Royal Bank of Canada Decreases Stake in Cerner Co. (CERN)

Royal Bank of Canada trimmed its stake in shares of Cerner Co. (NASDAQ:CERN) by 15.1% in the 1st quarter, Holdings Channel reports. The firm owned 449,933 shares of the company’s stock after selling 79,862 shares during the period. Royal Bank of Canada’s holdings in Cerner were worth $26,097,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Icon Wealth Partners LLC purchased a new position in shares of Cerner during the fourth quarter valued at approximately $107,000. MV Capital Management Inc. bought a new stake in Cerner during the first quarter valued at approximately $116,000. Delpha Capital Management LLC bought a new stake in Cerner during the fourth quarter valued at approximately $144,000. Archford Capital Strategies LLC bought a new stake in Cerner during the first quarter valued at approximately $181,000. Finally, Virtue Capital Management LLC bought a new stake in Cerner during the fourth quarter valued at approximately $197,000. 77.72% of the stock is owned by hedge funds and other institutional investors.

Cerner opened at $59.79 on Friday, according to Marketbeat. The company has a market capitalization of $19.83 billion, a price-to-earnings ratio of 27.18, a PEG ratio of 1.89 and a beta of 0.96. Cerner Co. has a 1-year low of $52.05 and a 1-year high of $73.86. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.95 and a quick ratio of 2.93.

Cerner (NASDAQ:CERN) last posted its quarterly earnings results on Wednesday, May 2nd. The company reported $0.58 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.58. The business had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.34 billion. Cerner had a net margin of 16.50% and a return on equity of 15.80%. The company’s revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.59 earnings per share. equities research analysts anticipate that Cerner Co. will post 2.28 earnings per share for the current fiscal year.

In related news, Vice Chairman Clifford W. Illig sold 45,000 shares of the company’s stock in a transaction on Monday, June 11th. The shares were sold at an average price of $60.63, for a total transaction of $2,728,350.00. Following the completion of the transaction, the insider now owns 1,229,719 shares in the company, valued at $74,557,862.97. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Vice Chairman Clifford W. Illig sold 205,600 shares of the company’s stock in a transaction on Thursday, June 7th. The stock was sold at an average price of $60.26, for a total transaction of $12,389,456.00. Following the transaction, the insider now owns 1,229,719 shares of the company’s stock, valued at approximately $74,102,866.94. The disclosure for this sale can be found here. Over the last quarter, insiders sold 275,848 shares of company stock valued at $16,650,169. Company insiders own 4.71% of the company’s stock.

CERN has been the subject of several recent research reports. BidaskClub lowered shares of Cerner from a “hold” rating to a “sell” rating in a research report on Friday, May 25th. Cantor Fitzgerald restated a “buy” rating and set a $80.00 target price on shares of Cerner in a research report on Wednesday, March 14th. Royal Bank of Canada boosted their target price on shares of Cerner from $67.00 to $71.00 and gave the company a “buy” rating in a research report on Thursday, May 24th. Zacks Investment Research lowered shares of Cerner from a “hold” rating to a “sell” rating in a research report on Tuesday, May 8th. Finally, Stifel Nicolaus cut their target price on shares of Cerner from $71.00 to $62.00 and set a “hold” rating for the company in a research report on Thursday, May 3rd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eleven have issued a buy rating to the stock. Cerner has a consensus rating of “Hold” and a consensus target price of $68.51.

About Cerner

Cerner Corporation provides health care information technology solutions and 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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