CIBC World Markets Inc. boosted its holdings in shares of Cerner Corporation (NASDAQ:CERN) by 339.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 38,072 shares of the company’s stock after purchasing an additional 29,408 shares during the period. CIBC World Markets Inc.’s holdings in Cerner Corporation were worth $2,531,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Johnson Financial Group Inc. increased its holdings in shares of Cerner Corporation by 2.6% during 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 in the last quarter. Pacad Investment Ltd. acquired a new stake in shares of Cerner Corporation during the second quarter worth approximately $130,000. Archford Capital Strategies LLC increased its holdings in shares of Cerner Corporation by 93.8% during 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 in the last quarter. National Asset Management Inc. acquired a new stake in shares of Cerner Corporation during the first quarter worth approximately $201,000. Finally, Bell Bank acquired a new stake in shares of Cerner Corporation during the first quarter worth approximately $210,000. Hedge funds and other institutional investors own 78.94% of the company’s stock.
Several research firms have recently weighed in on CERN. Bank of America Corporation raised shares of Cerner Corporation from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $64.36 to $66.00 in a report on Monday, May 15th. William Blair reaffirmed an “outperform” rating on shares of Cerner Corporation in a report on Monday, July 10th. BidaskClub lowered shares of Cerner Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Stifel Nicolaus reaffirmed a “hold” rating and set a $69.00 price objective on shares of Cerner Corporation in a report on Friday, July 28th. Finally, Morgan Stanley raised shares of Cerner Corporation from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $59.00 to $62.00 in a report on Thursday, August 10th. Fifteen equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $65.71.
In other news, Chairman Clifford W. Illig sold 118,113 shares of the stock in a transaction on Friday, August 11th. The shares were sold at an average price of $62.03, for a total transaction of $7,326,549.39. Following the completion of the sale, the chairman now directly owns 1,229,719 shares in the company, valued at $76,279,469.57. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP Randy D. Sims sold 60,000 shares of the stock in a transaction on Friday, September 1st. The stock was sold at an average price of $68.03, for a total transaction of $4,081,800.00. Following the sale, the senior vice president now owns 60,890 shares of the company’s stock, valued at $4,142,346.70. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 272,113 shares of company stock valued at $17,750,529. Corporate insiders own 13.20% of the company’s stock.
Cerner Corporation (NASDAQ CERN) opened at 70.49 on Tuesday. The firm has a 50-day moving average of $64.87 and a 200-day moving average of $62.89. Cerner Corporation has a 52 week low of $47.01 and a 52 week high of $70.50. The company has a market capitalization of $23.37 billion, a PE ratio of 35.62 and a beta of 0.95.
Cerner Corporation (NASDAQ:CERN) last announced its quarterly 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 during the quarter, compared to analyst estimates of $1.30 billion. During the same quarter last year, the company posted $0.58 earnings per share. The company’s revenue was up 6.3% compared to the same quarter last year. Equities analysts expect that Cerner Corporation will post $2.50 earnings per share for the current fiscal year.
Cerner Corporation announced that its board has authorized a stock buyback program on Thursday, May 25th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to repurchase up to 2.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
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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