Franklin Resources Inc. decreased its holdings in Cerner Co. (NASDAQ:CERN) by 7.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 749,488 shares of the company’s stock after selling 59,487 shares during the quarter. Franklin Resources Inc. owned about 0.23% of Cerner worth $48,275,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of CERN. Icon Wealth Partners LLC acquired a new stake in shares of Cerner in the 2nd quarter worth $102,000. Moneta Group Investment Advisors LLC boosted its position in shares of Cerner by 3,608.5% in the 2nd quarter. Moneta Group Investment Advisors LLC now owns 31,411 shares of the company’s stock worth $124,000 after purchasing an additional 30,564 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. boosted its position in shares of Cerner by 155.7% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,347 shares of the company’s stock worth $151,000 after purchasing an additional 1,429 shares in the last quarter. Qube Research & Technologies Ltd boosted its position in shares of Cerner by 85.4% in the 2nd quarter. Qube Research & Technologies Ltd now owns 2,898 shares of the company’s stock worth $173,000 after purchasing an additional 1,335 shares in the last quarter. Finally, Raymond James Trust N.A. acquired a new stake in shares of Cerner in the 3rd quarter worth $201,000. 77.70% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have recently weighed in on the company. KeyCorp raised their price objective on Cerner from $74.00 to $76.00 and gave the stock an “overweight” rating in a research report on Monday, August 20th. BidaskClub cut Cerner from a “hold” rating to a “sell” rating in a research report on Friday, August 31st. Barclays assumed coverage on Cerner in a research report on Thursday, September 13th. They issued an “equal weight” rating and a $70.00 price objective for the company. Cantor Fitzgerald reissued a “buy” rating and issued a $80.00 price objective on shares of Cerner in a research report on Wednesday, September 12th. Finally, Zacks Investment Research raised Cerner from a “sell” rating to a “hold” rating in a research report on Wednesday, October 24th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eleven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $69.86.
Shares of CERN opened at $53.73 on Friday. Cerner Co. has a one year low of $50.91 and a one year high of $73.43. The company has a quick ratio of 2.60, a current ratio of 2.63 and a debt-to-equity ratio of 0.09. The stock has a market cap of $18.08 billion, a price-to-earnings ratio of 25.29, a PEG ratio of 1.79 and a beta of 0.96.
Cerner (NASDAQ:CERN) last issued its quarterly earnings results on Thursday, October 25th. The company reported $0.57 EPS for the quarter, missing the Zacks’ consensus estimate of $0.58 by ($0.01). Cerner had a return on equity of 14.73% and a net margin of 15.72%. The firm had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.36 billion. As a group, equities research analysts expect that Cerner Co. will post 2.22 earnings per share for the current year.
In other Cerner news, Vice Chairman Clifford W. Illig sold 250,000 shares of Cerner stock in a transaction dated Friday, November 2nd. The stock was sold at an average price of $57.53, for a total transaction of $14,382,500.00. Following the completion of the sale, the insider now owns 1,229,719 shares of the company’s stock, valued at approximately $70,745,734.07. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Zane M. Burke sold 381,139 shares of Cerner stock in a transaction dated Thursday, September 13th. The stock was sold at an average price of $64.05, for a total value of $24,411,952.95. Following the sale, the president now directly owns 59,539 shares of the company’s stock, valued at approximately $3,813,472.95. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,354,678 shares of company stock valued at $82,344,416. 4.71% of the stock is currently owned by insiders.
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Cerner Company Profile
Cerner Corporation provides health care information technology solutions and services in the United States and internationally. The company offers Cerner Millennium architecture, a person-centric computing framework, which includes clinical, financial, and management information systems that allow providers to access an individual's electronic health record (EHR) at the point of care, and organizes and delivers information for physicians, nurses, laboratory technicians, pharmacists, front- and back-office professionals, and consumers.
Further Reading: Closed-End Mutual Funds (CEFs)
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