California Pension Fund Reduces Stake in Cardinal Health

CalPERS sells over 160,000 shares of the healthcare company in Q3

Mar. 16, 2026 at 8:19am

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California Public Employees Retirement System (CalPERS), one of the largest pension funds in the United States, reduced its holdings in Cardinal Health, Inc. (NYSE: CAH) by 17% in the third quarter of 2025. The fund sold 162,634 shares of the healthcare company, leaving it with 791,274 shares worth approximately $124 million.

Why it matters

As a major institutional investor, CalPERS' trading activity can provide insights into market sentiment and the outlook for specific companies. The reduction in Cardinal Health's shares held by CalPERS may signal concerns about the company's performance or future prospects among large institutional investors.

The details

According to the 13F filing, CalPERS sold 162,634 shares of Cardinal Health during the third quarter, reducing its total stake in the company to 791,274 shares. This represents approximately 0.33% of Cardinal Health's outstanding shares. The pension fund cited unspecified reasons for the share sale, which came amid a period of volatility in the healthcare sector.

  • CalPERS filed the 13F report disclosing the share sale on March 16, 2026.
  • The share sale occurred during the third quarter of 2025.

The players

California Public Employees Retirement System (CalPERS)

One of the largest public pension funds in the United States, with over $450 billion in assets under management as of 2025.

Cardinal Health, Inc. (CAH)

A major healthcare services and products company headquartered in Dublin, Ohio, providing supply chain and distribution services to hospitals, pharmacies, and other healthcare providers.

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The takeaway

The reduction in CalPERS' stake in Cardinal Health may signal broader concerns about the healthcare sector or the company's specific performance. Investors will likely monitor Cardinal Health's financial results and market positioning in the coming quarters to gauge the company's outlook.