Keybank National Association OH lowered its stake in shares of Cerner Corporation (NASDAQ:CERN) by 35.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,299 shares of the company’s stock after selling 6,664 shares during the quarter. Keybank National Association OH’s holdings in Cerner Corporation were worth $818,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Cerner Corporation by 0.8% during the first quarter. Vanguard Group Inc. now owns 28,419,626 shares of the company’s stock worth $1,672,495,000 after buying an additional 231,565 shares in the last quarter. BlackRock Inc. grew its position in Cerner Corporation by 3,008.5% during the first quarter. BlackRock Inc. now owns 18,298,722 shares of the company’s stock worth $1,076,881,000 after buying an additional 17,710,062 shares in the last quarter. Bank of New York Mellon Corp grew its position in Cerner Corporation by 19.0% during the second quarter. Bank of New York Mellon Corp now owns 17,546,618 shares of the company’s stock worth $1,166,325,000 after buying an additional 2,800,955 shares in the last quarter. State Street Corp grew its position in Cerner Corporation by 1.8% during the first quarter. State Street Corp now owns 12,593,837 shares of the company’s stock worth $741,147,000 after buying an additional 228,570 shares in the last quarter. Finally, Fiduciary Management Inc. WI grew its position in Cerner Corporation by 63.2% during the first quarter. Fiduciary Management Inc. WI now owns 8,241,408 shares of the company’s stock worth $485,007,000 after buying an additional 3,192,338 shares in the last quarter. 78.94% of the stock is currently owned by institutional investors and hedge funds.
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Cerner Corporation (NASDAQ CERN) traded down 0.64% during midday trading on Friday, hitting $71.48. The company had a trading volume of 724,797 shares. Cerner Corporation has a 52 week low of $47.01 and a 52 week high of $72.27. The firm has a market capitalization of $23.70 billion, a P/E ratio of 36.12 and a beta of 0.95. The firm’s 50 day moving average is $65.53 and its 200-day moving average is $63.18.
Cerner Corporation (NASDAQ:CERN) last announced its earnings results on Thursday, July 27th. The company reported $0.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.57 by ($0.01). Cerner Corporation had a return on equity of 18.18% and a net margin of 13.47%. The company had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.30 billion. During the same quarter last year, the firm posted $0.58 earnings per share. The firm’s revenue was up 6.3% on a year-over-year basis. On average, equities research analysts expect that Cerner Corporation will post $2.50 EPS for the current fiscal year.
Cerner Corporation declared that its Board of Directors has approved a stock repurchase plan on Thursday, May 25th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to purchase up to 2.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.
In other Cerner Corporation news, SVP Randy D. Sims sold 60,000 shares of the company’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $68.03, for a total transaction of $4,081,800.00. Following the completion of the sale, the senior vice president now directly owns 60,890 shares in the company, valued at $4,142,346.70. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman Clifford W. Illig sold 118,113 shares of the company’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $62.03, for a total transaction of $7,326,549.39. Following the sale, the chairman now owns 1,229,719 shares of the company’s stock, valued at $76,279,469.57. The disclosure for this sale can be found here. Insiders sold 272,113 shares of company stock valued at $17,750,529 over the last quarter. 13.20% of the stock is owned by company insiders.
A number of equities research analysts recently issued reports on CERN shares. Robert W. Baird reissued a “hold” rating and set a $67.00 price target on shares of Cerner Corporation in a research report on Thursday, August 31st. Canaccord Genuity reissued a “buy” rating and set a $66.00 price target on shares of Cerner Corporation in a research report on Friday, June 2nd. J P Morgan Chase & Co reissued an “overweight” rating and set a $72.00 price target (up previously from $65.00) on shares of Cerner Corporation in a research report on Tuesday, June 6th. BidaskClub raised Cerner Corporation from a “sell” rating to a “hold” rating in a research report on Saturday, August 19th. Finally, William Blair reissued an “outperform” rating on shares of Cerner Corporation in a research report on Monday, July 10th. Fifteen research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Cerner Corporation currently has an average rating of “Hold” and an average price target of $65.71.
About Cerner Corporation
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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