Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Cardinal Health Inc. shares valued at $14,944 were purchased by Brennan Michelle on Nov 15. At $74.72 per share, Brennan Michelle acquired 200 shares. The insider’s holdings grew to 3,324 shares worth approximately $0.26 million following the completion of this transaction.
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Also, Brennan Michelle purchased 200 shares, netting a total of over 15,260 in proceeds. Following the buying of shares at $76.30 each, the insider now holds 3,124 shares.
Before that, Brennan Michelle had added 150 shares to its account. In a trade valued at $11,961, the Director bought Cardinal Health Inc. shares for $79.74 each. Upon closing the transaction, the insider’s holdings increased to 150 shares, worth approximately $0.23 million.
As published in a research note from Robert W. Baird on February 03, 2023, Cardinal Health Inc. [CAH] has been rated up from a Neutral to an Outperform and the price target has been revised to $94 from $87. This represents a 17.34% premium over Thursday’s closing price. Analysts at BofA Securities upgraded the stock from ‘”an Underperform”‘ to ‘”a Neutral”‘ outlook in a report released in early November. Earlier on May 26, 2022, Barclays downgraded its rating. Their new recommendation was “an Equal weight” for CAH stock which previously was a “an Overweight”.
Analyzing CAH Stock Performance
On Thursday, Cardinal Health Inc. [NYSE: CAH] rose 0.23% to $77.70. The stock’s lowest price that day was $77.34, but it reached a high of $78.43 in the same session. During the last five days, there has been a drop of approximately -1.12%. Over the course of the year, Cardinal Health Inc. shares have jumped approximately 1.08%. Shares of the company reached a 52-week high of $80.44 on 02/03/23 and a 52-week low of $73.86 on 01/24/23. A 50-day SMA is recorded $77.83, while a 200-day SMA reached $68.22. Nevertheless, trading volume fell to 2.46 million shares from 1.82 million shares the previous day.
Support And Resistance Levels for Cardinal Health Inc. (CAH)
According to the 24-hour chart, there is a support level at 77.22, which, if violated, would cause prices to drop to 76.73. In the upper region, resistance lies at 78.31. The next price resistance is at 78.91. RSI (Relative Strength Index) is 48.89 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.77, which suggests the price will decrease in the coming days. Percent R is at 71.54%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Cardinal Health Inc. subject to short interest?
Stocks of Cardinal Health Inc. saw a sharp steep in short interest on Jan 30, 2023 dropping by -0.84 million shares to 4.64 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2022 was 5.48 million shares. A decline of -18.1% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 1.84 of the overall float, the days-to-cover ratio (short ratio) decline to 1.84.
Which companies own the most shares of Cardinal Health Inc. (CAH)?
According to The Vanguard Group, Inc. filings, the company currently owns 30,188,205 shares, which is about 11.52% of the total CAH shares outstanding. The investor’s shares have plunged by -823,094 from its previous 13-F filing of 31011299.0 shares. With the completion of the sale transaction, SSgA Funds Management, Inc.’s stake is now worth $1,352,854,221. BlackRock Fund Advisors acquire a 8.20% interest valued at $1.15 billion while Fidelity Management & Research Co sold a -75,976 stake. A total of -78,301 shares of Cardinal Health Inc. were sold by Geode Capital Management LLC during the quarter, and -3,207,939 were sold by T. Rowe Price Associates, Inc. In its current portfolio, BlackRock Advisors LLC holds 4,617,053 shares valued at $356.67 million.
In terms of Cardinal Health Inc. share price expectations, FactSet research, analysts set an average price target of $86.21 in the next 12 months, up nearly 12.87% from the previous closing price of $77.52. Analysts anticipate Cardinal Health Inc. stock to reach $94.00 by 2023, with the lowest price target being $76.00. In spite of this, 17 analysts ranked Cardinal Health Inc. stock as a Hold at the end of 2023. On May 18, 2022, Evercore ISI assigned a price target of “an Outperform” to the stock and upgraded coverage with a $68.