Oppenheimer Holdings Analysts Reduce Earnings Estimates for Cerner Corporation (CERN)
Cerner Corporation (NASDAQ:CERN) – Equities research analysts at Oppenheimer Holdings decreased their Q3 2018 earnings estimates for shares of Cerner Corporation in a research note issued on Monday. Oppenheimer Holdings analyst M. Naidu now forecasts that the company will post earnings per share of $0.64 for the quarter, down from their prior forecast of $0.66. Oppenheimer Holdings also issued estimates for Cerner Corporation’s Q4 2018 earnings at $0.69 EPS.
Several other brokerages have also issued reports on CERN. UBS AG restated a “neutral” rating and set a $69.00 target price (up from $64.00) on shares of Cerner Corporation in a research report on Tuesday, June 6th. Cantor Fitzgerald restated a “buy” rating and set a $77.00 target price (up from $68.00) on shares of Cerner Corporation in a research report on Monday, June 5th. J P Morgan Chase & Co restated an “overweight” rating and set a $72.00 target price (up from $65.00) on shares of Cerner Corporation in a research report on Tuesday, June 6th. Canaccord Genuity restated a “buy” rating and set a $66.00 target price on shares of Cerner Corporation in a research report on Friday, June 2nd. Finally, BidaskClub upgraded shares of Cerner Corporation from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, June 27th. Two equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $64.94.
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Shares of Cerner Corporation (NASDAQ:CERN) traded down 0.79% during mid-day trading on Thursday, hitting $63.08. 1,282,182 shares of the company were exchanged. The company has a market capitalization of $20.92 billion, a P/E ratio of 31.87 and a beta of 0.95. The company has a 50 day moving average of $65.92 and a 200 day moving average of $60.63. 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 quarterly 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. The business had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.30 billion. Cerner Corporation had a net margin of 13.47% and a return on equity of 18.18%. The business’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.58 earnings per share.
Cerner Corporation declared that its board has approved a stock repurchase program on Thursday, May 25th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 2.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
In other news, Director Gerald E. Bisbee, Jr. sold 6,200 shares of the business’s stock in a transaction on Friday, June 9th. The shares were sold at an average price of $67.97, for a total value of $421,414.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Vice Chairman Clifford W. Illig sold 234,525 shares of the business’s stock in a transaction on Thursday, May 11th. The stock was sold at an average price of $64.43, for a total transaction of $15,110,445.75. Following the completion of the transaction, the insider now directly owns 1,229,719 shares in the company, valued at approximately $79,230,795.17. The disclosure for this sale can be found here. Over the last quarter, insiders sold 588,992 shares of company stock valued at $38,493,385. Company insiders own 13.20% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC increased its position 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 period. Toronto Dominion Bank increased its position 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 period. Cim Investment Mangement Inc. increased its position 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 period. Douglass Winthrop Advisors LLC increased its position 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 period. Finally, 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. 81.78% of the stock is currently owned by hedge funds and other institutional investors.
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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