Cardinal Health CEO Jason Hollar sold $29.4 million worth of CAH stock on Aug. 18, just days after the company posted record gains following a strong earnings report. The stock hit a record close of $240.26 on Aug. 11, and reached an intraday high of $258.30.
The sales were executed at prices between $234.07 and $238.065 per share. This was Hollar’s first open-market sale since August 2025 and only his second stock sale since joining Cardinal in 2020.
Hollar was not alone. A wave of insider selling swept through the executive team the same day, pushing total sales to nearly $60 million.
CFO Aaron Alt sold 42,000 shares for over $9.9 million. Chief Legal and Compliance Officer Jessica Mayer sold 29,436 shares for nearly $7 million. Chief Information Officer Michelle Greene sold 11,650 shares for $2.7 million.
The heads of Cardinal’s two main business units also trimmed their positions. Debbie Weitzman, CEO of the pharmaceutical unit, sold 7,354 shares for around $1.7 million. Steve Mason, CEO of the global medical products and distribution segment, sold 35,000 shares for around $8.3 million, cutting his ownership stake by nearly 66%.
Chief Accounting Officer Mary Scherer sold 2,302 shares for around $546,472 on Aug. 19. In total, insiders sold 210,271 shares worth nearly $49.6 million in the last quarter.
The selling came after Cardinal’s Q4 earnings report on Aug. 11 delivered a clear beat. EPS came in at $2.91, well ahead of the $2.42 consensus estimate. Revenue rose 5.8% year over year to $63.67 billion, though it came in short of the $65.15 billion analyst estimate.
The company also set FY2027 EPS guidance at $12.40 to $12.60, which helped fuel the initial stock surge. Analysts currently expect full-year EPS of $12.54.
Despite the pullback and insider selling, Wall Street remains largely positive on the stock. TD Cowen raised its price target to $280 and maintained a “buy” rating. Leerink Partners set a $292 price target. Royal Bank of Canada initiated coverage with an “outperform” rating and a $276 target.
JPMorgan raised its target from $215 to $260 but kept a “neutral” rating. Sixteen analysts rate the stock a buy, three hold. The average price target sits at $266.56.
CAH opened at $229.48 on Friday, down from its post-earnings high. The 12-month low is $145.87. Cardinal also declared a quarterly dividend of $0.5158 per share, payable Oct. 15 to shareholders of record as of Oct. 1, representing a 0.9% yield.
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