Cerner Corporation (NASDAQ:CERN) Position Lowered by Rothschild Asset Management Inc.
Rothschild Asset Management Inc. reduced its position in shares of Cerner Corporation (NASDAQ:CERN) by 11.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,200 shares of the company’s stock after selling 895 shares during the period. Rothschild Asset Management Inc.’s holdings in Cerner Corporation were worth $479,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Johnson Financial Group Inc. increased its position in Cerner Corporation by 2.6% in the first quarter. Johnson Financial Group Inc. now owns 1,870 shares of the company’s stock worth $110,000 after buying an additional 47 shares during the last quarter. Alpha Windward LLC increased its position in Cerner Corporation by 6.1% in the first quarter. Alpha Windward LLC now owns 2,594 shares of the company’s stock worth $153,000 after buying an additional 148 shares during the last quarter. Archford Capital Strategies LLC increased its position in Cerner Corporation by 93.8% in the first quarter. Archford Capital Strategies LLC now owns 2,599 shares of the company’s stock worth $153,000 after buying an additional 1,258 shares during the last quarter. Wellington Shields & Co. LLC acquired a new position in Cerner Corporation during the second quarter worth approximately $213,000. Finally, Fox Run Management L.L.C. acquired a new position in Cerner Corporation during the first quarter worth approximately $200,000. Institutional investors and hedge funds own 81.19% of the company’s stock.
Cerner Corporation (NASDAQ CERN) opened at 62.11 on Friday. The stock has a market capitalization of $20.59 billion, a P/E ratio of 31.38 and a beta of 0.95. Cerner Corporation has a 52 week low of $47.01 and a 52 week high of $69.28. The firm has a 50 day moving average price of $65.07 and a 200 day moving average price of $61.07.
Cerner Corporation (NASDAQ:CERN) last posted its earnings results on Thursday, July 27th. The company reported $0.56 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.57 by $0.01. The company had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.30 billion. Cerner Corporation had a net margin of 13.47% and a return on equity of 18.18%. The firm’s revenue for the quarter was up 6.3% compared to the same quarter last year. During the same period last year, the company posted $0.58 earnings per share. Equities research analysts predict that Cerner Corporation will post $2.50 earnings per share for the current year.
Cerner Corporation declared that its Board of Directors has initiated a share repurchase program on Thursday, May 25th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to repurchase up to 2.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
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A number of research firms have recently commented on CERN. UBS AG reiterated a “neutral” rating and issued a $69.00 price objective (up previously from $64.00) on shares of Cerner Corporation in a report on Tuesday, June 6th. Jefferies Group LLC set a $74.00 price objective on Cerner Corporation and gave the company a “buy” rating in a report on Sunday, April 30th. Morgan Stanley upgraded Cerner Corporation from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $59.00 to $62.00 in a report on Thursday. BidaskClub downgraded Cerner Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $69.00 price objective on shares of Cerner Corporation in a report on Friday, July 28th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $65.79.
In other news, CFO Marc G. Naughton sold 60,000 shares of the company’s 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Linda M. Dillman sold 4,600 shares of the company’s stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $64.69, for a total value of $297,574.00. The disclosure for this sale can be found here. Insiders have sold 130,800 shares of company stock valued at $8,925,788 over the last ninety days. Corporate 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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