Providence Wealth Advisors LLC Has $789,000 Stake in Cardinal Health Inc (NYSE:CAH)

Providence Wealth Advisors LLC raised its stake in Cardinal Health Inc (NYSE:CAH) by 12.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,235 shares of the company’s stock after buying an additional 1,784 shares during the quarter. Providence Wealth Advisors LLC’s holdings in Cardinal Health were worth $789,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of CAH. Gemmer Asset Management LLC lifted its holdings in Cardinal Health by 172.4% in the fourth quarter. Gemmer Asset Management LLC now owns 553 shares of the company’s stock valued at $25,000 after acquiring an additional 350 shares during the period. WP Advisors LLC acquired a new position in shares of Cardinal Health during the 1st quarter worth $26,000. Transamerica Financial Advisors Inc. acquired a new position in shares of Cardinal Health during the 4th quarter worth $32,000. CNB Bank acquired a new position in shares of Cardinal Health during the 4th quarter worth $36,000. Finally, American Research & Management Co. acquired a new position in shares of Cardinal Health during the 1st quarter worth $48,000. 87.62% of the stock is currently owned by institutional investors and hedge funds.

CAH has been the subject of several research reports. Zacks Investment Research raised Cardinal Health from a “sell” rating to a “hold” rating in a research note on Wednesday, January 16th. UBS Group initiated coverage on Cardinal Health in a research report on Thursday, January 17th. They set a “neutral” rating and a $51.00 price objective for the company. ValuEngine upgraded Cardinal Health from a “strong sell” rating to a “sell” rating in a research report on Friday, February 8th. Wolfe Research initiated coverage on Cardinal Health in a research report on Tuesday, April 2nd. They set an “underperform” rating for the company. Finally, Guggenheim initiated coverage on Cardinal Health in a research report on Wednesday, April 17th. They set a “neutral” rating and a $51.00 price objective for the company. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $56.20.

Shares of NYSE CAH traded down $1.29 during midday trading on Friday, hitting $48.85. The stock had a trading volume of 3,291,100 shares, compared to its average volume of 3,172,388. The firm has a market capitalization of $14.56 billion, a P/E ratio of 9.77, a P/E/G ratio of 1.59 and a beta of 1.14. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.05 and a quick ratio of 0.51. Cardinal Health Inc has a 1-year low of $42.17 and a 1-year high of $58.31.

Cardinal Health (NYSE:CAH) last released its quarterly earnings results on Thursday, May 9th. The company reported $1.59 EPS for the quarter, topping the consensus estimate of $1.43 by $0.16. The company had revenue of $35.23 billion for the quarter, compared to analyst estimates of $35.09 billion. The business’s revenue was up 4.7% on a year-over-year basis. During the same period last year, the firm posted $1.39 earnings per share. On average, equities research analysts expect that Cardinal Health Inc will post 5.09 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Monday, July 1st will be given a $0.4811 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.94%. This is a positive change from Cardinal Health’s previous quarterly dividend of $0.48. The ex-dividend date of this dividend is Friday, June 28th. Cardinal Health’s dividend payout ratio is presently 38.20%.

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Cardinal Health Profile

Cardinal Health, Inc operates as an integrated healthcare services and products company in the United States and internationally. It provides medical products and pharmaceuticals, and solutions that enhance supply chain efficiency for hospitals, healthcare systems, pharmacies, ambulatory surgery centers, clinical laboratories, and physician offices.

Further Reading: P/E Growth (PEG)

Institutional Ownership by Quarter for Cardinal Health (NYSE:CAH)

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