Cerner Corporation (CERN) Sees Significant Drop in Short Interest
Cerner Corporation (NASDAQ:CERN) was the target of a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 11,480,091 shares, a drop of 14.6% from the October 13th total of 13,441,506 shares. Currently, 3.9% of the shares of the stock are sold short. Based on an average daily volume of 2,946,978 shares, the days-to-cover ratio is presently 3.9 days.
Several equities research analysts have recently weighed in on the stock. Cantor Fitzgerald reissued a “buy” rating and issued a $77.00 target price on shares of Cerner Corporation in a research note on Tuesday, October 10th. KeyCorp reissued a “buy” rating and issued a $76.00 target price on shares of Cerner Corporation in a research note on Friday, September 22nd. Robert W. Baird reissued a “hold” rating and issued a $67.00 target price on shares of Cerner Corporation in a research note on Thursday, August 31st. SunTrust Banks, Inc. reissued a “buy” rating and issued a $79.00 target price on shares of Cerner Corporation in a research note on Thursday, October 19th. Finally, Zacks Investment Research downgraded shares of Cerner Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and nine have issued a buy rating to the company’s stock. Cerner Corporation currently has an average rating of “Hold” and a consensus target price of $69.79.
In other Cerner Corporation news, SVP Randy D. Sims sold 60,000 shares of the stock in a transaction on Friday, September 1st. The shares were sold at an average price of $68.03, for a total transaction of $4,081,800.00. Following the completion of the transaction, the senior vice president now owns 60,890 shares in the company, valued at $4,142,346.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Clifford W. Illig sold 4,000 shares of the stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $65.96, for a total transaction of $263,840.00. Following the transaction, the chairman now owns 1,229,719 shares of the company’s stock, valued at approximately $81,112,265.24. The disclosure for this sale can be found here. Insiders have sold 257,470 shares of company stock valued at $17,695,482 in the last quarter. 13.20% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its position in Cerner Corporation by 3.1% during the 2nd quarter. Vanguard Group Inc. now owns 29,296,545 shares of the company’s stock valued at $1,947,341,000 after purchasing an additional 876,919 shares during the period. BlackRock Inc. increased its position in Cerner Corporation by 0.8% during the 2nd quarter. BlackRock Inc. now owns 18,436,042 shares of the company’s stock valued at $1,225,441,000 after purchasing an additional 137,320 shares during the period. Bank of New York Mellon Corp increased its position in Cerner Corporation by 19.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 17,546,618 shares of the company’s stock valued at $1,166,325,000 after purchasing an additional 2,800,955 shares during the period. FMR LLC boosted its holdings in shares of Cerner Corporation by 0.8% in the 2nd quarter. FMR LLC now owns 5,652,931 shares of the company’s stock valued at $375,750,000 after buying an additional 43,521 shares in the last quarter. Finally, Capital International Investors boosted its holdings in shares of Cerner Corporation by 0.3% in the 3rd quarter. Capital International Investors now owns 4,851,296 shares of the company’s stock valued at $345,994,000 after buying an additional 12,178 shares in the last quarter. 78.26% of the stock is currently owned by institutional investors and hedge funds.
Cerner Corporation (NASDAQ CERN) opened at $65.54 on Friday. The company has a current ratio of 2.77, a quick ratio of 2.75 and a debt-to-equity ratio of 0.11. The company has a market cap of $21,810.00, a PE ratio of 28.79, a price-to-earnings-growth ratio of 2.09 and a beta of 0.93. Cerner Corporation has a 12-month low of $47.01 and a 12-month high of $73.86.
Cerner Corporation (NASDAQ:CERN) last posted its earnings results on Thursday, October 26th. The company reported $0.61 EPS for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.01). The business had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.29 billion. Cerner Corporation had a net margin of 13.37% and a return on equity of 18.03%. The company’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same period last year, the business posted $0.59 EPS. equities research analysts expect that Cerner Corporation will post 2.26 earnings per share for the current fiscal 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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