Arcadia Investment Management Corp MI Sells 7,228 Shares of Cerner Corporation (CERN)
Arcadia Investment Management Corp MI cut its position in Cerner Corporation (NASDAQ:CERN) by 11.5% during the second quarter, Holdings Channel reports. The firm owned 55,699 shares of the company’s stock after selling 7,228 shares during the period. Arcadia Investment Management Corp MI’s holdings in Cerner Corporation were worth $3,702,000 at the end of the most recent quarter.
A number of other large investors have also made changes to their positions in CERN. Johnson Financial Group Inc. boosted its stake in shares of Cerner Corporation by 2.6% in the first quarter. Johnson Financial Group Inc. now owns 1,870 shares of the company’s stock worth $110,000 after buying an additional 47 shares during the period. Conning Inc. boosted its stake in shares of Cerner Corporation by 0.8% in the second quarter. Conning Inc. now owns 7,742 shares of the company’s stock worth $515,000 after buying an additional 58 shares during the period. ProVise Management Group LLC boosted its stake in shares of Cerner Corporation by 1.2% in the first quarter. ProVise Management Group LLC now owns 5,115 shares of the company’s stock worth $301,000 after buying an additional 60 shares during the period. Linscomb & Williams Inc. boosted its stake in shares of Cerner Corporation by 1.2% in the first quarter. Linscomb & Williams Inc. now owns 6,412 shares of the company’s stock worth $377,000 after buying an additional 76 shares during the period. Finally, Probity Advisors Inc. boosted its stake in shares of Cerner Corporation by 1.5% in the second quarter. Probity Advisors Inc. now owns 5,486 shares of the company’s stock worth $365,000 after buying an additional 79 shares during the period. Institutional investors and hedge funds own 82.34% of the company’s stock.
Cerner Corporation (CERN) opened at 62.85 on Tuesday. The company has a market capitalization of $20.84 billion, a P/E ratio of 31.76 and a beta of 0.95. Cerner Corporation has a 52-week low of $47.01 and a 52-week high of $69.28. The firm has a 50-day moving average of $64.92 and a 200 day moving average of $61.28.
Cerner Corporation (NASDAQ:CERN) last announced its quarterly earnings data on Thursday, July 27th. The company reported $0.56 EPS for the quarter, missing the consensus estimate of $0.57 by $0.01. Cerner Corporation had a net margin of 13.47% and a return on equity of 18.18%. The business had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same quarter in the previous year, the firm posted $0.58 earnings per share. The business’s revenue was up 6.3% on a year-over-year basis. Equities analysts predict that Cerner Corporation will post $2.50 earnings per share for the current fiscal year.
Cerner Corporation announced that its Board of Directors has approved a stock repurchase plan on Thursday, May 25th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to purchase up to 2.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
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A number of equities research analysts have weighed in on the stock. UBS AG restated a “neutral” rating and issued a $69.00 price objective (up previously from $64.00) on shares of Cerner Corporation in a report on Tuesday, June 6th. Jefferies Group LLC set a $74.00 target price on shares of Cerner Corporation and gave the stock a “buy” rating in a research note on Sunday, April 30th. Bank of America Corporation upgraded shares of Cerner Corporation from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $64.36 to $66.00 in a research note on Monday, May 15th. Morgan Stanley upgraded shares of Cerner Corporation from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $59.00 to $62.00 in a research note on Thursday, August 10th. Finally, Barclays PLC reiterated a “hold” rating and issued a $60.00 target price on shares of Cerner Corporation in a research note on Monday, May 1st. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $65.79.
In other Cerner Corporation news, Director Linda M. Dillman sold 4,600 shares of Cerner Corporation stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $64.69, for a total transaction of $297,574.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Clifford W. Illig sold 118,113 shares of Cerner Corporation stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $62.03, for a total transaction of $7,326,549.39. Following the sale, the chairman now owns 1,229,719 shares of the company’s stock, valued at $76,279,469.57. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 248,913 shares of company stock valued at $16,252,337. Company insiders own 13.20% of the company’s stock.
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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