Brown Brothers Harriman & Co. trimmed its holdings in Cerner Co. (NASDAQ:CERN) by 31.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,713 shares of the company’s stock after selling 4,909 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in Cerner were worth $837,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. CSat Investment Advisory L.P. lifted its holdings in Cerner by 53.9% in the 1st quarter. CSat Investment Advisory L.P. now owns 528 shares of the company’s stock valued at $38,000 after acquiring an additional 185 shares during the last quarter. CX Institutional lifted its holdings in Cerner by 141.3% in the 2nd quarter. CX Institutional now owns 724 shares of the company’s stock valued at $57,000 after acquiring an additional 424 shares during the last quarter. Vigilant Capital Management LLC lifted its holdings in Cerner by 180.3% in the 2nd quarter. Vigilant Capital Management LLC now owns 1,121 shares of the company’s stock valued at $88,000 after acquiring an additional 721 shares during the last quarter. Advisory Services Network LLC acquired a new stake in Cerner in the 2nd quarter valued at about $93,000. Finally, Clean Yield Group acquired a new stake in Cerner in the 2nd quarter valued at about $98,000. 85.59% of the stock is owned by institutional investors.
In other Cerner news, insider Tracy L. Platt sold 9,989 shares of the company’s stock in a transaction that occurred on Monday, August 2nd. The stock was sold at an average price of $79.70, for a total transaction of $796,123.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Daniel Devers sold 9,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 24th. The stock was sold at an average price of $77.45, for a total value of $697,050.00. The disclosure for this sale can be found here. Insiders sold a total of 28,739 shares of company stock worth $2,273,398 in the last quarter. 0.18% of the stock is owned by corporate insiders.
Cerner (NASDAQ:CERN) last issued its earnings results on Thursday, July 29th. The company reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.04. The company had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.44 billion. Cerner had a return on equity of 18.32% and a net margin of 12.54%. The firm’s quarterly revenue was up 9.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.63 EPS. Equities research analysts expect that Cerner Co. will post 2.72 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 12th. Stockholders of record on Monday, September 27th were issued a $0.22 dividend. The ex-dividend date was Friday, September 24th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.24%. Cerner’s dividend payout ratio is 35.92%.
A number of equities research analysts have weighed in on CERN shares. SVB Leerink upped their price target on shares of Cerner from $83.00 to $88.00 and gave the company an “outperform” rating in a report on Monday, August 2nd. Piper Sandler boosted their price objective on Cerner from $85.00 to $88.00 and gave the stock an “overweight” rating in a report on Friday, July 30th. Morgan Stanley boosted their price objective on Cerner from $70.00 to $75.00 and gave the stock an “underweight” rating in a report on Tuesday, August 31st. Finally, Canaccord Genuity boosted their price objective on Cerner from $89.00 to $90.00 and gave the stock a “buy” rating in a report on Monday, August 2nd. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $84.40.
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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