Redmond Asset Management LLC Sells 818 Shares of Cerner Co. (NASDAQ:CERN)
Redmond Asset Management LLC decreased its position in shares of Cerner Co. (NASDAQ:CERN) by 2.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 36,169 shares of the company’s stock after selling 818 shares during the quarter. Cerner makes up 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.
Several other hedge funds have also recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its stake in shares of Cerner by 25.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,502,329 shares of the company’s stock worth $78,781,000 after acquiring an additional 307,694 shares during the period. Geode Capital Management LLC lifted its stake in shares of Cerner by 7.8% in the 4th quarter. Geode Capital Management LLC now owns 4,747,793 shares of the company’s stock worth $248,593,000 after acquiring an additional 342,029 shares during the period. Raymond James Trust N.A. acquired a new stake in shares of Cerner in the 1st quarter worth approximately $297,000. Pennsylvania Trust Co acquired a new stake in shares of Cerner in the 1st quarter worth approximately $1,651,000. Finally, BTIM Corp. lifted its stake in shares of Cerner by 53.5% in the 1st quarter. BTIM Corp. now owns 101,100 shares of the company’s stock worth $5,783,000 after acquiring an additional 35,250 shares during the period. Institutional investors own 82.59% of the company’s stock.
In related news, Director William D. Zollars sold 1,400 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $72.11, for a total value of $100,954.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Randy D. Sims sold 40,000 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $72.45, for a total transaction of $2,898,000.00. The disclosure for this sale can be found here. Insiders sold a total of 383,000 shares of company stock worth $26,729,803 over the last quarter. Insiders own 0.75% of the company’s stock.
Cerner (NASDAQ:CERN) last released its earnings results on Wednesday, July 24th. The company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. Cerner had a net margin of 10.75% and a return on equity of 15.14%. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.44 billion. During the same period in the previous year, the firm earned $0.62 EPS. The business’s revenue for the quarter was up 4.6% on a year-over-year basis. Research analysts anticipate that Cerner Co. will post 2.43 EPS for the current year.
The firm also recently announced a special dividend, which was paid on Friday, July 26th. Investors of record on Tuesday, June 18th were issued a $0.18 dividend. The ex-dividend date was Monday, June 17th. Cerner’s payout ratio is currently 32.58%.
A number of analysts have recently weighed in on the stock. BidaskClub lowered shares of Cerner from a “hold” rating to a “sell” rating in a research note on Thursday, July 25th. Zacks Investment Research lowered shares of Cerner from a “buy” rating to a “hold” rating and set a $77.00 price target for the company. in a research note on Monday, July 29th. ValuEngine raised shares of Cerner from a “hold” rating to a “buy” rating in a research note on Wednesday, May 1st. Canaccord Genuity upped their price target on shares of Cerner from $77.00 to $80.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Finally, Wells Fargo & Co upped their price target on shares of Cerner from $72.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and eleven have assigned a buy rating to the company. The company has an average rating of “Buy” and an average price target of $73.36.
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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