Cerner Corporation (CERN) Stock Rating Reaffirmed by Canaccord Genuity
Cerner Corporation (NASDAQ:CERN)‘s stock had its “buy” rating restated by stock analysts at Canaccord Genuity in a research report issued on Wednesday. They currently have a $69.00 price target on the stock. Canaccord Genuity’s price target indicates a potential downside of 0.50% from the stock’s current price.
Other analysts have also issued reports about the stock. BidaskClub lowered shares of Cerner Corporation from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 15th. Cantor Fitzgerald reissued a “buy” rating and issued a $77.00 price objective (up from $68.00) on shares of Cerner Corporation in a research report on Monday, June 5th. Jefferies Group LLC reissued a “buy” rating and issued a $74.00 price objective on shares of Cerner Corporation in a research report on Thursday, June 1st. Morgan Stanley raised shares of Cerner Corporation from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $59.00 to $62.00 in a research report on Thursday, August 10th. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $69.00 price objective on shares of Cerner Corporation in a research report on Friday, July 28th. Fifteen research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $65.71.
Cerner Corporation (NASDAQ CERN) traded up 0.51% during mid-day trading on Wednesday, hitting $69.35. The company had a trading volume of 1,783,081 shares. The stock has a market capitalization of $23.00 billion, a PE ratio of 35.04 and a beta of 0.95. Cerner Corporation has a 1-year low of $47.01 and a 1-year high of $69.91. The stock has a 50 day moving average price of $64.89 and a 200-day moving average price of $62.73.
Cerner Corporation (NASDAQ:CERN) last posted its quarterly earnings data on Thursday, July 27th. The company reported $0.56 earnings per share for the quarter, missing the Zacks’ 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 firm had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.30 billion. During the same period last year, the company earned $0.58 earnings per share. The business’s revenue for the quarter was up 6.3% compared to the same quarter last year. On average, analysts forecast that Cerner Corporation will post $2.50 earnings per share for the current year.
Cerner Corporation declared that its board has initiated a share buyback plan on Thursday, May 25th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 2.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
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In other news, President Zane M. Burke sold 94,000 shares of the stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $67.47, for a total transaction of $6,342,180.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Randy D. Sims sold 60,000 shares of the stock in a transaction that occurred on 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 transaction, the senior vice president now owns 60,890 shares in the company, valued at $4,142,346.70. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 272,113 shares of company stock worth $17,750,529. Insiders own 13.20% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Johnson Financial Group Inc. boosted 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 valued at $110,000 after acquiring an additional 47 shares in the last quarter. Advisory Services Network LLC boosted its stake in Cerner Corporation by 4.4% in the second quarter. Advisory Services Network LLC now owns 1,648 shares of the company’s stock valued at $110,000 after acquiring an additional 70 shares in the last quarter. Acrospire Investment Management LLC boosted its stake in Cerner Corporation by 100.0% in the second quarter. Acrospire Investment Management LLC now owns 1,800 shares of the company’s stock valued at $120,000 after acquiring an additional 900 shares in the last quarter. Pacad Investment Ltd. acquired a new stake in Cerner Corporation in the second quarter valued at approximately $130,000. Finally, Sun Life Financial INC boosted its stake in Cerner Corporation by 23,700.0% in the second quarter. Sun Life Financial INC now owns 2,142 shares of the company’s stock valued at $142,000 after acquiring an additional 2,133 shares in the last quarter. Hedge funds and other institutional investors own 78.94% of the company’s stock.
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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