Cerner Corporation (CERN) Position Increased by Alliancebernstein L.P.
Alliancebernstein L.P. increased its holdings in shares of Cerner Corporation (NASDAQ:CERN) by 8.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,050,854 shares of the company’s stock after purchasing an additional 230,062 shares during the quarter. Alliancebernstein L.P. owned 0.92% of Cerner Corporation worth $202,790,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of CERN. BlackRock Inc. grew its position in Cerner Corporation by 3,008.5% in the 1st quarter. BlackRock Inc. now owns 18,298,722 shares of the company’s stock valued at $1,076,881,000 after acquiring an additional 17,710,062 shares in the last quarter. UBS Group AG grew its position in Cerner Corporation by 1,843.1% in the 1st quarter. UBS Group AG now owns 5,306,053 shares of the company’s stock valued at $312,261,000 after acquiring an additional 5,032,976 shares in the last quarter. Bank of New York Mellon Corp grew its position in Cerner Corporation by 29.9% in the 1st quarter. Bank of New York Mellon Corp now owns 14,745,663 shares of the company’s stock valued at $867,783,000 after acquiring an additional 3,391,745 shares in the last quarter. Fiduciary Management Inc. WI grew its position in Cerner Corporation by 63.2% in the 1st quarter. Fiduciary Management Inc. WI now owns 8,241,408 shares of the company’s stock valued at $485,007,000 after acquiring an additional 3,192,338 shares in the last quarter. Finally, Veritas Asset Management LLP acquired a new position in Cerner Corporation in the 1st quarter valued at about $186,725,000. 78.94% of the stock is owned by hedge funds and other institutional investors.
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Several research firms have weighed in on CERN. Canaccord Genuity reaffirmed a “buy” rating and issued a $69.00 target price on shares of Cerner Corporation in a research report on Wednesday. Robert W. Baird reaffirmed a “hold” rating and issued a $67.00 target price on shares of Cerner Corporation in a research report on Thursday, August 31st. BidaskClub raised Cerner Corporation from a “sell” rating to a “hold” rating in a research report on Saturday, August 19th. Morgan Stanley raised Cerner Corporation from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $59.00 to $62.00 in a research report on Thursday, August 10th. Finally, Zacks Investment Research downgraded Cerner Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. Fifteen equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $65.71.
In related news, SVP Randy D. Sims sold 60,000 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $68.03, for a total value of $4,081,800.00. Following the sale, the senior vice president now owns 60,890 shares of the company’s stock, valued at approximately $4,142,346.70. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman Clifford W. Illig sold 118,113 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $62.03, for a total value of $7,326,549.39. Following the completion of the sale, the chairman now directly owns 1,229,719 shares in the company, valued at approximately $76,279,469.57. The disclosure for this sale can be found here. In the last three months, insiders sold 272,113 shares of company stock worth $17,750,529. Company insiders own 13.20% of the company’s stock.
Shares of Cerner Corporation (CERN) traded up 0.51% during midday trading on Friday, reaching $69.35. The company’s stock had a trading volume of 1,783,081 shares. Cerner Corporation has a 1-year low of $47.01 and a 1-year high of $69.91. The company’s 50-day moving average price is $64.89 and its 200 day moving average price is $62.73. The firm has a market capitalization of $23.00 billion, a PE ratio of 35.04 and a beta of 0.95.
Cerner Corporation (NASDAQ:CERN) last released 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. Cerner Corporation had a return on equity of 18.18% and a net margin of 13.47%. The firm had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.30 billion. During the same period in the prior year, the business earned $0.58 EPS. The company’s quarterly revenue was up 6.3% on a year-over-year basis. On average, equities research analysts forecast that Cerner Corporation will post $2.50 earnings per share for the current year.
Cerner Corporation announced that its Board of Directors has initiated 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 reacquire up to 2.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
Cerner Corporation 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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