Bp Plc Acquires New Stake in Cerner Co. (NASDAQ:CERN)
Bp Plc acquired a new stake in Cerner Co. (NASDAQ:CERN) during the second quarter, Holdings Channel reports. The fund acquired 34,000 shares of the company’s stock, valued at approximately $2,260,000.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Financial Advisory Service Inc. boosted its position in Cerner by 0.6% in the second quarter. Financial Advisory Service Inc. now owns 61,539 shares of the company’s stock valued at $4,091,000 after buying an additional 378 shares during the last quarter. Advisor Partners LLC purchased a new position in Cerner during the second quarter valued at $231,000. Retirement Systems of Alabama boosted its position in Cerner by 0.3% in the second quarter. Retirement Systems of Alabama now owns 249,344 shares of the company’s stock valued at $16,574,000 after buying an additional 694 shares during the last quarter. IFP Advisors Inc boosted its position in Cerner by 6.4% in the second quarter. IFP Advisors Inc now owns 10,677 shares of the company’s stock valued at $710,000 after buying an additional 639 shares during the last quarter. Finally, ARP Americas LLC boosted its position in Cerner by 4.9% in the second quarter. ARP Americas LLC now owns 4,318 shares of the company’s stock valued at $287,000 after buying an additional 203 shares during the last quarter. Hedge funds and other institutional investors own 81.19% of the company’s stock.
Shares of Cerner Co. (CERN) opened at 61.60 on Friday. The company has a 50-day moving average price of $65.22 and a 200 day moving average price of $60.99. Cerner Co. has a 1-year low of $47.01 and a 1-year high of $69.28. The firm has a market capitalization of $20.43 billion, a price-to-earnings ratio of 31.13 and a beta of 0.95.
Cerner (NASDAQ:CERN) last announced its earnings results on Thursday, July 27th. The company reported $0.56 earnings per share for the quarter, missing analysts’ consensus estimates of $0.57 by $0.01. The business had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.30 billion. Cerner had a return on equity of 17.02% and a net margin of 13.91%. Cerner’s revenue was up 6.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.58 earnings per share. On average, equities research analysts predict that Cerner Co. will post $2.50 EPS for the current year.
Cerner declared that its Board of Directors has authorized a share repurchase program on Thursday, May 25th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 2.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
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Several research analysts have weighed in on the company. Morgan Stanley upgraded Cerner from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $59.00 to $62.00 in a research report on Thursday. Zacks Investment Research cut Cerner from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. BidaskClub cut Cerner from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Stifel Nicolaus reiterated a “hold” rating and set a $69.00 price objective on shares of Cerner in a research report on Friday, July 28th. Finally, William Blair reiterated an “outperform” rating on shares of Cerner in a research report on Monday, July 10th. 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 stock. Cerner presently has a consensus rating of “Hold” and an average price target of $65.79.
In other Cerner news, Director Linda M. Dillman sold 4,600 shares of the company’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $64.69, for a total value of $297,574.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Julie M. Wilson sold 60,000 shares of the company’s stock in a transaction dated Wednesday, June 7th. The stock was sold at an average price of $68.15, for a total value of $4,089,000.00. The disclosure for this sale can be found here. Insiders sold a total of 130,800 shares of company stock worth $8,925,788 over the last 90 days. Corporate insiders own 13.20% of the company’s stock.
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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