Short Interest in Cardinal Health, Inc. (NYSE:CAH) Decreases By 20.1%

Cardinal Health, Inc. (NYSE:CAH) was the target of a large drop in short interest during the month of November. As of November 30th, there was short interest totalling 4,780,000 shares, a drop of 20.1% from the November 15th total of 5,980,000 shares. Currently, 2.0% of the company’s shares are sold short. Based on an average trading volume of 2,040,000 shares, the days-to-cover ratio is presently 2.3 days.

Cardinal Health Stock Performance

Shares of NYSE CAH opened at $118.10 on Monday. The firm’s 50 day moving average price is $117.12 and its 200-day moving average price is $108.53. Cardinal Health has a 52-week low of $93.17 and a 52-week high of $126.23. The company has a market cap of $28.58 billion, a PE ratio of 22.98, a P/E/G ratio of 1.47 and a beta of 0.61.

Cardinal Health (NYSE:CAH) last released its quarterly earnings data on Friday, November 1st. The company reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.26. The business had revenue of $52.28 billion for the quarter, compared to analysts’ expectations of $50.90 billion. Cardinal Health had a negative return on equity of 56.56% and a net margin of 0.56%. The firm’s quarterly revenue was down 4.3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.73 EPS. On average, analysts forecast that Cardinal Health will post 7.82 earnings per share for the current fiscal year.

Cardinal Health Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Thursday, January 2nd will be issued a $0.5056 dividend. The ex-dividend date is Thursday, January 2nd. This represents a $2.02 annualized dividend and a yield of 1.71%. Cardinal Health’s payout ratio is 39.30%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on CAH shares. Mizuho started coverage on shares of Cardinal Health in a research report on Wednesday, December 4th. They issued an “outperform” rating and a $139.00 target price for the company. UBS Group upped their target price on Cardinal Health from $134.00 to $139.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Morgan Stanley raised their target price on Cardinal Health from $119.00 to $127.00 and gave the company an “overweight” rating in a research note on Monday, November 4th. Argus upped their price target on Cardinal Health from $115.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. Finally, StockNews.com downgraded Cardinal Health from a “strong-buy” rating to a “buy” rating in a report on Sunday, November 3rd. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $126.75.

Hedge Funds Weigh In On Cardinal Health

Several hedge funds and other institutional investors have recently bought and sold shares of CAH. State Street Corp raised its holdings in shares of Cardinal Health by 4.6% during the third quarter. State Street Corp now owns 14,177,641 shares of the company’s stock valued at $1,566,913,000 after purchasing an additional 627,253 shares during the last quarter. Geode Capital Management LLC grew its position in Cardinal Health by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 5,749,859 shares of the company’s stock worth $633,298,000 after purchasing an additional 42,082 shares during the period. Pacer Advisors Inc. raised its stake in Cardinal Health by 4.7% during the 3rd quarter. Pacer Advisors Inc. now owns 4,290,650 shares of the company’s stock valued at $474,203,000 after buying an additional 191,568 shares during the last quarter. ProShare Advisors LLC lifted its holdings in shares of Cardinal Health by 5.1% during the 2nd quarter. ProShare Advisors LLC now owns 1,759,299 shares of the company’s stock valued at $172,974,000 after buying an additional 85,247 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in shares of Cardinal Health by 7.1% in the 2nd quarter. Renaissance Technologies LLC now owns 1,683,447 shares of the company’s stock worth $165,517,000 after buying an additional 111,137 shares during 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.