Cerner (NASDAQ:CERN)‘s stock had its “buy” rating reissued by analysts at Canaccord Genuity in a report released on Wednesday.
The analysts wrote, “We reiterate our BUY rating and raise our PT to $73. Not without noise on 4Q’17 and updated guidance, CERN continues to perform in new business wins. Bookings performance was stellar, up 62% y/y on large Works wins with solid growth across many product areas. The delayed Veterans Administration signing and some pre-revenue project investment will likely pressure margins near-term, but will be more than offset on the bottom-line from the tax reform benefit. We normally would be more critical on near-term margin compression; however, given bookings strength and benefits from tax reform, we recommend investors continue to own shares and add to positions. Key positive: Bookings grew 62% to $2.3B, outperforming us and cons. both at $1.8B. 1Q’18 bookings guidance straddled our estimate and con.””
Several other research analysts have also weighed in on CERN. Zacks Investment Research upgraded Cerner from a “hold” rating to a “buy” rating and set a $71.00 price objective for the company in a research report on Wednesday. SunTrust Banks lowered their price objective on Cerner from $68.00 to $2.82 and set a “hold” rating for the company in a research report on Wednesday. BidaskClub lowered Cerner from a “hold” rating to a “sell” rating in a research report on Wednesday, January 24th. Piper Jaffray Companies reiterated a “buy” rating and issued a $70.00 price objective on shares of Cerner in a research report on Thursday, November 30th. Finally, Jefferies Group reiterated a “buy” rating on shares of Cerner in a research report on Sunday, October 29th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and nine have assigned a buy rating to the company. Cerner currently has an average rating of “Hold” and a consensus target price of $65.99.
Cerner (NASDAQ:CERN) last issued its quarterly earnings data on Tuesday, February 6th. The company reported $0.58 earnings per share for the quarter, missing the consensus estimate of $0.61 by ($0.03). The business had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.33 billion. Cerner had a return on equity of 18.03% and a net margin of 13.37%. The company’s revenue was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.61 earnings per share. equities research analysts predict that Cerner will post 2.24 earnings per share for the current fiscal year.
In other news, VP Michael R. Battaglioli sold 4,000 shares of the stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $69.89, for a total value of $279,560.00. Following the sale, the vice president now directly owns 4,000 shares in the company, valued at $279,560. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Clifford W. Illig sold 530,000 shares of the stock in a transaction on Monday, November 20th. The shares were sold at an average price of $65.54, for a total value of $34,736,200.00. Following the completion of the sale, the chairman now owns 1,229,719 shares in the company, valued at $80,595,783.26. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 784,000 shares of company stock valued at $51,926,960. Company insiders own 13.11% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its stake in shares of Cerner by 7.4% in the second quarter. Dimensional Fund Advisors LP now owns 697,200 shares of the company’s stock valued at $46,342,000 after acquiring an additional 47,812 shares in the last quarter. State of Wisconsin Investment Board raised its stake in Cerner by 16.8% in the third quarter. State of Wisconsin Investment Board now owns 425,712 shares of the company’s stock valued at $30,362,000 after buying an additional 61,326 shares in the last quarter. Harrington Investments INC acquired a new stake in Cerner in the third quarter valued at $1,675,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in Cerner by 5.7% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 45,080 shares of the company’s stock valued at $3,215,000 after buying an additional 2,426 shares in the last quarter. Finally, Shell Asset Management Co. raised its stake in Cerner by 201.0% in the third quarter. Shell Asset Management Co. now owns 57,749 shares of the company’s stock valued at $3,440,000 after buying an additional 38,565 shares in the last quarter. Institutional investors and hedge funds own 81.99% of the company’s stock.
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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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