Cardinal Health (NYSE:CAH) Reaches New 12-Month High – Still a Buy?
by Tristan Rich · The Markets DailyShares of Cardinal Health, Inc. (NYSE:CAH – Get Free Report) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $244.87 and last traded at $240.5860, with a volume of 63666 shares traded. The stock had previously closed at $239.23.
Analyst Ratings Changes
A number of equities analysts have recently weighed in on CAH shares. Robert W. Baird set a $248.00 target price on Cardinal Health in a research note on Friday, May 1st. Mizuho boosted their price objective on Cardinal Health from $235.00 to $240.00 and gave the stock an “outperform” rating in a research report on Thursday, July 23rd. TD Cowen upped their price objective on Cardinal Health from $255.00 to $275.00 and gave the company a “buy” rating in a research note on Thursday, July 9th. UBS Group lifted their target price on Cardinal Health from $260.00 to $274.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. Finally, Citigroup increased their price target on shares of Cardinal Health from $245.00 to $265.00 and gave the company a “buy” rating in a research report on Friday, July 24th. Fifteen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $251.73.
Read Our Latest Stock Report on CAH
Cardinal Health Stock Performance
The stock’s 50 day moving average is $225.07 and its 200 day moving average is $215.91. The company has a market capitalization of $55.16 billion, a PE ratio of 35.99, a PEG ratio of 1.14 and a beta of 0.49.
Hedge Funds Weigh In On Cardinal Health
Large investors have recently made changes to their positions in the stock. Norges Bank bought a new position in shares of Cardinal Health in the fourth quarter worth $790,344,000. Wellington Management Group LLP boosted its stake in Cardinal Health by 153.2% during the third quarter. Wellington Management Group LLP now owns 5,804,090 shares of the company’s stock valued at $911,010,000 after buying an additional 3,511,579 shares during the period. Marshall Wace LLP boosted its stake in Cardinal Health by 1,328.1% during the fourth quarter. Marshall Wace LLP now owns 951,259 shares of the company’s stock valued at $195,484,000 after buying an additional 884,648 shares during the period. Bessemer Group Inc. grew its position in Cardinal Health by 7,053.4% during the first quarter. Bessemer Group Inc. now owns 750,038 shares of the company’s stock worth $158,491,000 after buying an additional 739,553 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in Cardinal Health by 2.0% during the fourth quarter. Vanguard Group Inc. now owns 31,441,258 shares of the company’s stock worth $6,461,179,000 after buying an additional 617,775 shares in the last quarter. 87.17% of the stock is owned by institutional investors.
Cardinal Health Company Profile
Cardinal Health is a multinational healthcare services and products company headquartered in Dublin, Ohio. Tracing its roots to the early 1970s, the company has grown into a major provider of supply chain and distribution services for the healthcare sector. Cardinal Health operates across a range of service lines that support hospitals, health systems, pharmacies, physician offices and clinical laboratories.
The company’s core activities include the wholesale distribution of branded and generic pharmaceuticals, the supply and distribution of medical-surgical products, and the provision of logistics and inventory management solutions.