Cerner Corporation (CERN) Rating Increased to Hold at BidaskClub
Cerner Corporation (NASDAQ:CERN) was upgraded by equities research analysts at BidaskClub from a “sell” rating to a “hold” rating in a note issued to investors on Saturday.
Several other brokerages also recently commented on CERN. J P Morgan Chase & Co restated an “overweight” rating and set a $72.00 price objective (up from $65.00) on shares of Cerner Corporation in a research report on Tuesday, June 6th. UBS AG restated a “neutral” rating and set a $69.00 price objective (up from $64.00) on shares of Cerner Corporation in a research report on Tuesday, June 6th. Cantor Fitzgerald restated a “buy” rating and set a $77.00 price objective (up from $68.00) on shares of Cerner Corporation in a research report on Monday, June 5th. Canaccord Genuity reiterated a “buy” rating and set a $66.00 price target on shares of Cerner Corporation in a report on Friday, June 2nd. Finally, William Blair reiterated an “outperform” rating on shares of Cerner Corporation in a report on Monday, July 10th. Sixteen analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $65.84.
Shares of Cerner Corporation (NASDAQ:CERN) traded up 1.40% during trading on Friday, hitting $64.25. The stock had a trading volume of 2,249,981 shares. Cerner Corporation has a 12-month low of $47.01 and a 12-month high of $69.28. The stock has a market capitalization of $21.30 billion, a P/E ratio of 32.47 and a beta of 0.95. The stock’s 50-day moving average is $64.58 and its 200-day moving average is $61.47.
Cerner Corporation (NASDAQ:CERN) last announced its quarterly earnings data on Thursday, July 27th. The company reported $0.56 EPS for the quarter, missing the 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 for the quarter, compared to analyst estimates of $1.30 billion. During the same quarter in the prior year, the firm earned $0.58 earnings per share. The firm’s revenue for the quarter was up 6.3% on a year-over-year basis. Analysts predict that Cerner Corporation will post $2.50 EPS for the current fiscal year.
Cerner Corporation declared that its board has initiated a share buyback program on Thursday, May 25th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 2.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
In related news, EVP Julie M. Wilson sold 60,000 shares of the firm’s stock in a transaction dated Wednesday, June 7th. The shares were sold at an average price of $68.15, for a total value of $4,089,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Linda M. Dillman sold 4,600 shares of the firm’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $64.69, for a total transaction of $297,574.00. The disclosure for this sale can be found here. Insiders have sold a total of 248,913 shares of company stock worth $16,252,337 in the last three months. Insiders own 13.20% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Cerner Corporation by 3.1% in the second quarter. Vanguard Group Inc. now owns 29,296,545 shares of the company’s stock valued at $1,947,341,000 after buying an additional 876,919 shares during the last quarter. BlackRock Inc. boosted its position in shares of Cerner Corporation by 0.8% in the second quarter. BlackRock Inc. now owns 18,436,042 shares of the company’s stock valued at $1,225,441,000 after buying an additional 137,320 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of 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 buying an additional 2,800,955 shares during the last quarter. State Street Corp boosted its position in shares of 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 buying an additional 228,570 shares during the last quarter. Finally, Fiduciary Management Inc. WI boosted its position in shares of 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 buying an additional 3,192,338 shares during the last quarter. 82.34% of the stock is currently owned by institutional investors and hedge funds.
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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