Lord Abbett & CO. LLC Trims Stake in Cerner Co. (NASDAQ:CERN)

Lord Abbett & CO. LLC reduced its stake in Cerner Co. (NASDAQ:CERN) by 2.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 333,668 shares of the company’s stock after selling 7,880 shares during the period. Lord Abbett & CO. LLC owned 0.11% of Cerner worth $23,530,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. BlackRock Inc. raised its stake in Cerner by 9.2% in the third quarter. BlackRock Inc. now owns 26,150,047 shares of the company’s stock worth $1,844,101,000 after buying an additional 2,198,317 shares in the last quarter. State Street Corp raised its stake in Cerner by 0.9% in the second quarter. State Street Corp now owns 13,827,894 shares of the company’s stock worth $1,083,726,000 after buying an additional 122,658 shares in the last quarter. Macquarie Group Ltd. raised its stake in Cerner by 38,761.2% in the second quarter. Macquarie Group Ltd. now owns 9,714,923 shares of the company’s stock worth $759,319,000 after buying an additional 9,689,924 shares in the last quarter. Geode Capital Management LLC raised its stake in Cerner by 2.6% in the second quarter. Geode Capital Management LLC now owns 6,039,762 shares of the company’s stock worth $471,038,000 after buying an additional 152,017 shares in the last quarter. Finally, Morgan Stanley increased its stake in shares of Cerner by 28.9% during the second quarter. Morgan Stanley now owns 4,624,178 shares of the company’s stock valued at $361,425,000 after purchasing an additional 1,035,549 shares in the last quarter. 85.57% of the stock is owned by institutional investors.

NASDAQ:CERN opened at $92.21 on Friday. The company’s 50 day moving average price is $81.67 and its 200-day moving average price is $77.89. Cerner Co. has a 52 week low of $67.96 and a 52 week high of $93.44. The company has a quick ratio of 1.56, a current ratio of 1.57 and a debt-to-equity ratio of 0.42. The stock has a market cap of $27.13 billion, a price-to-earnings ratio of 53.61, a PEG ratio of 2.21 and a beta of 0.85.

Cerner (NASDAQ:CERN) last issued its earnings results on Thursday, October 28th. The company reported $0.86 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.82 by $0.04. Cerner had a net margin of 9.15% and a return on equity of 19.54%. The company had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.45 billion. During the same quarter last year, the company posted $0.60 earnings per share. The firm’s quarterly revenue was up 7.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Cerner Co. will post 2.75 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, January 11th. Investors of record on Monday, December 27th were issued a $0.27 dividend. The ex-dividend date of this dividend was Thursday, December 23rd. This represents a $1.08 annualized dividend and a yield of 1.17%. This is a boost from Cerner’s previous quarterly dividend of $0.22. Cerner’s dividend payout ratio (DPR) is currently 62.79%.

CERN has been the subject of a number of analyst reports. Edward Jones downgraded shares of Cerner from a “buy” rating to a “hold” rating in a research note on Monday, December 20th. SVB Leerink downgraded shares of Cerner from an “outperform” rating to a “market perform” rating and raised their target price for the company from $88.00 to $95.00 in a research note on Monday, December 20th. Robert W. Baird initiated coverage on shares of Cerner in a research note on Tuesday, November 16th. They set a “neutral” rating and a $82.00 target price for the company. Barclays raised their target price on shares of Cerner from $77.00 to $79.00 and gave the company an “equal weight” rating in a research note on Monday, November 1st. Finally, downgraded shares of Cerner from a “buy” rating to a “hold” rating in a research note on Monday, December 20th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Cerner has a consensus rating of “Hold” and a consensus target price of $86.64.

Cerner Profile

Cerner Corp. designs, develops, markets, installs, hosts and supports health care information technology, health care devices, hardware and content solutions for health care organizations and consumers. The company also provides value-added services, including implementation and training, remote hosting, operational management services, revenue cycle services, support and maintenance, health care data analysis, clinical process optimization, transaction processing, employee wellness programs and third party administrator services for employer-based health plans.

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Institutional Ownership by Quarter for Cerner (NASDAQ:CERN)

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