Newfound Research LLC Lowers Stock Position in Cerner Co. (NASDAQ:CERN)


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Newfound Research LLC decreased its position in shares of Cerner Co. (NASDAQ:CERN) by 36.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,028 shares of the company’s stock after selling 593 shares during the quarter. Newfound Research LLC’s holdings in Cerner were worth $74,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the company. Hunter Perkins Capital Management LLC boosted its stake in shares of Cerner by 47.9% during the 1st quarter. Hunter Perkins Capital Management LLC now owns 144,057 shares of the company’s stock worth $10,355,000 after acquiring an additional 46,660 shares in the last quarter. Artemis Investment Management LLP purchased a new stake in shares of Cerner during the 1st quarter worth approximately $5,931,000. Probity Advisors Inc. acquired a new position in shares of Cerner during the 1st quarter worth approximately $425,000. JGP Wealth Management LLC raised its position in shares of Cerner by 6.7% during the 1st quarter. JGP Wealth Management LLC now owns 13,354 shares of the company’s stock worth $960,000 after purchasing an additional 843 shares during the last quarter. Finally, Ledyard National Bank raised its position in shares of Cerner by 10.5% during the 1st quarter. Ledyard National Bank now owns 7,054 shares of the company’s stock worth $507,000 after purchasing an additional 669 shares during the last quarter. 83.01% of the stock is currently owned by institutional investors and hedge funds.

CERN has been the subject of several research reports. Morgan Stanley lifted their price objective on Cerner from $64.00 to $70.00 and gave the stock an “underweight” rating in a research report on Thursday, February 11th. Bank of America downgraded Cerner from a “buy” rating to an “underperform” rating in a research report on Tuesday, January 19th. Piper Sandler boosted their price target on Cerner from $84.00 to $85.00 and gave the company an “overweight” rating in a report on Tuesday, February 16th. UBS Group downgraded Cerner from a “buy” rating to a “neutral” rating and set a $82.00 price target for the company. in a report on Thursday, February 11th. Finally, Truist boosted their price target on Cerner from $72.00 to $82.00 in a report on Thursday, February 11th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $81.50.

In other Cerner news, CFO Mark J. Erceg acquired 10,547 shares of the company’s stock in a transaction that occurred on Wednesday, March 10th. The shares were purchased at an average price of $71.13 per share, for a total transaction of $750,208.11. Also, CFO Mark J. Erceg acquired 10,655 shares of the company’s stock in a transaction that occurred on Wednesday, February 24th. The shares were acquired at an average price of $70.43 per share, for a total transaction of $750,431.65. In the last 90 days, insiders bought 31,963 shares of company stock worth $2,250,251. Company insiders own 0.33% of the company’s stock.

Cerner stock traded down $0.43 during trading on Tuesday, reaching $75.56. 30,794 shares of the company’s stock were exchanged, compared to its average volume of 2,358,690. The company’s 50-day moving average is $73.47 and its two-hundred day moving average is $74.84. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.28 and a current ratio of 2.29. Cerner Co. has a 52-week low of $63.11 and a 52-week high of $84.20. The firm has a market cap of $22.84 billion, a price-to-earnings ratio of 29.68, a PEG ratio of 2.35 and a beta of 0.76.

Cerner (NASDAQ:CERN) last announced its quarterly earnings results on Tuesday, February 9th. The company reported $0.78 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.78. Cerner had a net margin of 14.28% and a return on equity of 18.14%. The firm had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.39 billion. During the same period in the prior year, the company earned $0.75 EPS. The firm’s revenue was down 3.3% on a year-over-year basis. Analysts anticipate that Cerner Co. will post 2.47 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 20th. Shareholders of record on Tuesday, April 6th were given a $0.22 dividend. The ex-dividend date was Monday, April 5th. This represents a $0.88 dividend on an annualized basis and a yield of 1.16%. Cerner’s payout ratio is currently 36.51%.

About Cerner

Cerner Corporation, together with its subsidiaries, 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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Institutional Ownership by Quarter for Cerner (NASDAQ:CERN)

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