Arrow Financial Corp lowered its stake in Cerner Corporation (NASDAQ:CERN) by 11.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,771 shares of the company’s stock after selling 1,595 shares during the period. Arrow Financial Corp’s holdings in Cerner Corporation were worth $783,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Johnson Financial Group Inc. raised 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 valued at $110,000 after buying an additional 47 shares during the period. ProVise Management Group LLC raised its position in Cerner Corporation by 1.2% in the first quarter. ProVise Management Group LLC now owns 5,115 shares of the company’s stock valued at $301,000 after buying an additional 60 shares during the period. Country Club Trust Company n.a. raised its position in Cerner Corporation by 0.4% in the first quarter. Country Club Trust Company n.a. now owns 19,075 shares of the company’s stock valued at $1,123,000 after buying an additional 69 shares during the period. Linscomb & Williams Inc. raised its position in Cerner Corporation by 1.2% in the first quarter. Linscomb & Williams Inc. now owns 6,412 shares of the company’s stock valued at $377,000 after buying an additional 76 shares during the period. Finally, Probity Advisors Inc. raised its stake in shares of Cerner Corporation by 1.5% in the second quarter. Probity Advisors Inc. now owns 5,486 shares of the company’s stock worth $365,000 after buying an additional 79 shares during the last quarter. 82.34% of the stock is owned by institutional investors and hedge funds.
Shares of Cerner Corporation (NASDAQ:CERN) traded up 1.40% during midday trading on Friday, reaching $64.25. 2,249,981 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $64.58 and a 200-day moving average of $61.47. The stock has a market cap of $21.30 billion, a price-to-earnings ratio of 32.47 and a beta of 0.95. Cerner Corporation has a one year low of $47.01 and a one year high of $69.28.
Cerner Corporation (NASDAQ:CERN) last issued its quarterly earnings results 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 business had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.30 billion. Cerner Corporation had a return on equity of 18.18% and a net margin of 13.47%. The company’s revenue was up 6.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.58 EPS. On average, equities research analysts anticipate that Cerner Corporation will post $2.50 earnings per share for the current year.
Cerner Corporation announced that its Board of Directors has approved a stock buyback plan on Thursday, May 25th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 2.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.
A number of brokerages recently commented on CERN. UBS AG reaffirmed a “neutral” rating and issued a $69.00 target price (up from $64.00) on shares of Cerner Corporation in a research report on Tuesday, June 6th. Jefferies Group LLC set a $74.00 target price on Cerner Corporation and gave the company a “buy” rating in a research report on Sunday, April 30th. Bank of America Corporation raised Cerner Corporation from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $64.36 to $66.00 in a research report on Monday, May 15th. Morgan Stanley raised Cerner Corporation from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $59.00 to $62.00 in a research report on Thursday, August 10th. Finally, BidaskClub raised Cerner Corporation from a “sell” rating to a “hold” rating in a research report on Saturday. Sixteen analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $65.84.
In other news, Director Gerald E. Bisbee, Jr. sold 6,200 shares of the firm’s stock in a transaction on Friday, June 9th. The shares were sold at an average price of $67.97, for a total transaction of $421,414.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Linda M. Dillman sold 4,600 shares of the firm’s stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $64.69, for a total transaction of $297,574.00. The disclosure for this sale can be found here. Insiders have sold a total of 248,913 shares of company stock worth $16,252,337 in the last quarter. Corporate 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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