Cardinal Health slides after Q3 report as revenue miss and goodwill impairment overshadow raised outlook

Cardinal Health (CAH) is down 6.2% today. Here is some analysis on what might have caused this price movement.

Analysis: The move appears tied to the company’s fiscal Q3 2026 earnings release, where a revenue miss and a large goodwill impairment weighed on sentiment despite higher non-GAAP EPS and a raised full-year outlook. Investors may also be discounting the quarter’s non-GAAP EPS strength because it benefited from an unusually low effective tax rate and share count reduction.

Details:

Fiscal Q3 2026 revenue was $60.94B (up 11% year over year) but came in below market expectations cited in early earnings summaries.

GAAP operating earnings fell to $509M and GAAP EPS declined to $1.69, driven in part by a $184M pre-tax goodwill impairment in the Navista & ION reporting unit.

Non-GAAP diluted EPS rose to $3.17, helped by a lower non-GAAP effective tax rate (10.2%) and a lower share count from repurchases.

The company raised and narrowed FY2026 non-GAAP EPS guidance to $10.70–$10.80, but the market reaction suggests concerns around the quality and durability of the quarter’s drivers.

Sources:

Cardinal Health, Associated Press, Investing.com

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

$CAH Insider Trading Activity

$CAH insiders have traded $CAH stock on the open market 1 times in the past 6 months. Of those trades, 0 have been purchases and 1 have been sales.

Here’s a breakdown of recent trading of $CAH stock by insiders over the last 6 months:

AARON E ALT (Chief Financial Officer) sold 2,328 shares for an estimated $524,964

To track insider transactions, check out Quiver Quantitative's insider trading dashboard. You can access data on insider stock transactions through the Quiver Quantitative API.

$CAH Hedge Fund Activity

We have seen 660 institutional investors add shares of $CAH stock to their portfolio, and 588 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

UBS AM, A DISTINCT BUSINESS UNIT OF UBS ASSET MANAGEMENT AMERICAS LLC removed 7,746,239 shares (-77.0%) from their portfolio in Q4 2025, for an estimated $1,591,852,114
WCM INVESTMENT MANAGEMENT, LLC added 4,032,682 shares (+inf%) to their portfolio in Q4 2025, for an estimated $828,716,151
BLACKROCK, INC. removed 2,823,035 shares (-9.0%) from their portfolio in Q4 2025, for an estimated $580,133,692
MILLENNIUM MANAGEMENT LLC removed 1,580,019 shares (-79.6%) from their portfolio in Q4 2025, for an estimated $324,693,904
HOLOCENE ADVISORS, LP removed 936,677 shares (-48.6%) from their portfolio in Q4 2025, for an estimated $192,487,123
CITADEL ADVISORS LLC added 934,750 shares (+99.2%) to their portfolio in Q4 2025, for an estimated $192,091,125
INVESCO LTD. removed 898,506 shares (-25.8%) from their portfolio in Q4 2025, for an estimated $184,642,983

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API.

$CAH Government Contracts

We have seen $206,332,157 of award payments to $CAH over the last year.

Here are some of the awards which we have have seen pay out the most over the last year:

EXPRESS REPORT: MEDICAL SURGICAL PRIME VENDOR EXPENDITURES FOR THE MONTH OF APRIL 2025.: $10,194,510
EXPRESS REPORT: MSPV EXPENDITURES FOR MAY 2025: $4,117,385
8511684196!OTHER MEDICAL: $1,300,000
4569286447!TRBO REGION 1: $1,268,080

To track government contracts to publicy traded companies, check out Quiver Quantitative's government contracts dashboard.

$CAH Analyst Ratings

Wall Street analysts have issued reports on $CAH in the last several months. We have seen 4 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

William Blair issued a "Outperform" rating on 04/28/2026
Morgan Stanley issued a "Overweight" rating on 01/29/2026
Mizuho issued a "Outperform" rating on 11/04/2025
TD Cowen issued a "Buy" rating on 11/03/2025

To track analyst ratings and price targets for $CAH, check out Quiver Quantitative's $CAH forecast page.

$CAH Price Targets

Multiple analysts have issued price targets for $CAH recently. We have seen 8 analysts offer price targets for $CAH in the last 6 months, with a median target of $243.5.

Here are some recent targets:

Elizabeth Anderson from Evercore ISI Group set a target price of $240.0 on 04/08/2026
Glen Santangelo from Barclays set a target price of $258.0 on 02/24/2026
Stephen Baxter from Wells Fargo set a target price of $256.0 on 02/10/2026
Lisa Gill from JP Morgan set a target price of $243.0 on 02/10/2026
Steven Valiquette from Mizuho set a target price of $235.0 on 02/06/2026
Erin Wright from Morgan Stanley set a target price of $245.0 on 01/29/2026
Daniel Grosslight from Citigroup set a target price of $244.0 on 01/09/2026

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.