Cerner Corporation (NASDAQ:CERN) was upgraded by equities research analysts at Morgan Stanley from an “underweight” rating to an “equal weight” rating in a research report issued to clients and investors on Thursday, Marketbeat reports. The brokerage currently has a $62.00 target price on the stock, up from their previous target price of $59.00. Morgan Stanley’s target price suggests a potential downside of 0.78% from the stock’s previous close.
Several other equities analysts have also issued reports on CERN. UBS AG reiterated a “neutral” rating and set a $69.00 target price (up from $64.00) on shares of Cerner Corporation in a report on Tuesday, June 6th. Jefferies Group LLC set a $74.00 target price on shares of Cerner Corporation and gave the company a “buy” rating in a report on Sunday, April 30th. Zacks Investment Research lowered shares of Cerner Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. BidaskClub lowered shares of 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 set a $69.00 target price on shares of Cerner Corporation in a report on Friday, July 28th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and seven have issued a buy rating to the company. Cerner Corporation has an average rating of “Hold” and an average target price of $64.94.
Shares of Cerner Corporation (NASDAQ:CERN) traded down 1.14% during trading on Thursday, reaching $61.78. The company’s stock had a trading volume of 885,898 shares. The stock has a market cap of $20.49 billion, a P/E ratio of 31.22 and a beta of 0.95. The stock has a 50-day moving average of $65.38 and a 200-day moving average of $60.99. Cerner Corporation has a 52-week low of $47.01 and a 52-week high of $69.28.
Cerner Corporation (NASDAQ:CERN) last released its earnings results 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 Corporation had a net margin of 13.47% and a return on equity of 18.18%. The business had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.30 billion. During the same quarter in the previous year, the business posted $0.58 earnings per share. Cerner Corporation’s revenue for the quarter was up 6.3% on a year-over-year basis. Analysts predict that Cerner Corporation will post $2.50 earnings per share for the current fiscal year.
Cerner Corporation declared that its board has approved a stock repurchase plan on Thursday, May 25th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to reacquire up to 2.3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.
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In other Cerner Corporation news, EVP Julie M. Wilson sold 60,000 shares of the stock in a transaction dated Wednesday, June 7th. The shares were sold at an average price of $68.15, for a total transaction of $4,089,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Neal L. Patterson sold 43,000 shares of the stock in a transaction dated Friday, May 12th. The shares were sold at an average price of $64.33, for a total transaction of $2,766,190.00. The disclosure for this sale can be found here. Insiders have sold a total of 173,800 shares of company stock valued at $11,691,978 in the last three months. Insiders own 13.20% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Cerner Corporation by 0.8% in the first quarter. Vanguard Group Inc. now owns 28,419,626 shares of the company’s stock valued at $1,672,495,000 after buying an additional 231,565 shares during the period. BlackRock Inc. increased its position in Cerner Corporation by 3,008.5% in the first quarter. BlackRock Inc. now owns 18,298,722 shares of the company’s stock valued at $1,076,881,000 after buying an additional 17,710,062 shares during the period. Bank of New York Mellon Corp increased its position in Cerner Corporation by 19.0% in the second quarter. Bank of New York Mellon Corp now owns 17,546,618 shares of the company’s stock valued at $1,166,325,000 after buying an additional 2,800,955 shares during the period. State Street Corp increased its position in Cerner Corporation by 1.8% in the first quarter. State Street Corp now owns 12,593,837 shares of the company’s stock valued at $741,147,000 after buying an additional 228,570 shares during the period. Finally, Fiduciary Management Inc. WI increased its position in Cerner Corporation by 63.2% in the first quarter. Fiduciary Management Inc. WI now owns 8,241,408 shares of the company’s stock valued at $485,007,000 after buying an additional 3,192,338 shares during the period. 81.19% of the stock is owned by institutional investors and hedge funds.
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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