Unpacking the Latest Options Trading Trends in Cardinal Health

Investors with a lot of money to spend have taken a bullish stance on Cardinal Health CAH.

And retail traders should know.

We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.

Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with CAH, it often means somebody knows something is about to happen.

So how do we know what these investors just did?

Today, Benzinga's options scanner spotted 9 uncommon options trades for Cardinal Health.

This isn't normal.

The overall sentiment of these big-money traders is split between 55% bullish and 44%, bearish.

Out of all of the special options we uncovered, 4 are puts, for a total amount of $272,500, and 5 are calls, for a total amount of $178,034.

Projected Price Targets

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $135.0 to $165.0 for Cardinal Health over the last 3 months.

Volume & Open Interest Trends

Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.

This data can help you track the liquidity and interest for Cardinal Health's options for a given strike price.

Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Cardinal Health's whale activity within a strike price range from $135.0 to $165.0 in the last 30 days.

Cardinal Health Call and Put Volume: 30-Day Overview

Significant Options Trades Detected:

About Cardinal Health

Cardinal Health is one of three leading pharmaceutical wholesalers in the US, engaged in sourcing and distributing of branded, generic, and specialty pharmaceutical products to pharmacies (retail chains, independent, and mail order), hospital networks, and healthcare providers. Cardinal, Cencora, and McKesson hold well over 90% of the US pharmaceutical wholesale industry. Cardinal Health also supplies medical-surgical products and equipment to healthcare facilities in North America, Europe, and Asia.

Following our analysis of the options activities associated with Cardinal Health, we pivot to a closer look at the company's own performance.

Where Is Cardinal Health Standing Right Now?

• With a trading volume of 434,884, the price of CAH is down by -0.13%, reaching $164.7.
• Current RSI values indicate that the stock is may be overbought.
• Next earnings report is scheduled for 56 days from now.

Professional Analyst Ratings for Cardinal Health

Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $176.0.

Unusual Options Activity Detected: Smart Money on the Move

Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access. * Maintaining their stance, an analyst from Morgan Stanley continues to hold a Overweight rating for Cardinal Health, targeting a price of $181. * Consistent in their evaluation, an analyst from Citigroup keeps a Neutral rating on Cardinal Health with a target price of $170. * Consistent in their evaluation, an analyst from B of A Securities keeps a Buy rating on Cardinal Health with a target price of $170. * An analyst from Evercore ISI Group has decided to maintain their Outperform rating on Cardinal Health, which currently sits at a price target of $180. * An analyst from Wells Fargo has elevated its stance to Overweight, setting a new price target at $179.

Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Cardinal Health options trades with real-time alerts from Benzinga Pro.