Pitcairn Co. Reduces Stake in Cerner Corp. (CERN)
Pitcairn Co. cut its stake in Cerner Corp. (NASDAQ:CERN) by 47.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,770 shares of the company’s stock after selling 19,782 shares during the period. Pitcairn Co.’s holdings in Cerner Corp. were worth $1,276,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of CERN. Acrospire Investment Management LLC bought a new stake in Cerner Corp. during the first quarter valued at about $106,000. Alpha Windward LLC raised its stake in Cerner Corp. by 2.2% in the second quarter. Alpha Windward LLC now owns 2,061 shares of the company’s stock valued at $121,000 after buying an additional 44 shares in the last quarter. NN Investment Partners Holdings N.V. raised its stake in Cerner Corp. by 16.8% in the second quarter. NN Investment Partners Holdings N.V. now owns 2,085 shares of the company’s stock valued at $122,000 after buying an additional 300 shares in the last quarter. CWM LLC raised its stake in Cerner Corp. by 1,785.7% in the second quarter. CWM LLC now owns 2,112 shares of the company’s stock valued at $124,000 after buying an additional 2,000 shares in the last quarter. Finally, Checchi Capital Advisers LLC raised its stake in Cerner Corp. by 2.7% in the second quarter. Checchi Capital Advisers LLC now owns 2,700 shares of the company’s stock valued at $158,000 after buying an additional 72 shares in the last quarter. 81.38% of the stock is owned by institutional investors.
Cerner Corp. (NASDAQ:CERN) traded down 0.87% on Monday, hitting $61.48. The stock had a trading volume of 1,357,236 shares. The firm’s 50 day moving average price is $64.64 and its 200-day moving average price is $58.32. Cerner Corp. has a 12 month low of $49.59 and a 12 month high of $68.31. The stock has a market cap of $20.76 billion, a PE ratio of 33.76 and a beta of 0.66.
Cerner Corp. (NASDAQ:CERN) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.01. The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.21 billion. Cerner Corp. had a net margin of 13.53% and a return on equity of 18.57%. The company’s quarterly revenue was up 8.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.52 earnings per share. On average, analysts forecast that Cerner Corp. will post $2.36 EPS for the current year.
CERN has been the subject of several recent research reports. JPMorgan Chase & Co. reissued a “buy” rating on shares of Cerner Corp. in a report on Wednesday, August 3rd. Deutsche Bank AG cut their price target on Cerner Corp. from $67.00 to $66.00 and set a “buy” rating for the company in a report on Wednesday, August 3rd. Citigroup Inc. boosted their price target on Cerner Corp. from $65.00 to $73.00 and gave the company a “buy” rating in a report on Wednesday, August 3rd. Wells Fargo & Co. restated a “buy” rating on shares of Cerner Corp. in a research report on Sunday, June 26th. Finally, SunTrust Banks Inc. upgraded Cerner Corp. from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $55.28 to $65.00 in a research report on Thursday, June 23rd. They noted that the move was a valuation call. Nine investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Cerner Corp. presently has an average rating of “Buy” and a consensus target price of $66.18.
In other Cerner Corp. news, Chairman Neal L. Patterson sold 428,638 shares of the stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $67.14, for a total transaction of $28,778,755.32. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Vice Chairman Clifford W. Illig sold 325,705 shares of the stock in a transaction that occurred on Thursday, August 18th. The stock was sold at an average price of $65.10, for a total transaction of $21,203,395.50. Following the transaction, the insider now directly owns 6,652,392 shares in the company, valued at approximately $433,070,719.20. The disclosure for this sale can be found here. Corporate insiders own 13.20% of the company’s stock.
About Cerner Corp.
Cerner Corporation 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. Its segments include Domestic and Global. The Domestic segment includes the business activity in the United States.
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