Veritas Asset Management LLP bought a new position in Cerner Corporation (NASDAQ:CERN) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 3,172,900 shares of the company’s stock, valued at approximately $186,725,000. Cerner Corporation accounts for 1.7% of Veritas Asset Management LLP’s portfolio, making the stock its 17th largest position. Veritas Asset Management LLP owned 0.96% of Cerner Corporation at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in the company. Fiduciary Management Inc. WI bought a new position in shares of Cerner Corporation during the fourth quarter worth about $239,174,000. Bank of New York Mellon Corp raised its position in shares of Cerner Corporation by 29.9% in the first quarter. Bank of New York Mellon Corp now owns 14,745,663 shares of the company’s stock worth $867,783,000 after buying an additional 3,391,745 shares during the last quarter. Norges Bank bought a new position in shares of Cerner Corporation during the fourth quarter worth about $112,815,000. Canada Pension Plan Investment Board raised its position in shares of Cerner Corporation by 473.8% in the first quarter. Canada Pension Plan Investment Board now owns 1,076,084 shares of the company’s stock worth $63,328,000 after buying an additional 888,537 shares during the last quarter. Finally, FMR LLC raised its position in shares of Cerner Corporation by 48.0% in the fourth quarter. FMR LLC now owns 2,730,091 shares of the company’s stock worth $129,325,000 after buying an additional 885,619 shares during the last quarter. Institutional investors own 82.77% of the company’s stock.
Cerner Corporation (NASDAQ CERN) traded down 0.52% during mid-day trading on Tuesday, hitting $66.99. 349,573 shares of the stock were exchanged. The company has a market capitalization of $22.14 billion, a PE ratio of 34.53 and a beta of 0.97. Cerner Corporation has a 52 week low of $47.01 and a 52 week high of $69.28. The stock’s 50-day moving average is $65.50 and its 200 day moving average is $56.89.
Cerner Corporation (NASDAQ:CERN) last posted its quarterly earnings results on Thursday, April 27th. The company reported $0.59 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.53 by $0.06. The company had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.23 billion. Cerner Corporation had a net margin of 13.40% and a return on equity of 18.36%. The firm’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.53 earnings per share. On average, analysts anticipate that Cerner Corporation will post $2.51 EPS for the current year.
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Several brokerages recently weighed in on CERN. Cantor Fitzgerald restated a “buy” rating and issued a $68.00 price objective (up from $66.00) on shares of Cerner Corporation in a report on Thursday, April 27th. Zacks Investment Research upgraded shares of Cerner Corporation from a “sell” rating to a “hold” rating in a report on Monday, March 27th. Hilliard Lyons lowered shares of Cerner Corporation from a “buy” rating to a “neutral” rating and increased their price objective for the company from $62.00 to $68.00 in a report on Tuesday, May 2nd. TheStreet upgraded shares of Cerner Corporation from a “c+” rating to a “b-” rating in a report on Monday, April 3rd. Finally, Citigroup Inc. lowered shares of Cerner Corporation from a “buy” rating to a “neutral” rating in a report on Friday, February 24th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and nine have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $64.70.
In other Cerner Corporation news, COO Michael Nill sold 110,000 shares of the company’s stock in a transaction dated Thursday, May 4th. The shares were sold at an average price of $63.91, for a total transaction of $7,030,100.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Vice Chairman Clifford W. Illig sold 234,525 shares of the company’s stock in a transaction dated Thursday, May 11th. The shares were sold at an average price of $64.43, for a total transaction of $15,110,445.75. Following the sale, the insider now directly owns 1,229,719 shares in the company, valued at $79,230,795.17. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 704,542 shares of company stock worth $45,885,490. 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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