Cerner Corporation (NASDAQ:CERN) Stake Increased by Financial Advisory Service Inc.
Financial Advisory Service Inc. raised its stake in Cerner Corporation (NASDAQ:CERN) by 0.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 61,539 shares of the company’s stock after buying an additional 378 shares during the period. Cerner Corporation comprises about 1.2% of Financial Advisory Service Inc.’s investment portfolio, making the stock its 18th largest position. Financial Advisory Service Inc.’s holdings in Cerner Corporation were worth $4,091,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. Advisor Partners LLC acquired a new stake in Cerner Corporation during the second quarter valued at $231,000. Retirement Systems of Alabama boosted its stake in Cerner Corporation by 0.3% in the second quarter. Retirement Systems of Alabama now owns 249,344 shares of the company’s stock valued at $16,574,000 after buying an additional 694 shares during the last quarter. IFP Advisors Inc boosted its stake in Cerner Corporation by 6.4% in the second quarter. IFP Advisors Inc now owns 10,677 shares of the company’s stock valued at $710,000 after buying an additional 639 shares during the last quarter. ARP Americas LLC boosted its stake in Cerner Corporation by 4.9% in the second quarter. ARP Americas LLC now owns 4,318 shares of the company’s stock valued at $287,000 after buying an additional 203 shares during the last quarter. Finally, Korea Investment CORP boosted its stake in Cerner Corporation by 53.9% in the second quarter. Korea Investment CORP now owns 141,534 shares of the company’s stock valued at $9,408,000 after buying an additional 49,568 shares during the last quarter. Hedge funds and other institutional investors own 81.19% of the company’s stock.
Cerner Corporation (CERN) opened at 63.38 on Tuesday. The firm has a market cap of $21.02 billion, a price-to-earnings ratio of 32.03 and a beta of 0.95. Cerner Corporation has a 12-month low of $47.01 and a 12-month high of $69.28. The stock has a 50 day moving average price of $65.92 and a 200-day moving average price of $60.63.
Cerner Corporation (NASDAQ:CERN) last announced its quarterly earnings results on Thursday, July 27th. The company reported $0.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.57 by $0.01. The company had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.30 billion. Cerner Corporation had a return on equity of 18.18% and a net margin of 13.47%. The company’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same period last year, the business posted $0.58 EPS. Equities analysts forecast that Cerner Corporation will post $2.50 earnings per share for the current year.
Cerner Corporation announced that its board has approved a stock repurchase plan on Thursday, May 25th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 2.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
Several equities research analysts recently weighed in on the company. Zacks Investment Research cut Cerner Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. BidaskClub cut Cerner Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. Stifel Nicolaus restated a “hold” rating and set a $69.00 target price on shares of Cerner Corporation in a research note on Friday, July 28th. William Blair restated an “outperform” rating on shares of Cerner Corporation in a research note on Monday, July 10th. Finally, Jefferies Group LLC restated a “buy” rating and set a $74.00 target price on shares of Cerner Corporation in a research note on Thursday, July 6th. Two analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $64.94.
In related news, Vice Chairman Clifford W. Illig sold 234,525 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider now directly owns 1,229,719 shares in the company, valued at approximately $79,230,795.17. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Gerald E. Bisbee, Jr. sold 6,200 shares of the firm’s stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $67.97, for a total value of $421,414.00. The disclosure for this sale can be found here. In the last three months, insiders sold 408,325 shares of company stock worth $26,802,424. 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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