Cerner Corporation (NASDAQ:CERN) Stake Boosted by Rhumbline Advisers
Rhumbline Advisers raised its position in Cerner Corporation (NASDAQ:CERN) by 1.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 593,183 shares of the company’s stock after buying an additional 6,088 shares during the period. Rhumbline Advisers’ holdings in Cerner Corporation were worth $39,429,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of CERN. BlackRock Inc. raised its stake in shares of 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 period. UBS Group AG raised its stake in shares of Cerner Corporation 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 period. Bank of New York Mellon Corp raised its stake in shares of Cerner Corporation 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 period. Fiduciary Management Inc. WI raised its stake in shares of Cerner Corporation 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 period. Finally, Veritas Asset Management LLP acquired a new stake in shares of Cerner Corporation during the first quarter worth approximately $186,725,000. 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 PE ratio of 31.38 and a beta of 0.95. The company’s 50-day moving average price is $65.07 and its 200 day moving average price is $61.07. Cerner Corporation has a 52-week low of $47.01 and a 52-week high of $69.28.
Cerner Corporation (NASDAQ:CERN) last announced its earnings results on Thursday, July 27th. The company reported $0.56 EPS for the quarter, missing the Zacks’ 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 company had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same period in the prior year, the business posted $0.58 earnings per share. Cerner Corporation’s revenue for the quarter was up 6.3% compared to the same quarter last year. Equities analysts forecast that Cerner Corporation will post $2.50 EPS for the current fiscal year.
Cerner Corporation announced that its board has approved a share buyback plan 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 shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
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A number of analysts recently commented on CERN shares. Cantor Fitzgerald reiterated a “buy” rating and set a $77.00 price target (up from $68.00) on shares of Cerner Corporation in a report on Monday, June 5th. Hilliard Lyons lowered Cerner Corporation from a “buy” rating to a “neutral” rating and boosted their target price for the company from $62.00 to $68.00 in a research note on Tuesday, May 2nd. BidaskClub upgraded Cerner Corporation from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, June 27th. Barclays PLC restated a “hold” rating and issued a $60.00 target price on shares of Cerner Corporation in a research note on Monday, May 1st. Finally, 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 research note on Tuesday, June 6th. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $65.79.
In other Cerner Corporation news, CFO Marc G. Naughton sold 60,000 shares of the firm’s stock in a transaction dated 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 legal filing with the SEC, which can be accessed through this link. Also, Director Linda M. Dillman sold 4,600 shares of the firm’s stock in a transaction dated 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. Over the last ninety days, insiders sold 130,800 shares of company stock worth $8,925,788. 13.20% of the stock is owned by insiders.
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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