Meeder Asset Management Inc. raised its stake in Cerner Corporation (NASDAQ:CERN) by 122.5% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 46,903 shares of the company’s stock after buying an additional 25,822 shares during the period. Meeder Asset Management Inc.’s holdings in Cerner Corporation were worth $3,117,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the company. Johnson Financial Group Inc. raised its stake in Cerner Corporation by 2.6% in the first quarter. Johnson Financial Group Inc. now owns 1,870 shares of the company’s stock worth $110,000 after buying an additional 47 shares during the last quarter. Alpha Windward LLC raised its position in shares of Cerner Corporation by 6.1% in the first quarter. Alpha Windward LLC now owns 2,594 shares of the company’s stock valued at $153,000 after buying an additional 148 shares in the last quarter. Archford Capital Strategies LLC raised its position in shares of Cerner Corporation by 93.8% in the first quarter. Archford Capital Strategies LLC now owns 2,599 shares of the company’s stock worth $153,000 after buying an additional 1,258 shares during the period. Fox Run Management L.L.C. acquired a new position in shares of Cerner Corporation during the first quarter worth about $200,000. Finally, National Asset Management Inc. acquired a new position in shares of Cerner Corporation during the first quarter worth about $201,000. 81.19% of the stock is currently owned by institutional investors and hedge funds.
Shares of Cerner Corporation (CERN) traded down 0.35% during midday trading on Tuesday, hitting $63.16. The stock had a trading volume of 1,200,429 shares. Cerner Corporation has a 12-month low of $47.01 and a 12-month high of $69.28. The firm has a 50-day moving average of $65.70 and a 200 day moving average of $60.69. The firm has a market cap of $20.94 billion, a PE ratio of 31.92 and a beta of 0.95.
Cerner Corporation (NASDAQ:CERN) last announced its quarterly earnings results on Thursday, July 27th. The company reported $0.56 EPS for the quarter, missing the Zacks’ consensus estimate of $0.57 by $0.01. Cerner Corporation had a net margin of 13.47% and a return on equity of 18.18%. The firm had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter in the previous year, the company posted $0.58 earnings per share. The firm’s revenue was up 6.3% on a year-over-year basis. On average, analysts expect that Cerner Corporation will post $2.50 earnings per share for the current year.
Cerner Corporation announced that its Board of Directors has authorized a share buyback program on Thursday, May 25th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to purchase up to 2.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.
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CERN has been the topic of a number of research reports. UBS AG raised their target price on shares of Cerner Corporation from $60.00 to $64.00 and gave the stock a “buy” rating in a research report on Friday, April 28th. Cantor Fitzgerald reaffirmed a “buy” rating and set a $68.00 price target (up from $66.00) on shares of Cerner Corporation in a report on Thursday, April 27th. Canaccord Genuity reaffirmed a “buy” rating and set 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 set a $74.00 price target on shares of Cerner Corporation in a report on Thursday, June 1st. Finally, BidaskClub downgraded Cerner Corporation from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 15th. Two investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have given a buy rating to the company’s stock. Cerner Corporation currently has a consensus rating of “Hold” and an average target price of $64.94.
In related news, Director Gerald E. Bisbee, Jr. sold 6,200 shares of the stock in a transaction on Friday, June 9th. The stock was sold at an average price of $67.97, for a total value of $421,414.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Vice Chairman Clifford W. Illig sold 234,525 shares of the stock in a transaction dated Thursday, May 11th. The stock was sold at an average price of $64.43, for a total value of $15,110,445.75. Following the sale, the insider now owns 1,229,719 shares of the company’s stock, valued at $79,230,795.17. The disclosure for this sale can be found here. Insiders sold a total of 408,325 shares of company stock valued at $26,802,424 over the last quarter. 13.20% of the stock is owned by corporate insiders.
Cerner Corporation Company 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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