Louisiana State Employees Retirement System boosted its stake in shares of Cerner Corporation (NASDAQ:CERN) by 1.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 18,200 shares of the company’s stock after buying an additional 200 shares during the period. Louisiana State Employees Retirement System’s holdings in Cerner Corporation were worth $1,210,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of CERN. SG Americas Securities LLC increased its stake in Cerner Corporation by 581.2% in the first quarter. SG Americas Securities LLC now owns 400,861 shares of the company’s stock valued at $23,591,000 after buying an additional 342,013 shares during the last quarter. Toronto Dominion Bank increased its stake in Cerner Corporation by 54.8% in the first quarter. Toronto Dominion Bank now owns 82,127 shares of the company’s stock valued at $4,834,000 after buying an additional 29,068 shares during the last quarter. Cim Investment Mangement Inc. increased its stake in Cerner Corporation by 146.2% in the first quarter. Cim Investment Mangement Inc. now owns 26,370 shares of the company’s stock valued at $1,552,000 after buying an additional 15,661 shares during the last quarter. Douglass Winthrop Advisors LLC increased its stake in Cerner Corporation by 9.7% in the first quarter. Douglass Winthrop Advisors LLC now owns 22,645 shares of the company’s stock valued at $1,333,000 after buying an additional 2,000 shares during the last quarter. Finally, Ardevora Asset Management LLP purchased a new stake in Cerner Corporation during the second quarter valued at $27,977,000. 82.34% of the stock is owned by institutional investors and hedge funds.
Cerner Corporation (NASDAQ CERN) traded up 1.40% during midday trading on Friday, reaching $64.25. The company had a trading volume of 2,249,981 shares. The company has a market capitalization of $21.30 billion, a P/E ratio of 32.47 and a beta of 0.95. Cerner Corporation has a 52-week low of $47.01 and a 52-week high of $69.28. The company’s 50 day moving average is $64.58 and its 200-day moving average is $61.47.
Cerner Corporation (NASDAQ:CERN) last announced its earnings results on Thursday, July 27th. The company reported $0.56 EPS for the quarter, missing the consensus estimate of $0.57 by $0.01. The firm had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.30 billion. Cerner Corporation had a return on equity of 18.18% and a net margin of 13.47%. The business’s revenue was up 6.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.58 EPS. Equities analysts expect that Cerner Corporation will post $2.50 earnings per share for the current fiscal year.
Cerner Corporation declared that its board has initiated a stock repurchase program on Thursday, May 25th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 2.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.
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CERN has been the subject of several research reports. Canaccord Genuity reissued 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 reissued 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 price target (up previously from $68.00) on shares of Cerner Corporation in a research report on Monday, June 5th. Jefferies Group LLC restated a “buy” rating and issued a $74.00 price target on shares of Cerner Corporation in a research report on Thursday, July 6th. Finally, William Blair restated an “outperform” rating on shares of Cerner Corporation in a research report on Monday, July 10th. Sixteen research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $65.84.
In related news, Director Linda M. Dillman sold 4,600 shares of Cerner Corporation stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $64.69, for a total value of $297,574.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Clifford W. Illig sold 118,113 shares of Cerner Corporation stock in a transaction on Friday, August 11th. The stock was sold at an average price of $62.03, for a total transaction of $7,326,549.39. Following the completion of the transaction, the chairman now owns 1,229,719 shares in the company, valued at approximately $76,279,469.57. The disclosure for this sale can be found here. Insiders sold a total of 248,913 shares of company stock worth $16,252,337 in the last quarter. 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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