Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Cardinal Health, Inc. shares valued at $3,895,411 were sold by WEITZMAN DEBORAH on Nov 27 ’23. At $106.31 per share, WEITZMAN DEBORAH sold 36,642 shares. The insider’s holdings dropped to 35,202 shares worth approximately $3.75 million following the completion of this transaction.
Also, WEITZMAN DEBORAH sold 6,712 shares, netting a total of over 602,805 in proceeds. Following the sale of shares at $89.81 each, the insider now holds 44,202 shares.
Before that, Scherer Mary C. had sold 20,695 shares from its account. In a trade valued at $1,785,358, the Chief Accounting Officer traded Cardinal Health, Inc. shares for $86.27 each. Upon closing the transaction, the insider’s holdings decreased to 20,695 shares, worth approximately $1.13 million.
As published in their initiating research note from Leerink Partners on February 26, 2024, Cardinal Health, Inc. [CAH] has been an Outperform and the price target has been revised to $125. Analysts at Argus upgraded the stock from ‘”a Hold”‘ to ‘”a Buy”‘ outlook in a report released in early February. As of January 03, 2024, Barclays has initiated its “an Overweight” rating for CAH. Earlier on December 14, 2023, Wells Fargo initiated its rating. Their recommendation was “an Underweight” for CAH stock.
Analyzing CAH Stock Performance
During the last five days, there has been a drop of approximately -3.36%. Over the course of the year, Cardinal Health, Inc. shares have jumped approximately 5.58%. Shares of the company reached a 52-week high of $116.04 on 03/13/24 and a 52-week low of $100.36 on 01/09/24. A 50-day SMA is recorded $109.24, while a 200-day SMA reached $99.44. Nevertheless, trading volume fell to 1.23 million shares from 1.18 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 105.74, which, if violated, would cause prices to drop to 105.07. In the upper region, resistance lies at 107.70. The next price resistance is at 108.99. RSI (Relative Strength Index) is 34.54 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -2.83, which suggests the price will decrease in the coming days. Percent R is at 98.81%, indicating bearish price movement. Stochastics %K at buying 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 Mar 28, 2024 dropping by -1.61 million shares to 9.04 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 10.65 million shares. A decline of -17.81% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 3.4 of the overall float, the days-to-cover ratio (short ratio) decline to 3.4.
