Covington Capital Management grew its stake in shares of Cerner Corporation (NASDAQ:CERN) by 1.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 119,674 shares of the company’s stock after buying an additional 1,275 shares during the period. Covington Capital Management’s holdings in Cerner Corporation were worth $7,955,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in CERN. BlackRock Inc. increased its position in shares of Cerner Corporation by 3,008.5% during the first quarter. BlackRock Inc. now owns 18,298,722 shares of the company’s stock valued at $1,076,881,000 after buying an additional 17,710,062 shares during the period. UBS Group AG increased its position in shares of Cerner Corporation by 1,843.1% during the first quarter. UBS Group AG now owns 5,306,053 shares of the company’s stock valued at $312,261,000 after buying an additional 5,032,976 shares during the period. Fiduciary Management Inc. WI increased its position in shares of Cerner Corporation by 63.2% during the first quarter. Fiduciary Management Inc. WI now owns 8,241,408 shares of the company’s stock valued at $485,007,000 after buying an additional 3,192,338 shares during the period. FMR LLC increased its position in shares of Cerner Corporation by 105.5% during the first quarter. FMR LLC now owns 5,609,410 shares of the company’s stock valued at $330,113,000 after buying an additional 2,879,319 shares during the period. Finally, Bank of New York Mellon Corp increased its position in shares of Cerner Corporation by 19.0% during the second 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 buying an additional 2,800,955 shares during the period. Hedge funds and other institutional investors own 78.94% of the company’s stock.
Several brokerages have recently weighed in on CERN. Morgan Stanley upgraded Cerner Corporation from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $59.00 to $62.00 in a research report on Thursday, August 10th. Piper Jaffray Companies reiterated a “buy” rating and set a $77.00 price target on shares of Cerner Corporation in a research report on Thursday. Cantor Fitzgerald reissued a “buy” rating and set a $77.00 price objective on shares of Cerner Corporation in a report on Tuesday. BidaskClub raised Cerner Corporation from a “sell” rating to a “hold” rating in a report on Saturday, August 19th. Finally, Zacks Investment Research lowered Cerner Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $67.56.
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Cerner Corporation (NASDAQ:CERN) last posted its quarterly earnings data on Thursday, July 27th. The company reported $0.56 earnings per share (EPS) for the quarter, missing the Zacks’ 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 quarter in the previous year, the firm earned $0.58 EPS. Cerner Corporation’s revenue was up 6.3% compared to the same quarter last year.
In other Cerner Corporation news, SVP Randy D. Sims sold 60,000 shares of the company’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $68.03, for a total value of $4,081,800.00. Following the completion of the sale, the senior vice president now directly owns 60,890 shares in the company, valued at approximately $4,142,346.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Michael Nill sold 99,470 shares of the company’s stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $70.45, for a total value of $7,007,661.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 371,583 shares of company stock valued at $24,758,191. 13.20% of the stock is owned by company insiders.
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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