LPL Financial LLC Cuts Position in Cerner Co. (NASDAQ:CERN)
LPL Financial LLC decreased its stake in Cerner Co. (NASDAQ:CERN) by 1.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 69,333 shares of the company’s stock after selling 1,357 shares during the period. LPL Financial LLC’s holdings in Cerner were worth $5,082,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Nelson Roberts Investment Advisors LLC purchased a new stake in shares of Cerner in the 1st quarter worth about $25,000. Berman Capital Advisors LLC grew its position in shares of 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 purchasing an additional 204 shares during the last quarter. Advisory Alpha LLC purchased a new position in shares of Cerner during the 1st quarter worth approximately $28,000. Altshuler Shaham Ltd increased its stake in shares of Cerner by 173.2% during the 2nd quarter. Altshuler Shaham Ltd now owns 388 shares of the company’s stock worth $28,000 after purchasing an additional 246 shares in the last quarter. Finally, Valeo Financial Advisors LLC acquired a new position in shares of Cerner during the 2nd quarter worth approximately $49,000. 83.22% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts recently issued reports on CERN shares. Canaccord Genuity upped their target price on Cerner from $77.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Jefferies Financial Group downgraded Cerner from a “buy” rating to a “hold” rating and raised their price target for the stock from $69.00 to $75.00 in a research report on Friday, August 23rd. Bank of America boosted their price target on Cerner from $70.00 to $77.00 and gave the stock a “buy” rating in a report on Tuesday, May 21st. BidaskClub downgraded Cerner from a “sell” rating to a “strong sell” rating in a research report on Friday, September 6th. Finally, Wells Fargo & Co increased their price objective on Cerner from $72.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and eleven have issued a buy rating to the company. Cerner has a consensus rating of “Buy” and a consensus price target of $74.73.
Cerner (NASDAQ:CERN) last released its quarterly earnings data on Wednesday, July 24th. The company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.44 billion. Cerner had a return on equity of 15.14% and a net margin of 10.75%. The company’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same period last year, the business posted $0.62 EPS. As a group, sell-side analysts predict that Cerner Co. will post 2.43 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 9th. Shareholders of record on Wednesday, September 25th will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.06%. Cerner’s dividend payout ratio is currently 32.58%.
In other news, Director Julie L. Gerberding sold 7,928 shares of the company’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $71.82, for a total value of $569,388.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Randy D. Sims sold 40,000 shares of Cerner stock in a transaction that occurred on Thursday, June 13th. The shares were 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. Over the last quarter, insiders have sold 128,945 shares of company stock valued at $9,071,140. 0.75% of the stock is owned by insiders.
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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