Synovus Financial Corp Sells 137 Shares of Cardinal Health, Inc. (NYSE:CAH)

Synovus Financial Corp lessened its position in Cardinal Health, Inc. (NYSE:CAH) by 0.3% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 53,172 shares of the company’s stock after selling 137 shares during the period. Synovus Financial Corp’s holdings in Cardinal Health were worth $5,876,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of the company. State Street Corp increased its position in shares of Cardinal Health by 4.6% in the 3rd quarter. State Street Corp now owns 14,177,641 shares of the company’s stock valued at $1,566,913,000 after buying an additional 627,253 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Cardinal Health by 0.7% during the third 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. lifted its holdings in shares of 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 purchasing an additional 191,568 shares in the last quarter. ProShare Advisors LLC grew its position in shares of Cardinal Health by 5.1% in the 2nd quarter. ProShare Advisors LLC now owns 1,759,299 shares of the company’s stock valued at $172,974,000 after purchasing an additional 85,247 shares during the period. Finally, Renaissance Technologies LLC increased its stake in Cardinal Health by 7.1% during the 2nd quarter. Renaissance Technologies LLC now owns 1,683,447 shares of the company’s stock worth $165,517,000 after purchasing an additional 111,137 shares in the last quarter. 87.17% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on CAH shares. Barclays lifted their price target on shares of Cardinal Health from $117.00 to $133.00 and gave the company an “overweight” rating in a research note on Monday, November 4th. Argus boosted their price objective on shares of Cardinal Health from $115.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. StockNews.com cut Cardinal Health from a “strong-buy” rating to a “buy” rating in a report on Sunday, November 3rd. UBS Group boosted their price target on Cardinal Health from $134.00 to $139.00 and gave the company a “buy” rating in a report on Monday, November 4th. Finally, Wells Fargo & Company upgraded Cardinal Health from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $101.00 to $127.00 in a report on Friday. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $126.75.

Cardinal Health Stock Performance

Shares of NYSE CAH opened at $118.06 on Friday. The stock has a 50 day moving average price of $117.12 and a 200 day moving average price of $108.35. The stock has a market capitalization of $28.57 billion, a PE ratio of 22.97, a price-to-earnings-growth ratio of 1.47 and a beta of 0.61. Cardinal Health, Inc. has a 52 week low of $93.17 and a 52 week high of $126.23.

Cardinal Health (NYSE:CAH) last released its quarterly earnings data on Friday, November 1st. The company reported $1.88 EPS for the quarter, beating the consensus estimate of $1.62 by $0.26. The company had revenue of $52.28 billion during the quarter, compared to the consensus estimate 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 revenue for the quarter was down 4.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.73 EPS. As a group, research analysts forecast that Cardinal Health, Inc. will post 7.82 EPS for the current year.

Cardinal Health Cuts Dividend

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

Cardinal Health Company Profile

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.