Redmond Asset Management LLC lowered its position in Cerner Co. (NASDAQ:CERN) by 2.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 36,169 shares of the company’s stock after selling 818 shares during the quarter. Cerner accounts for approximately 1.1% of Redmond Asset Management LLC’s investment portfolio, making the stock its 22nd largest position. Redmond Asset Management LLC’s holdings in Cerner were worth $2,651,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Acropolis Investment Management LLC boosted its holdings in Cerner by 2.0% in the second quarter. Acropolis Investment Management LLC now owns 7,494 shares of the company’s stock valued at $549,000 after acquiring an additional 148 shares during the last quarter. Advisor Partners LLC boosted its holdings in Cerner by 2.2% in the second quarter. Advisor Partners LLC now owns 7,061 shares of the company’s stock valued at $518,000 after acquiring an additional 154 shares during the last quarter. Destination Wealth Management boosted its holdings in Cerner by 3.7% in the second quarter. Destination Wealth Management now owns 5,208 shares of the company’s stock valued at $382,000 after acquiring an additional 187 shares during the last quarter. Coastal Investment Advisors Inc. boosted its holdings in Cerner by 16.3% in the second quarter. Coastal Investment Advisors Inc. now owns 1,426 shares of the company’s stock valued at $104,000 after acquiring an additional 200 shares during the last quarter. Finally, Berman Capital Advisors LLC boosted its holdings in Cerner by 115.3% in the second quarter. Berman Capital Advisors LLC now owns 381 shares of the company’s stock valued at $27,000 after acquiring an additional 204 shares during the last quarter. 82.59% of the stock is owned by institutional investors.
Shares of NASDAQ:CERN traded up $0.51 during trading on Thursday, reaching $69.93. 27,811 shares of the stock were exchanged, compared to its average volume of 2,410,672. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.50 and a current ratio of 2.52. Cerner Co. has a 1-year low of $48.78 and a 1-year high of $76.47. The stock has a fifty day moving average price of $73.01. The stock has a market capitalization of $22.36 billion, a price-to-earnings ratio of 31.50, a price-to-earnings-growth ratio of 2.01 and a beta of 0.92.
Cerner (NASDAQ:CERN) last issued its earnings results on Wednesday, July 24th. The company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. Cerner had a return on equity of 15.14% and a net margin of 10.75%. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same period in the prior year, the firm earned $0.62 earnings per share. Cerner’s revenue for the quarter was up 4.6% on a year-over-year basis. Equities analysts anticipate that Cerner Co. will post 2.43 earnings per share for the current fiscal year.
The company also recently announced a special dividend, which was paid on Friday, July 26th. Stockholders of record on Tuesday, June 18th were given a dividend of $0.18 per share. The ex-dividend date was Monday, June 17th. Cerner’s payout ratio is 32.58%.
In other news, COO Michael Nill sold 244,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $69.42, for a total transaction of $16,938,480.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Julie M. Wilson sold 93,500 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $69.57, for a total value of $6,504,795.00. Following the transaction, the executive vice president now directly owns 45,510 shares in the company, valued at $3,166,130.70. The disclosure for this sale can be found here. Insiders have sold 383,000 shares of company stock worth $26,729,803 over the last ninety days. 0.75% of the stock is owned by insiders.
A number of research firms have issued reports on CERN. Canaccord Genuity increased their price target on Cerner from $77.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. ValuEngine upgraded Cerner from a “hold” rating to a “buy” rating in a report on Wednesday, May 1st. Citigroup increased their price target on Cerner from $77.00 to $84.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Wells Fargo & Co increased their price target on Cerner from $72.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Finally, Zacks Investment Research cut Cerner from a “buy” rating to a “hold” rating and set a $77.00 price target on the stock. in a report on Monday, July 29th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and eleven have issued a buy rating to the company’s stock. Cerner presently has an average rating of “Buy” and a consensus target price of $73.36.
Cerner Company Profile
Cerner Corporation 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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