading volume of 1,399,916 shares, compared to its average volume of 1,705,735. Cardinal Health, Inc. has a 52 week low of $77.56 and a 52 week high of $116.04. The business’s 50-day moving average price is $109.51 and its 200 day moving average price is $104.76. The stock has a market capitalization of $25.10 billion, a PE ratio of 40.63, a P/E/G 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 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 during the quarter, compared to analysts’ expectations of $57.02 billion. During the same quarter in the previous year, the company posted $1.32 earnings per share. Cardinal Health’s quarterly revenue was up 11.6% compared to the same quarter last year. Analysts forecast that Cardinal Health, Inc. will post 7.28 EPS for the current year.

Cardinal Health Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Monday, April 1st were paid a $0.5006 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date was Thursday, March 28th. Cardinal Health’s dividend payout ratio (DPR) is currently 78.74%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on CAH shares. Argus upgraded Cardinal Health from a “hold” rating to a “buy” rating in a report on Friday, February 9th. Leerink Partnrs restated an “outperform” rating on shares of Cardinal Health in a report on Monday, February 26th. UBS Group raised their target price on Cardinal Health from $122.00 to $125.00 and gave the company a “buy” rating in a report on Monday, February 5th. StockNews.com lowered Cardinal Health from a “strong-buy” rating to a “buy” rating in a report on Wednesday. Finally, Barclays started coverage on Cardinal Health in a report on Wednesday, January 3rd. They set an “overweight” rating and a $117.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $103.07.

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.