The Manufacturers Life Insurance Company trimmed its stake in Cerner Corporation (NASDAQ:CERN) by 18.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 304,553 shares of the company’s stock after selling 68,144 shares during the quarter. The Manufacturers Life Insurance Company owned 0.09% of Cerner Corporation worth $20,244,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in the business. Arrowstreet Capital Limited Partnership bought a new stake in Cerner Corporation in the second quarter worth $44,524,000. Gyroscope Capital Management Group LLC lifted its holdings in shares of Cerner Corporation by 6.5% during the second quarter. Gyroscope Capital Management Group LLC now owns 4,025 shares of the company’s stock valued at $268,000 after purchasing an additional 246 shares in the last quarter. Caxton Associates LP bought a new position in shares of Cerner Corporation during the second quarter valued at $432,000. Cubist Systematic Strategies LLC lifted its holdings in shares of Cerner Corporation by 741.9% during the second quarter. Cubist Systematic Strategies LLC now owns 9,825 shares of the company’s stock valued at $653,000 after purchasing an additional 8,658 shares in the last quarter. Finally, Cornerstone Capital Management Holdings LLC. lifted its holdings in shares of Cerner Corporation by 99.2% during the second quarter. Cornerstone Capital Management Holdings LLC. now owns 265,266 shares of the company’s stock valued at $17,631,000 after purchasing an additional 132,114 shares in the last quarter. 78.94% of the stock is currently owned by institutional investors and hedge funds.
In other news, COO Michael Nill sold 99,470 shares of the business’s stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $70.45, for a total value of $7,007,661.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Clifford W. Illig sold 118,113 shares of the business’s stock in a transaction dated Friday, August 11th. The shares were 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 of the company’s stock, valued at approximately $76,279,469.57. The disclosure for this sale can be found here. In the last three months, insiders sold 371,583 shares of company stock valued at $24,758,191. Insiders own 13.20% of the company’s stock.
A number of research analysts have recently issued reports on CERN shares. Canaccord Genuity reaffirmed a “buy” rating and set a $69.00 price target on shares of Cerner Corporation in a report on Wednesday, September 6th. BidaskClub raised Cerner Corporation from a “buy” rating to a “strong-buy” rating in a report on Tuesday, June 27th. Robert W. Baird reaffirmed a “hold” rating and set a $67.00 price target on shares of Cerner Corporation in a report on Thursday, August 31st. KeyCorp reaffirmed a “buy” rating and set a $76.00 price target on shares of Cerner Corporation in a report on Friday, September 22nd. Finally, William Blair reaffirmed an “outperform” rating on shares of Cerner Corporation in a report on Monday, July 10th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $67.83.
Shares of Cerner Corporation (CERN) opened at 72.08 on Tuesday. Cerner Corporation has a 12 month low of $47.01 and a 12 month high of $73.86. The stock has a market cap of $23.90 billion, a PE ratio of 36.42 and a beta of 0.95. The firm has a 50-day moving average price of $70.00 and a 200-day moving average price of $65.53.
Cerner Corporation (NASDAQ:CERN) last issued its quarterly earnings data on Thursday, July 27th. The company reported $0.56 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.57 by ($0.01). The company had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.30 billion. Cerner Corporation had a net margin of 13.47% and a return on equity of 18.18%. The business’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same period last year, the firm earned $0.58 EPS. Equities analysts forecast that Cerner Corporation will post $2.50 EPS for the current year.
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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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