Cerner Corporation (CERN) Shares Bought by Veritas Asset Management LLP
Veritas Asset Management LLP raised its stake in Cerner Corporation (NASDAQ:CERN) by 10.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,519,272 shares of the company’s stock after buying an additional 346,372 shares during the period. Cerner Corporation accounts for 1.8% of Veritas Asset Management LLP’s investment portfolio, making the stock its 19th largest position. Veritas Asset Management LLP owned approximately 1.06% of Cerner Corporation worth $233,926,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in CERN. Fox Run Management L.L.C. acquired a new stake in Cerner Corporation during the first quarter valued at $200,000. Boston Advisors LLC acquired a new stake in Cerner Corporation during the first quarter valued at $212,000. State of Alaska Department of Revenue acquired a new stake in Cerner Corporation during the first quarter valued at $220,000. Waldron LP acquired a new stake in Cerner Corporation during the first quarter valued at $339,000. Finally, Sigma Planning Corp acquired a new stake in Cerner Corporation during the first quarter valued at $202,000. Institutional investors and hedge funds own 78.94% of the company’s stock.
Shares of Cerner Corporation (NASDAQ:CERN) remained flat at $64.63 on Tuesday. 48,941 shares of the company’s stock were exchanged. The stock has a market capitalization of $21.43 billion, a price-to-earnings ratio of 32.66 and a beta of 0.95. Cerner Corporation has a 1-year low of $47.01 and a 1-year high of $69.28. The stock has a 50 day moving average of $64.50 and a 200-day moving average of $61.88.
Cerner Corporation (NASDAQ:CERN) last issued its earnings results on Thursday, July 27th. The company reported $0.56 EPS for the quarter, missing analysts’ consensus estimates of $0.57 by $0.01. The firm had revenue of $1.29 billion for the quarter, compared to analyst estimates 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 for the quarter was up 6.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.58 EPS. On average, analysts predict that Cerner Corporation will post $2.50 EPS for the current year.
Cerner Corporation declared that its Board of Directors has approved a share repurchase program on Thursday, May 25th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to buy up to 2.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
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Several equities research analysts have weighed in on CERN shares. Barclays PLC reiterated a “hold” rating and issued a $60.00 price objective on shares of Cerner Corporation in a report on Monday, May 1st. Canaccord Genuity increased their price objective on Cerner Corporation from $59.00 to $66.00 and gave the stock a “buy” rating in a report on Monday, May 1st. Hilliard Lyons cut Cerner Corporation from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $62.00 to $68.00 in a report on Tuesday, May 2nd. Bank of America Corporation upgraded Cerner Corporation from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $64.36 to $66.00 in a report on Monday, May 15th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $74.00 price objective on shares of Cerner Corporation in a report on Thursday, June 1st. Sixteen investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Cerner Corporation presently has a consensus rating of “Hold” and an average target price of $65.84.
In related 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 transaction of $421,414.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Clifford W. Illig sold 118,113 shares of the business’s 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 transaction, the chairman now owns 1,229,719 shares of the company’s stock, valued at approximately $76,279,469.57. The disclosure for this sale can be found here. In the last quarter, insiders have sold 244,313 shares of company stock valued at $15,954,763. 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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