South State CORP. Acquires New Stake in Cerner Co. (NASDAQ:CERN)

South State CORP. acquired a new stake in Cerner Co. (NASDAQ:CERN) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 10,716 shares of the company’s stock, valued at approximately $770,000.

Other hedge funds have also recently bought and sold shares of the company. CIBC World Markets Inc. raised its holdings in shares of Cerner by 472.6% in the 4th quarter. CIBC World Markets Inc. now owns 27,460 shares of the company’s stock valued at $2,155,000 after buying an additional 22,664 shares during the period. Cullinan Associates Inc. grew its stake in Cerner by 11.0% during the 1st quarter. Cullinan Associates Inc. now owns 95,520 shares of the company’s stock worth $6,866,000 after purchasing an additional 9,500 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Cerner by 6.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,824,021 shares of the company’s stock worth $143,143,000 after purchasing an additional 113,549 shares in the last quarter. Advisor Partners LLC grew its stake in Cerner by 3.9% during the 4th quarter. Advisor Partners LLC now owns 10,710 shares of the company’s stock worth $841,000 after purchasing an additional 402 shares in the last quarter. Finally, Seven Eight Capital LP acquired a new position in Cerner during the 4th quarter worth $1,271,000. Hedge funds and other institutional investors own 83.27% of the company’s stock.

CERN has been the subject of several analyst reports. Truist boosted their target price on Cerner from $72.00 to $82.00 in a research note on Thursday, February 11th. Piper Sandler upped their price objective on Cerner from $84.00 to $85.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 16th. SVB Leerink lowered their price objective on Cerner from $86.00 to $83.00 and set an “outperform” rating for the company in a research report on Thursday, May 6th. UBS Group cut Cerner from a “buy” rating to a “neutral” rating and set a $82.00 price objective for the company. in a research report on Thursday, February 11th. Finally, Morgan Stanley upped their price objective on Cerner from $64.00 to $70.00 and gave the stock an “underweight” rating in a research report on Thursday, February 11th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the stock. Cerner has a consensus rating of “Buy” and a consensus price target of $81.79.

In other news, CAO Michael R. Battaglioli sold 5,480 shares of the stock in a transaction that occurred on Friday, May 14th. The stock was sold at an average price of $77.06, for a total transaction of $422,288.80. Following the completion of the transaction, the chief accounting officer now directly owns 3,882 shares of the company’s stock, valued at approximately $299,146.92. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO David Brent Shafer sold 88,729 shares of the stock in a transaction that occurred on Friday, May 7th. The stock was sold at an average price of $76.36, for a total value of $6,775,346.44. Following the transaction, the chief executive officer now directly owns 88,729 shares of the company’s stock, valued at $6,775,346.44. The disclosure for this sale can be found here. Corporate insiders own 0.18% of the company’s stock.

CERN traded up $0.07 on Friday, hitting $81.15. 10,586 shares of the company traded hands, compared to its average volume of 2,539,939. The stock’s 50 day moving average is $76.35. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.09 and a quick ratio of 2.07. The firm has a market cap of $24.45 billion, a PE ratio of 30.95, a PEG ratio of 2.36 and a beta of 0.74. Cerner Co. has a 12-month low of $65.14 and a 12-month high of $84.20.

Cerner (NASDAQ:CERN) last posted its quarterly earnings data on Wednesday, May 5th. The company reported $0.76 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.02. The firm had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.40 billion. Cerner had a return on equity of 17.45% and a net margin of 14.69%. The firm’s revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.71 EPS. Equities analysts expect that Cerner Co. will post 2.74 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 13th. Stockholders of record on Monday, June 28th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.08%. The ex-dividend date of this dividend is Friday, June 25th. Cerner’s dividend payout ratio (DPR) is 35.92%.

Cerner Profile

Cerner Corporation, together with its subsidiaries, provides health care information technology solutions and tech-enabled services in the United States and internationally. The company offers Cerner Millennium architecture, a person-centric computing framework, which includes clinical, financial, and management information systems that allow providers to access an individual's electronic health record (EHR) at the point of care, and organizes and delivers information for physicians, nurses, laboratory technicians, pharmacists, front- and back-office professionals, and consumers.

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Institutional Ownership by Quarter for Cerner (NASDAQ:CERN)

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