Here’s Why Cardinal Health (CAH) Shares Advanced in Q3

Ariel Investments, an investment management company, released its “Ariel Appreciation Fund” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the fund declined -5.66% compared to the -4.93% decline for the Russell Midcap Value Index and -3.44% decline for the Russell Midcap Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Ariel Investment highlighted stocks like Cardinal Health, Inc. (NYSE:CAH) in the Q3 2022 investor letter. Headquartered in Dublin, Ohio, Cardinal Health, Inc. (NYSE:CAH) provides healthcare products and services. On December 1, 2022, Cardinal Health, Inc. (NYSE:CAH) stock closed at $79.26 per share. One-month return of Cardinal Health, Inc. (NYSE:CAH) was -0.33%, and its shares gained 68.57% of their value over the last 52 weeks. Cardinal Health, Inc. (NYSE:CAH) has a market capitalization of $20.777 billion.

Ariel Investment made the following comment about Cardinal Health, Inc. (NYSE:CAH) in its Q3 2022 investor letter:

“Additionally, distributor of pharmaceutical and medical products Cardinal Health, Inc. (NYSE:CAH) advanced in the period as leadership changes were viewed to be a positive for shares. Management provided a new profit outlook for Fiscal 2023 and announced an improvement plan for the medical segment. We are encouraged by these changes and think CAH’s underlying fundamentals and competitive advantages around preventative maintenance screenings and medication management will continue to improve. We believe valuations of health care companies like CAH that focus on cost optimization and promote technological efficiency across the supply chain will be rewarded over the long term.”

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Cardinal Health, Inc. (NYSE:CAH) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held Cardinal Health, Inc. (NYSE:CAH) at the end of the third quarter, which was 44 in the previous quarter.

We discussed Cardinal Health, Inc. (NYSE:CAH) in another article and shared the list of stocks receiving price-target hikes from analysts. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.