Cerner Co. (NASDAQ:CERN) Position Lessened by Veritas Investment Management UK Ltd
Veritas Investment Management UK Ltd cut its stake in Cerner Co. (NASDAQ:CERN) by 1.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 272,989 shares of the company’s stock after selling 3,445 shares during the quarter. Cerner comprises about 5.7% of Veritas Investment Management UK Ltd’s portfolio, making the stock its 7th biggest position. Veritas Investment Management UK Ltd’s holdings in Cerner were worth $20,010,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors also recently made changes to their positions in the company. BlackRock Inc. increased its holdings in shares of Cerner by 8.4% in the 1st quarter. BlackRock Inc. now owns 23,927,386 shares of the company’s stock valued at $1,368,887,000 after acquiring an additional 1,848,617 shares during the period. Parnassus Investments CA raised its stake in shares of Cerner by 15.6% during the 1st quarter. Parnassus Investments CA now owns 11,361,322 shares of the company’s stock valued at $649,981,000 after buying an additional 1,531,499 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Cerner by 7.8% during the 4th quarter. Geode Capital Management LLC now owns 4,747,793 shares of the company’s stock valued at $248,593,000 after buying an additional 342,029 shares during the last quarter. American Century Companies Inc. increased its stake in shares of Cerner by 8.6% in the 1st quarter. American Century Companies Inc. now owns 3,564,183 shares of the company’s stock valued at $203,907,000 after purchasing an additional 281,156 shares in the last quarter. Finally, MERIAN GLOBAL INVESTORS UK Ltd increased its stake in shares of Cerner by 25.7% in the 1st quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 3,324,449 shares of the company’s stock valued at $190,191,000 after purchasing an additional 680,664 shares in the last quarter. Institutional investors and hedge funds own 81.87% of the company’s stock.
Several equities analysts recently weighed in on the company. Piper Jaffray Companies lifted their price target on Cerner from $74.00 to $80.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Zacks Investment Research lowered Cerner from a “buy” rating to a “hold” rating and set a $77.00 price target for the company. in a research note on Monday, July 29th. Citigroup lifted their price target on Cerner from $77.00 to $84.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. KeyCorp lifted their price target on Cerner from $76.00 to $82.00 and gave the company an “overweight” rating in a research note on Friday. Finally, Wells Fargo & Co lifted their price target on Cerner from $72.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and eleven have issued a buy rating to the stock. Cerner presently has a consensus rating of “Buy” and a consensus target price of $73.79.
NASDAQ:CERN traded up $1.50 during trading hours on Monday, hitting $72.16. 780,003 shares of the stock were exchanged, compared to its average volume of 2,345,039. Cerner Co. has a 52-week low of $48.78 and a 52-week high of $76.47. The firm’s fifty day moving average price is $72.97 and its 200 day moving average price is $65.57. The company has a current ratio of 2.52, a quick ratio of 2.50 and a debt-to-equity ratio of 0.22. The company has a market cap of $22.75 billion, a P/E ratio of 32.65, a P/E/G ratio of 1.98 and a beta of 0.92.
Cerner (NASDAQ:CERN) last posted its quarterly earnings data on Wednesday, July 24th. The company reported $0.60 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.02. Cerner had a return on equity of 15.14% and a net margin of 10.75%. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.44 billion. During the same period in the previous year, the business earned $0.62 EPS. Cerner’s quarterly revenue was up 4.6% on a year-over-year basis. Equities analysts expect that Cerner Co. will post 2.43 EPS for the current fiscal year.
The company also recently disclosed a special dividend, which was paid on Friday, July 26th. Shareholders of record on Tuesday, June 18th were paid a dividend of $0.18 per share. The ex-dividend date was Monday, June 17th. Cerner’s dividend payout ratio (DPR) is currently 32.58%.
Cerner Company Profile
Cerner Corporation provides health care information technology solutions and tech-enabled services in the United States and internationally. The company offers Cerner Millennium architecture, a person-centric computing framework, which includes clinical, financial, and management information systems that allow providers to access an individual's electronic health record (EHR) at the point of care, and organizes and delivers information for physicians, nurses, laboratory technicians, pharmacists, front- and back-office professionals, and consumers.
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