Cerner Corporation (NASDAQ:CERN) Shares Sold by Pitcairn Co.
Pitcairn Co. decreased its stake in shares of Cerner Corporation (NASDAQ:CERN) by 1.6% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 11,036 shares of the company’s stock after selling 179 shares during the period. Pitcairn Co.’s holdings in Cerner Corporation were worth $733,000 as of its most recent filing with the SEC.
A number of other institutional investors have also added to or reduced their stakes in CERN. Boston Advisors LLC purchased a new stake in shares of Cerner Corporation during the first quarter valued at about $212,000. Capital Impact Advisors LLC raised its stake in shares of Cerner Corporation by 32.8% in the first quarter. Capital Impact Advisors LLC now owns 33,985 shares of the company’s stock valued at $2,000,000 after buying an additional 8,389 shares in the last quarter. Bank of The West raised its stake in Cerner Corporation by 347.1% in the first quarter. Bank of The West now owns 23,650 shares of the company’s stock valued at $1,392,000 after buying an additional 18,360 shares during the period. Beese Fulmer Investment Management Inc. raised its stake in Cerner Corporation by 6.1% in the first quarter. Beese Fulmer Investment Management Inc. now owns 23,344 shares of the company’s stock valued at $1,374,000 after buying an additional 1,348 shares during the period. Finally, Pinnacle Bank bought a new stake in Cerner Corporation during the first quarter valued at $269,000. 81.19% of the stock is currently owned by institutional investors.
Shares of Cerner Corporation (NASDAQ CERN) opened at 62.11 on Friday. Cerner Corporation has a 12 month low of $47.01 and a 12 month high of $69.28. The company has a market capitalization of $20.59 billion, a PE ratio of 31.38 and a beta of 0.95. 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 announced its quarterly earnings data on Thursday, July 27th. The company reported $0.56 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.57 by $0.01. The company had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.30 billion. Cerner Corporation had a net margin of 13.47% and a return on equity of 18.18%. Cerner Corporation’s revenue was up 6.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.58 earnings per share. On average, equities research analysts predict that Cerner Corporation will post $2.50 EPS for the current year.
Cerner Corporation declared that its Board of Directors has authorized a stock buyback plan on Thursday, May 25th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 2.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
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Several equities research analysts recently weighed in on CERN shares. Canaccord Genuity restated a “buy” rating and issued a $66.00 target price on shares of Cerner Corporation in a report on Friday, June 2nd. J P Morgan Chase & Co restated an “overweight” rating and issued a $72.00 target price (up from $65.00) on shares of Cerner Corporation in a report on Tuesday, June 6th. Cantor Fitzgerald restated a “buy” rating and issued a $77.00 target price (up from $68.00) on shares of Cerner Corporation in a report on Monday, June 5th. Jefferies Group LLC restated a “buy” rating and issued a $74.00 target price on shares of Cerner Corporation in a report on Thursday, July 6th. Finally, William Blair restated an “outperform” rating on shares of Cerner Corporation in a report on Monday, July 10th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and seven have issued a buy rating to the company’s stock. Cerner Corporation has an average rating of “Hold” and an average price target of $65.79.
In other Cerner Corporation 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 value of $421,414.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Marc G. Naughton sold 60,000 shares of Cerner Corporation stock in a transaction on Tuesday, June 6th. The shares were sold at an average price of $68.63, for a total value of $4,117,800.00. The disclosure for this sale can be found here. Insiders sold a total of 130,800 shares of company stock valued at $8,925,788 over the last ninety days. Insiders own 13.20% of the company’s stock.
Cerner Corporation Company Profile
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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