Cerner Corp. (CERN) Coverage Initiated by Analysts at Bank of America Corp.
Bank of America Corp. initiated coverage on shares of Cerner Corp. (NASDAQ:CERN) in a research report report published on Monday. The firm issued a neutral rating and a $67.00 target price on the stock.
CERN has been the topic of several other research reports. Canaccord Genuity reaffirmed a buy rating and issued a $68.00 price target on shares of Cerner Corp. in a report on Sunday, September 11th. Wells Fargo & Co. reaffirmed a buy rating on shares of Cerner Corp. in a report on Sunday, June 26th. Piper Jaffray Cos. reissued an overweight rating and set a $81.00 price objective on shares of Cerner Corp. in a research note on Monday, August 29th. Jefferies Group reissued a buy rating on shares of Cerner Corp. in a research note on Friday, June 10th. Finally, FBR & Co reissued an outperform rating and set a $73.00 price objective on shares of Cerner Corp. in a research note on Friday, June 3rd. Ten investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. Cerner Corp. presently has a consensus rating of Buy and a consensus target price of $66.18.
Shares of Cerner Corp. (NASDAQ:CERN) opened at 62.98 on Monday. Cerner Corp. has a 12-month low of $49.59 and a 12-month high of $68.31. The firm has a market cap of $21.27 billion, a P/E ratio of 34.59 and a beta of 0.66. The company has a 50-day moving average of $64.56 and a 200 day moving average of $58.45.
Cerner Corp. (NASDAQ:CERN) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.01. Cerner Corp. had a net margin of 13.53% and a return on equity of 18.57%. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.21 billion. During the same quarter in the prior year, the firm earned $0.52 earnings per share. The company’s revenue for the quarter was up 8.0% compared to the same quarter last year. Equities research analysts anticipate that Cerner Corp. will post $2.36 earnings per share for the current fiscal year.
In other Cerner Corp. news, Chairman Neal L. Patterson sold 428,638 shares of the firm’s stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $67.14, for a total value of $28,778,755.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Linda M. Dillman sold 6,000 shares of the firm’s stock in a transaction dated Tuesday, September 6th. The stock was sold at an average price of $64.68, for a total transaction of $388,080.00. The disclosure for this sale can be found here. 13.20% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Williams Jones & Associates LLC boosted its stake in Cerner Corp. by 17.8% in the second quarter. Williams Jones & Associates LLC now owns 18,347 shares of the company’s stock valued at $1,075,000 after buying an additional 2,767 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in Cerner Corp. during the second quarter valued at approximately $712,000. Kentucky Retirement Systems bought a new stake in Cerner Corp. during the second quarter valued at approximately $1,499,000. Mason Street Advisors LLC bought a new stake in Cerner Corp. during the second quarter valued at approximately $2,375,000. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in Cerner Corp. by 10.4% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 6,379 shares of the company’s stock valued at $373,000 after buying an additional 600 shares in the last quarter. Institutional investors own 81.39% of the company’s stock.
About Cerner Corp.
Cerner Corporation is a supplier of healthcare information technology (HCIT). The Company offers a range of intelligent solutions and services that support the clinical, financial and operational needs of organizations. Its segments include Domestic and Global. The Domestic segment includes the business activity in the United States.
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