Schaeffer's Top Stock Picks for '25

Strategic Updates Send Pharma Stock Higher

Cardinal Health's directors approved a $3.5 billion share buyback program

Deputy Editor
Jun 8, 2023 at 11:09 AM
facebook X logo linkedin


Cardinal Health Inc (NYSE:CAH) is well into its Investor Day, which started at 9 a.m. ET. The company's board of directors approved a $3.5 billion stock buyback program, expiring in December 2027, and narrowed its 2023 profit guidance, in addition to announcing other strategic moves. 

At last glance, CAH was up 2.2% to trade at $85.10, bringing it closer to its May 17, seven-year high of $87.02, with support form the 40-day moving average. Since the start of 2023, the security is up 11%. 

Cardinal Health stock's typically quiet options pits are showing bearish activity amid the event. So far, 2,347 puts have been exchanged, which is six times the amount usually seen at this point. The September 82.50 put is the most popular, with new positions being bought to open there.

Of the 11 analysts in coverage, eight carry a "hold" rating on CAH, while three say "buy" or better. The 12-month consensus price target of $87.65 is just a 3% premium from current levels. 

 

 
 

You have the chance to join one of Bernie's most exclusive programs, complete access at HUGE savings!

As we prepare for a new administration to take the reins in Washington, the near-term market landscape is rife with uncertainty.

The Federal Reserve has already hinted at the turbulence ahead, lowering its interest rate outlook for 2025.

Meanwhile, breakthroughs in artificial intelligence (AI), quantum computing, and other transformative sectors have unlocked incredible profit potential.

But these opportunities are fleeting, and timing is everything. That's where Quick-Hit Trader comes in.

Quick-Hit Trader is designed for precision and speed, getting you in and out of the market in a flash. While other investors scramble to navigate volatile conditions, you'll have access to expertly curated trades that leverage these rapid shifts to deliver explosive profits in short order.

This is your chance to capitalize on the fast-moving market like never before. Are you ready to make your move?

 

 

(function(doc, script) { var js, fjs = doc.getElementsByTagName(script)[0], frag = doc.createDocumentFragment(), add = function(url, id) { if (doc.getElementById(id)) {return;} js = doc.createElement(script); js.src = url; id && (js.id = id); frag.appendChild( js ); }; // Google+ button //add('https://apis.google.com/js/platform.js', async="defer"); // Facebook SDK add('//connect.facebook.net/en_US/all.js#xfbml=1&appId=772755279557744', 'facebook-jssdk'); // Twitter SDK //add('//platform.twitter.com/widgets.js', charset='utf-8'); fjs.parentNode.insertBefore(frag, fjs); }(document, 'script'));