$1.29 Billion in Sales Expected for Cerner Corporation (CERN) This Quarter
Wall Street brokerages expect that Cerner Corporation (NASDAQ:CERN) will post sales of $1.29 billion for the current quarter, Zacks Investment Research reports. Eleven analysts have made estimates for Cerner Corporation’s earnings, with the highest sales estimate coming in at $1.30 billion and the lowest estimate coming in at $1.28 billion. Cerner Corporation posted sales of $1.18 billion during the same quarter last year, which would suggest a positive year over year growth rate of 9.3%. The business is scheduled to report its next quarterly earnings results on Tuesday, November 7th.
According to Zacks, analysts expect that Cerner Corporation will report full year sales of $1.29 billion for the current year, with estimates ranging from $5.18 billion to $5.25 billion. For the next financial year, analysts expect that the business will report sales of $5.63 billion per share, with estimates ranging from $5.53 billion to $5.71 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow Cerner Corporation.
Cerner Corporation (NASDAQ:CERN) last posted its quarterly earnings data on Thursday, July 27th. The company reported $0.56 EPS for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.01). The company had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.30 billion. Cerner Corporation had a return on equity of 18.18% and a net margin of 13.47%. The company’s revenue for the quarter was up 6.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.58 EPS.
Several analysts have recently weighed in on the company. Zacks Investment Research lowered Cerner Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, September 26th. KeyCorp restated a “buy” rating and issued a $76.00 price objective on shares of Cerner Corporation in a report on Friday, September 22nd. Royal Bank Of Canada began coverage on Cerner Corporation in a report on Tuesday, September 19th. They set a “top pick” rating and a $84.00 target price for the company. Canaccord Genuity reaffirmed a “buy” rating and set a $69.00 target price on shares of Cerner Corporation in a report on Wednesday, September 6th. Finally, Robert W. Baird reaffirmed a “hold” rating and set a $67.00 target price on shares of Cerner Corporation in a report on Thursday, August 31st. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $67.00.
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 stock was sold at an average price of $68.03, for a total value of $4,081,800.00. Following the transaction, the senior vice president now directly owns 60,890 shares of the company’s stock, valued at approximately $4,142,346.70. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Clifford W. Illig sold 118,113 shares of the company’s stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $62.03, for a total value of $7,326,549.39. Following the completion of the transaction, the chairman now directly owns 1,229,719 shares in the company, valued at $76,279,469.57. The disclosure for this sale can be found here. Over the last three months, insiders sold 371,583 shares of company stock valued at $24,758,191. Company insiders own 13.20% of the company’s stock.
Hedge funds have recently modified their holdings of the business. ETF Managers Group LLC acquired a new position in Cerner Corporation in the 2nd quarter worth about $157,000. Advisory Services Network LLC increased its position in Cerner Corporation by 4.4% in the 2nd quarter. Advisory Services Network LLC now owns 1,648 shares of the company’s stock worth $110,000 after purchasing an additional 70 shares during the last quarter. Acrospire Investment Management LLC increased its position in Cerner Corporation by 100.0% in the 2nd quarter. Acrospire Investment Management LLC now owns 1,800 shares of the company’s stock worth $120,000 after purchasing an additional 900 shares during the last quarter. Johnson Financial Group Inc. increased its position in Cerner Corporation by 2.6% in the 1st quarter. Johnson Financial Group Inc. now owns 1,870 shares of the company’s stock worth $110,000 after purchasing an additional 47 shares during the last quarter. Finally, Pacad Investment Ltd. acquired a new position in Cerner Corporation in the 2nd quarter worth about $130,000. 78.94% of the stock is currently owned by institutional investors.
Shares of Cerner Corporation (NASDAQ CERN) opened at 71.79 on Thursday. Cerner Corporation has a 52-week low of $47.01 and a 52-week high of $72.82. The stock has a market cap of $23.80 billion, a PE ratio of 36.28 and a beta of 0.95. The company’s 50-day moving average price is $68.41 and its 200-day moving average price is $64.76.
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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