IFP Advisors Inc Has $710,000 Stake in Cerner Co. (CERN)
IFP Advisors Inc raised its position in Cerner Co. (NASDAQ:CERN) by 6.4% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 10,677 shares of the company’s stock after buying an additional 639 shares during the period. IFP Advisors Inc’s holdings in Cerner were worth $710,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. boosted its position in Cerner 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 boosted its position in Cerner 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 boosted its position in Cerner 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 boosted its position in Cerner 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 position in Cerner during the first quarter worth $186,725,000. 81.19% of the stock is owned by institutional investors.
Shares of Cerner Co. (NASDAQ:CERN) opened at 61.60 on Friday. The company has a 50 day moving average price of $65.22 and a 200 day moving average price of $60.99. Cerner Co. has a 12-month low of $47.01 and a 12-month high of $69.28. The firm has a market cap of $20.43 billion, a PE ratio of 31.13 and a beta of 0.95.
Cerner (NASDAQ:CERN) last issued its quarterly earnings data on Thursday, July 27th. The company reported $0.56 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.57 by $0.01. Cerner had a return on equity of 17.02% and a net margin of 13.91%. The company 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 earnings per share. The company’s revenue for the quarter was up 6.3% on a year-over-year basis. On average, analysts forecast that Cerner Co. will post $2.50 earnings per share for the current fiscal year.
Cerner declared that its Board of Directors has initiated a stock buyback program on Thursday, May 25th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes 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.
A number of equities analysts recently weighed in on CERN shares. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $77.00 price target (up previously from $68.00) on shares of Cerner in a report on Monday, June 5th. Hilliard Lyons cut Cerner from a “buy” rating to a “neutral” rating and upped their price target for the stock from $62.00 to $68.00 in a report on Tuesday, May 2nd. BidaskClub raised Cerner from a “buy” rating to a “strong-buy” rating in a report on Tuesday, June 27th. Barclays PLC reaffirmed a “hold” rating and issued a $60.00 price target on shares of Cerner in a report on Monday, May 1st. Finally, J P Morgan Chase & Co reaffirmed an “overweight” rating and issued a $72.00 price target (up previously from $65.00) on shares of Cerner in a report on Tuesday, June 6th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $65.79.
In related news, CFO Marc G. Naughton sold 60,000 shares of Cerner stock in a transaction that occurred on Tuesday, June 6th. The stock was sold at an average price of $68.63, for a total transaction of $4,117,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gerald E. Bisbee, Jr. sold 6,200 shares of Cerner stock in a transaction that occurred on Friday, June 9th. The stock was 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. Insiders have sold a total of 130,800 shares of company stock valued at $8,925,788 over the last 90 days. Insiders own 13.20% of the company’s stock.
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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