Cerner Corporation (CERN) is Front Street Capital Management Inc.’s 6th Largest Position
Front Street Capital Management Inc. cut its position in shares of Cerner Corporation (NASDAQ:CERN) by 0.8% during the second quarter, according to its most recent filing with the SEC. The fund owned 163,432 shares of the company’s stock after selling 1,307 shares during the period. Cerner Corporation accounts for about 4.2% of Front Street Capital Management Inc.’s portfolio, making the stock its 6th largest position. Front Street Capital Management Inc.’s holdings in Cerner Corporation were worth $10,863,000 at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in CERN. Alps Advisors Inc. boosted its position in shares of Cerner Corporation by 0.3% in the second quarter. Alps Advisors Inc. now owns 8,693 shares of the company’s stock worth $578,000 after buying an additional 23 shares during the last quarter. Johnson Financial Group Inc. boosted its position 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 last quarter. Conning Inc. boosted its position 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 last quarter. ProVise Management Group LLC boosted its position 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 last quarter. Finally, Linscomb & Williams Inc. boosted its position 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 last quarter. 78.94% of the stock is currently owned by hedge funds and other institutional investors.
Cerner Corporation (NASDAQ CERN) traded up 0.28% on Wednesday, reaching $65.45. 196,806 shares of the company were exchanged. The stock has a market capitalization of $21.70 billion, a P/E ratio of 33.07 and a beta of 0.95. The company’s 50-day moving average price is $64.50 and its 200-day moving average price is $61.88. Cerner Corporation has a 12-month low of $47.01 and a 12-month high of $69.28.
Cerner Corporation (NASDAQ:CERN) last released its quarterly earnings results on Thursday, July 27th. The company reported $0.56 EPS for the quarter, missing the Thomson Reuters’ 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 analysts’ expectations of $1.30 billion. During the same period in the previous year, the company earned $0.58 EPS. Cerner Corporation’s revenue for the quarter was up 6.3% compared to the same quarter last year. Equities research analysts anticipate that Cerner Corporation will post $2.50 earnings per share for the current fiscal year.
Cerner Corporation declared that its Board of Directors has initiated a share buyback plan on Thursday, May 25th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to purchase up to 2.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.
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CERN has been the topic of several analyst reports. UBS AG reiterated a “neutral” rating and issued a $69.00 target price (up from $64.00) on shares of Cerner Corporation in a report on Tuesday, June 6th. Bank of America Corporation upgraded shares of Cerner Corporation from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $64.36 to $66.00 in a report on Monday, May 15th. Morgan Stanley upgraded shares of Cerner Corporation from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $59.00 to $62.00 in a report on Thursday, August 10th. BidaskClub lowered shares of Cerner Corporation from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 15th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $74.00 target price on shares of Cerner Corporation in a report on Thursday, June 1st. Sixteen research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $65.00.
In related news, Director Gerald E. Bisbee, Jr. sold 6,200 shares of the business’s stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $67.97, for a total transaction of $421,414.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Marc G. Naughton sold 60,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $68.63, for a total value of $4,117,800.00. The disclosure for this sale can be found here. Insiders have sold a total of 244,313 shares of company stock valued at $15,954,763 in the last ninety days. Insiders own 13.20% of the company’s stock.
Cerner Corporation Company Profile
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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