$1.29 Billion in Sales Expected for Cerner Corporation (CERN) This Quarter
Brokerages expect Cerner Corporation (NASDAQ:CERN) to announce $1.29 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Eleven analysts have issued estimates for Cerner Corporation’s earnings. The lowest sales estimate is $1.28 billion and the highest is $1.30 billion. Cerner Corporation reported sales of $1.18 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 9.3%. The firm is scheduled to announce its next earnings results on Tuesday, November 7th.
According to Zacks, analysts expect that Cerner Corporation will report full-year sales of $1.29 billion for the current financial year, with estimates ranging from $5.15 billion to $5.25 billion. For the next fiscal year, analysts forecast that the business will post sales of $5.62 billion per share, with estimates ranging from $5.49 billion to $5.71 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Cerner Corporation.
Cerner Corporation (NASDAQ:CERN) last issued its quarterly earnings results on Thursday, July 27th. The company reported $0.56 EPS for the quarter, missing the consensus estimate of $0.57 by $0.01. Cerner Corporation had a return on equity of 18.18% and a net margin of 13.47%. The business had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same quarter in the prior year, the firm earned $0.58 EPS. The firm’s quarterly revenue was up 6.3% compared to the same quarter last year.
Several analysts recently issued reports on the stock. UBS AG reissued a “neutral” rating and issued a $69.00 price target (up previously from $64.00) on shares of Cerner Corporation in a research report on Tuesday, June 6th. Jefferies Group LLC set a $74.00 price target on shares of Cerner Corporation and gave the company a “buy” rating in a research report on Sunday, April 30th. Zacks Investment Research downgraded shares of Cerner Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. BidaskClub downgraded shares of Cerner Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $69.00 price target on shares of Cerner Corporation in a research report on Friday, July 28th. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have issued a buy rating to the stock. Cerner Corporation has an average rating of “Hold” and a consensus target price of $64.94.
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Shares of Cerner Corporation (NASDAQ:CERN) opened at 62.49 on Thursday. The firm has a market cap of $20.72 billion, a PE ratio of 31.58 and a beta of 0.95. The stock’s 50 day moving average is $65.38 and its 200 day moving average is $60.99. Cerner Corporation has a 12 month low of $47.01 and a 12 month high of $69.28.
Cerner Corporation announced that its board has approved a share buyback program on Thursday, May 25th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 2.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
In other news, Director Gerald E. Bisbee, Jr. sold 6,200 shares of Cerner Corporation stock in a transaction on Friday, June 9th. The stock was sold at an average price of $67.97, for a total transaction of $421,414.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Julie M. Wilson sold 60,000 shares of Cerner Corporation stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $68.15, for a total value of $4,089,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 173,800 shares of company stock worth $11,691,978 over the last quarter. Company insiders own 13.20% of the company’s stock.
Several large investors have recently added to or reduced their stakes in CERN. SG Americas Securities LLC boosted its stake in Cerner Corporation by 581.2% in the first quarter. SG Americas Securities LLC now owns 400,861 shares of the company’s stock worth $23,591,000 after buying an additional 342,013 shares during the last quarter. Toronto Dominion Bank boosted its stake in Cerner Corporation by 54.8% in the first quarter. Toronto Dominion Bank now owns 82,127 shares of the company’s stock worth $4,834,000 after buying an additional 29,068 shares during the last quarter. Cim Investment Mangement Inc. boosted its stake in Cerner Corporation by 146.2% in the first quarter. Cim Investment Mangement Inc. now owns 26,370 shares of the company’s stock worth $1,552,000 after buying an additional 15,661 shares during the last quarter. BlackRock Inc. boosted its stake in 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. Finally, Carlson Capital Management acquired a new stake in Cerner Corporation during the second quarter worth approximately $607,000. Institutional investors own 81.19% 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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