Twin Capital Management Inc. Takes Position in Cerner Corporation (CERN)
Twin Capital Management Inc. acquired a new position in Cerner Corporation (NASDAQ:CERN) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 19,905 shares of the company’s stock, valued at approximately $1,323,000.
Other hedge funds have also recently added to or reduced their stakes in the company. SG Americas Securities LLC boosted its position in shares of Cerner Corporation by 581.2% in the first quarter. SG Americas Securities LLC now owns 400,861 shares of the company’s stock worth $23,591,000 after buying an additional 342,013 shares during the period. Toronto Dominion Bank boosted its position in shares of Cerner Corporation by 54.8% in the first quarter. Toronto Dominion Bank now owns 82,127 shares of the company’s stock worth $4,834,000 after buying an additional 29,068 shares during the period. IBM Retirement Fund boosted its position in shares of Cerner Corporation by 114.6% in the second quarter. IBM Retirement Fund now owns 7,038 shares of the company’s stock worth $523,000 after buying an additional 3,759 shares during the period. Cim Investment Mangement Inc. boosted its position in shares of Cerner Corporation by 146.2% in the first quarter. Cim Investment Mangement Inc. now owns 26,370 shares of the company’s stock worth $1,552,000 after buying an additional 15,661 shares during the period. Finally, Ardevora Asset Management LLP bought a new position in shares of Cerner Corporation during the second quarter worth approximately $27,977,000. 82.34% of the stock is currently owned by institutional investors and hedge funds.
Shares of Cerner Corporation (CERN) opened at 65.25 on Friday. Cerner Corporation has a one year low of $47.01 and a one year high of $69.28. The firm has a 50 day moving average price of $64.50 and a 200 day moving average price of $61.88. The stock has a market capitalization of $21.64 billion, a PE ratio of 32.97 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 for the quarter, missing analysts’ consensus estimates of $0.57 by $0.01. Cerner Corporation had a return on equity of 18.18% and a net margin of 13.47%. The business had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.30 billion. During the same period last year, the company posted $0.58 earnings per share. The firm’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 authorized a share repurchase plan on Thursday, May 25th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to purchase up to 2.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.
A number of equities analysts have recently commented on the company. Bank of America Corporation upgraded Cerner Corporation from an “underperform” rating to a “neutral” rating and lifted their target price for the stock from $64.36 to $66.00 in a report on Monday, May 15th. Jefferies Group LLC set a $74.00 target price on Cerner Corporation and gave the stock a “buy” rating in a report on Sunday, April 30th. UBS AG reiterated a “neutral” rating and issued a $69.00 target price (up previously from $64.00) on shares of Cerner Corporation in a report on Tuesday, June 6th. Morgan Stanley upgraded Cerner Corporation from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $59.00 to $62.00 in a report on Thursday, August 10th. Finally, Barclays PLC reiterated a “hold” rating and issued a $60.00 target price on shares of Cerner Corporation in a report on Monday, May 1st. Sixteen analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $65.84.
In other Cerner Corporation news, EVP Julie M. Wilson sold 60,000 shares of the company’s stock in a transaction dated Wednesday, June 7th. The shares were sold at an average price of $68.15, for a total value of $4,089,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gerald E. Bisbee, Jr. sold 6,200 shares of the company’s stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $67.97, for a total transaction of $421,414.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 244,313 shares of company stock valued at $15,954,763. 13.20% of the stock is currently owned by corporate insiders.
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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