Cerner Corporation (CERN) is Douglas Lane & Associates LLC’s 9th Largest Position
Douglas Lane & Associates LLC cut its stake in Cerner Corporation (NASDAQ:CERN) by 0.7% during the second quarter, Holdings Channel reports. The institutional investor owned 1,160,102 shares of the company’s stock after selling 8,222 shares during the period. Cerner Corporation accounts for 1.8% of Douglas Lane & Associates LLC’s portfolio, making the stock its 9th largest position. Douglas Lane & Associates LLC’s holdings in Cerner Corporation were worth $77,112,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently modified their holdings of CERN. BlackRock Inc. raised its stake in shares of Cerner Corporation by 3,008.5% in the first quarter. BlackRock Inc. now owns 18,298,722 shares of the company’s stock worth $1,076,881,000 after buying an additional 17,710,062 shares during the last quarter. UBS Group AG raised its stake in shares of Cerner Corporation by 1,843.1% in the first quarter. UBS Group AG now owns 5,306,053 shares of the company’s stock worth $312,261,000 after buying an additional 5,032,976 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Cerner Corporation by 29.9% in the first quarter. Bank of New York Mellon Corp now owns 14,745,663 shares of the company’s stock worth $867,783,000 after buying an additional 3,391,745 shares during the last quarter. Fiduciary Management Inc. WI raised its stake in shares of Cerner Corporation by 63.2% in the first quarter. Fiduciary Management Inc. WI now owns 8,241,408 shares of the company’s stock worth $485,007,000 after buying an additional 3,192,338 shares during the last quarter. Finally, Veritas Asset Management LLP acquired a new stake in shares of Cerner Corporation during the first quarter worth approximately $186,725,000. Hedge funds and other institutional investors own 82.35% of the company’s stock.
Cerner Corporation (NASDAQ CERN) traded up 0.21% during midday trading on Thursday, reaching $65.71. The company had a trading volume of 225,432 shares. Cerner Corporation has a 1-year low of $47.01 and a 1-year high of $69.28. The company has a market capitalization of $21.71 billion, a P/E ratio of 33.87 and a beta of 0.96. The firm has a 50-day moving average of $66.48 and a 200 day moving average of $59.60. Cerner Corporation also saw some unusual options trading on Monday. Stock traders bought 9,805 call options on the company. This represents an increase of 1,093% compared to the typical volume of 822 call options.
Cerner Corporation (NASDAQ:CERN) last announced its quarterly earnings data on Thursday, April 27th. The company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.06. Cerner Corporation had a return on equity of 18.36% and a net margin of 13.40%. The firm had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $1.23 billion. During the same period last year, the business posted $0.53 earnings per share. The company’s revenue for the quarter was up 10.7% compared to the same quarter last year. On average, equities research analysts forecast that Cerner Corporation will post $2.51 EPS for the current year.
Cerner Corporation announced that its board has approved a stock repurchase program on Thursday, May 25th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 2.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
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CERN has been the subject of a number of research analyst reports. TheStreet raised Cerner Corporation from a “c+” rating to a “b-” rating in a research note on Monday, April 3rd. Jefferies Group LLC reaffirmed a “buy” rating and issued a $74.00 price target on shares of Cerner Corporation in a research note on Thursday, June 1st. UBS AG raised their price target on Cerner Corporation from $60.00 to $64.00 and gave the stock a “buy” rating in a research note on Friday, April 28th. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $68.00 price target (up previously from $66.00) on shares of Cerner Corporation in a research note on Thursday, April 27th. Finally, Canaccord Genuity raised their price target on Cerner Corporation from $59.00 to $66.00 and gave the stock a “buy” rating in a research note on Monday, May 1st. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $64.89.
In other news, CFO Marc G. Naughton sold 60,000 shares of the firm’s stock in a transaction dated Tuesday, June 6th. The stock was sold at an average price of $68.63, for a total value of $4,117,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Vice Chairman Clifford W. Illig sold 234,525 shares of the firm’s stock in a transaction dated Thursday, May 11th. The stock was sold at an average price of $64.43, for a total value of $15,110,445.75. Following the completion of the transaction, the insider now owns 1,229,719 shares of the company’s stock, valued at $79,230,795.17. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 704,542 shares of company stock valued at $45,885,490. Company insiders own 13.20% of the company’s stock.
About Cerner Corporation
Cerner Corporation (Cerner) 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 of all sizes. The Company’s segments include Domestic and Global. The Domestic segment includes revenue contributions and expenditures associated with business activity in the United States.
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