Pacad Investment Ltd. Takes $130,000 Position in Cerner Corporation (CERN)
Pacad Investment Ltd. purchased a new stake in Cerner Corporation (NASDAQ:CERN) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,951 shares of the company’s stock, valued at approximately $130,000.
A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in Cerner Corporation by 0.8% in the first quarter. Vanguard Group Inc. now owns 28,419,626 shares of the company’s stock valued at $1,672,495,000 after acquiring an additional 231,565 shares in the last quarter. BlackRock Inc. raised its holdings 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 acquiring an additional 17,710,062 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Cerner Corporation by 19.0% in the second quarter. Bank of New York Mellon Corp now owns 17,546,618 shares of the company’s stock valued at $1,166,325,000 after acquiring an additional 2,800,955 shares in the last quarter. State Street Corp raised its holdings in Cerner Corporation by 1.8% in the first quarter. State Street Corp now owns 12,593,837 shares of the company’s stock valued at $741,147,000 after acquiring an additional 228,570 shares in the last quarter. Finally, Fiduciary Management Inc. WI raised its holdings in Cerner Corporation by 63.2% in the first 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. 78.94% of the stock is currently owned by hedge funds and other institutional investors.
Cerner Corporation (CERN) opened at 71.48 on Friday. The company has a market cap of $23.70 billion, a price-to-earnings ratio of 36.12 and a beta of 0.95. The stock’s 50 day moving average is $65.76 and its 200 day moving average is $63.29. Cerner Corporation has a 52-week low of $47.01 and a 52-week high of $72.27.
Cerner Corporation (NASDAQ:CERN) last issued its quarterly earnings data on Thursday, July 27th. The company reported $0.56 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.57 by ($0.01). The company had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.30 billion. Cerner Corporation had a net margin of 13.47% and a return on equity of 18.18%. The firm’s revenue was up 6.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.58 earnings per share. On average, analysts predict that Cerner Corporation will post $2.50 earnings per share for the current fiscal year.
Cerner Corporation declared that its board has initiated a share buyback plan on Thursday, May 25th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to purchase up to 2.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.
In other Cerner Corporation news, 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 directly owns 1,229,719 shares of the company’s stock, valued at $76,279,469.57. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Zane M. Burke sold 94,000 shares of Cerner Corporation stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $67.47, for a total value of $6,342,180.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 371,583 shares of company stock valued at $24,758,191. Company insiders own 13.20% of the company’s stock.
CERN has been the topic of several recent analyst reports. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $77.00 price target (up from $68.00) on shares of Cerner Corporation in a report on Monday, June 5th. Canaccord Genuity reaffirmed a “buy” rating and issued a $66.00 price target on shares of Cerner Corporation in a report on Friday, June 2nd. Jefferies Group LLC reaffirmed a “buy” rating and issued a $74.00 price target on shares of Cerner Corporation in a report on Thursday, June 1st. BidaskClub cut shares of Cerner Corporation from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 15th. Finally, Morgan Stanley raised shares of Cerner Corporation from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $59.00 to $62.00 in a report on Thursday, August 10th. Fifteen analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Cerner Corporation presently has a consensus rating of “Hold” and a consensus price target of $65.71.
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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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