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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cardinal Health Inc | NYSE:CAH | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.34 | 0.35% | 96.39 | 96.75 | 95.66 | 96.41 | 1,206,278 | 01:00:00 |
DOW JONES NEWSWIRES
Cardinal Health Inc. (CAH) boosted its quarterly dividend 25% ahead of its impending spinoff as the company's net income fell 12% on costs related to the planned spinoff of its clinical and medical-products businesses.
The announcement comes ahead of Cardinal Health's annual investor conference, at which the company said it will outline a goal for future dividend increases to exceed earnings growth after the spinoff of CareFusion.
The spinoff of the faster-growing unit and a generator of higher margins than Cardinal Health's much larger, core drug-distribution business - slated to take place later this year - is expected to produce savings of up to $130 million in two years.
But hospital-spending delays prompted the medical-goods supplier to announce in March another round of job cuts and cost-control measures. CareFusion plans to eliminate 1,300 jobs, or nearly 8% of its work force.
Cardinal Health shares closed Monday at $35.56 and were inactive premarket.
-By Kevin Kingsbury, Dow Jones Newswires; 201-938-2136; kevin.kingsbury@dowjones.com
1 Year Cardinal Health Chart |
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