Pinebridge Investments L.P. Sells 771 Shares of Cerner Co. (CERN)
Pinebridge Investments L.P. reduced its position in Cerner Co. (NASDAQ:CERN) by 28.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,982 shares of the company’s stock after selling 771 shares during the period. Pinebridge Investments L.P.’s holdings in Cerner were worth $142,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of CERN. Advisory Services Network LLC lifted its holdings in shares of Cerner by 4.4% in the 2nd quarter. Advisory Services Network LLC now owns 1,648 shares of the company’s stock worth $110,000 after purchasing an additional 70 shares in the last quarter. Acrospire Investment Management LLC lifted its holdings in shares of Cerner by 100.0% in the 2nd quarter. Acrospire Investment Management LLC now owns 1,800 shares of the company’s stock worth $120,000 after purchasing an additional 900 shares in the last quarter. Fuller & Thaler Asset Management Inc. bought a new position in shares of Cerner in the 3rd quarter worth $121,000. Pacad Investment Ltd. bought a new position in shares of Cerner in the 2nd quarter worth $130,000. Finally, Sun Life Financial INC lifted its holdings in shares of Cerner by 23,700.0% in the 2nd quarter. Sun Life Financial INC now owns 2,142 shares of the company’s stock worth $142,000 after purchasing an additional 2,133 shares in the last quarter. Institutional investors own 82.06% of the company’s stock.
In other news, CEO Clifford W. Illig sold 140,000 shares of the firm’s stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $65.52, for a total transaction of $9,172,800.00. Following the completion of the sale, the chief executive officer now directly owns 1,229,719 shares of the company’s stock, valued at approximately $80,571,188.88. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Clifford W. Illig sold 4,000 shares of the firm’s stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $65.96, for a total value of $263,840.00. Following the sale, the chairman now directly owns 1,229,719 shares of the company’s stock, valued at $81,112,265.24. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 734,000 shares of company stock valued at $48,411,240. Insiders own 13.11% of the company’s stock.
A number of brokerages recently issued reports on CERN. SunTrust Banks reiterated a “buy” rating and issued a $79.00 target price on shares of Cerner in a report on Thursday, October 19th. Zacks Investment Research raised Cerner from a “hold” rating to a “buy” rating and set a $81.00 price target for the company in a research report on Tuesday, October 17th. Royal Bank of Canada reissued a “buy” rating on shares of Cerner in a research report on Wednesday, October 25th. Jefferies Group set a $79.00 price target on Cerner and gave the company a “buy” rating in a research report on Friday, October 13th. Finally, Piper Jaffray Companies reissued a “buy” rating and issued a $77.00 price target on shares of Cerner in a research report on Thursday, October 12th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and nine have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $69.50.
Shares of Cerner Co. (CERN) opened at $70.36 on Wednesday. Cerner Co. has a 12-month low of $47.01 and a 12-month high of $73.86. The stock has a market capitalization of $23,408.66, a price-to-earnings ratio of 31.16, a PEG ratio of 2.27 and a beta of 0.94. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.75 and a current ratio of 2.77.
Cerner (NASDAQ:CERN) last announced its earnings results on Thursday, October 26th. The company reported $0.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.01). Cerner had a net margin of 13.37% and a return on equity of 18.03%. The business had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.29 billion. During the same period in the prior year, the business earned $0.59 earnings per share. The company’s revenue for the quarter was up 7.7% compared to the same quarter last year. sell-side analysts predict that Cerner Co. will post 2.25 earnings per share for the current year.
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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