On Thursday, Cardinal Health Inc (NYSE:CAH)’s shares declined -0.40% to $86.68.
Cardinal Health Inc (CAH) declared plans to acquire The Harvard Drug Group (THDG), a distributor of generic pharmaceuticals, over-the-counter medications and related products to retail, institutional and alternate care customers. THDG is presently owned by Court Square Capital Partners. Cardinal Health will pay $1.115 billion using existing cash and new debt. The transaction is predictable to close in the starting of fiscal year 2016 subject to regulatory approvals and other customary closing conditions.
Assuming this timing, Cardinal Health anticipates accretion in non-GAAP diluted earnings per share (EPS) from ongoing operations of greater than $0.15 per share in fiscal 2016, net of the $0.03 to $0.04 per share of interest expense for the related debt financing. Cardinal Health anticipates accretion in non-GAAP diluted EPS of more than $0.20 in fiscal 2017 and for accretion to be increasingly greater thereafter.
Cardinal Health, Inc., a healthcare services company, provides pharmaceutical and medical products and services in the United States and internationally. The company operates in two segments, Pharmaceutical and Medical. The Pharmaceutical segment distributes branded and generic pharmaceutical, over-the-counter healthcare, specialty pharmaceutical, and consumer products to retailers, including chain and independent drug stores and pharmacy departments of supermarkets and mass merchandisers; hospitals; and other healthcare providers.
United Technologies Corporation (NYSE:UTX)’s shares dropped -0.61% to $113.30.
Sikorsky Aircraft Corp. recently delivered six CH-148 Cyclone helicopters to the Canadian government during an acceptance celebration joined by Canada’s Defense Minister Jason Kenney, Public Works and Government Services Minister Diane Finley, Justice Minister Peter MacKay and Regional Ministers. Representing Sikorsky, a partner of United Technologies Corp. (UTX), was William Gostic, Vice President of the CH-148 Maritime Helicopter Program (MHP), who hailed the event as “a major milestone for the Canadian Armed Forces, our industry partners, Sikorsky and all of our employees committed to this unique and highly sophisticated aircraft.”
The six helicopters represent the first of 28 Cyclone aircraft that Sikorsky will deliver to the Canadian Armed Forces to perform a full range of anti-submarine and anti-surface warfare, search and rescue, and utility missions in various environments. Sikorsky will introduce raised capabilities that will be phased in while the Royal Canadian Air Force determines operational strategy and more personnel are trained to fly and maintain the aircraft. More than 40 military personnel have accomplished initial training already. Completion of all deliveries and capability upgrades will enable replacement of the venerable Sea King fleet, also offered by Sikorsky, starting in 2018.
United Technologies Corporation provides technology products and services to building systems and aerospace industries worldwide. Its Otis segment designs, manufactures, sells, and installs passenger and freight elevators, escalators, and moving walkways; modernization products to upgrade elevators and escalators; and maintenance and repair services.
At the end of Thursday’s trade, BB&T Corporation (NYSE:BBT)‘s shares dipped -0.34% to $41.02.
BB&T Corporation (BBT) declared it has accomplished its acquisition of The Bank of Kentucky Financial Corporation. Systems were converted during the weekend and branches in northern Kentucky and Cincinnati opened recently (Monday) under the BB&T name.
The acquisition, which was declared in September 2014, comprises 32 retail branches in northern Kentucky and Cincinnati. The merger comprises $1.6 billion in deposits, $1.3 billion in loans and total assets of $1.9 billion based on March 31, 2015, balances. BB&T received the required regulatory approvals for the acquisition earlier this year.
BB&T Corporation operates as a financial holding company that provides various banking and trust services for retail and commercial clients. It operates in six segments: Community Banking, Residential Mortgage Banking, Dealer Financial Services, Specialized Lending, Insurance Services, and Financial Services. The company’s deposit products include noninterest-bearing checking accounts, interest-bearing checking accounts, savings accounts, money market deposit accounts, certificates of deposit, and individual retirement accounts.
Progressive Corp (NYSE:PGR), ended its Thursday’s trading session with -0.25% loss, and closed at $28.17.
Progressive Corp (PGR) may be an interesting play thanks to its forward PE of 14.53, its P/S ratio of 0.84, and its decent dividend yield of 2.44%. These factors suggest that Progressive Corp. is a pretty good value pick, as investors have to pay a relatively low level for each dollar of earnings, and that PGR has decent revenue metrics to back up its earnings.
But before you think that Progressive Corp. is just a pure value play, it is important to note that it has been seeing solid activity on the earnings estimate front as well. For current year earnings, the consensus has gone up by 3.8% in the past 30 days, thanks to 7 upward revisions in the past one month contrast to no downward revision.
This estimate strength is actually enough to push PGR to a Zacks Rank #2 (Buy), suggesting it is poised to outperform. So really, Progressive Corp. is looking great from a number of angles thanks to its PE below 20, a P/S ratio below one, and a strong Zacks Rank, meaning that this company could be a great choice for value investors at this time.
The Progressive Corporation, an insurance holding company, provides personal and commercial property-casualty insurance, and other specialty property-casualty insurance and related services primarily in the United States. The company’s property-casualty insurance products protect its customers against losses due to collision and physical damage to their motor vehicles, uninsured and underinsured bodily injury, and liability to others for personal injury or property damage arising out of the use of those vehicles. Its Personal Lines segment writes insurance for personal autos and recreational and other vehicles.
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