Covington Capital Management Has $10,275,000 Stake in Cerner Corporation (CERN)

Covington Capital Management raised its position in Cerner Corporation (NASDAQ:CERN) by 1.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 166,404 shares of the company’s stock after buying an additional 1,925 shares during the period. Covington Capital Management’s holdings in Cerner Corporation were worth $10,275,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Courier Capital Corp raised its position in shares of Cerner Corporation by 21.1% in the second quarter. Courier Capital Corp now owns 5,290 shares of the company’s stock worth $310,000 after buying an additional 920 shares in the last quarter. Ngam Advisors L.P. raised its position in shares of Cerner Corporation by 29.1% in the second quarter. Ngam Advisors L.P. now owns 509,427 shares of the company’s stock worth $29,852,000 after buying an additional 114,927 shares in the last quarter. McKinley Carter Wealth Services Inc. raised its position in shares of Cerner Corporation by 12.7% in the second quarter. McKinley Carter Wealth Services Inc. now owns 32,507 shares of the company’s stock worth $1,905,000 after buying an additional 3,651 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Cerner Corporation by 1.6% in the second quarter. Bank of New York Mellon Corp now owns 4,497,360 shares of the company’s stock worth $263,545,000 after buying an additional 72,071 shares in the last quarter. Finally, BB&T Corp raised its position in shares of Cerner Corporation by 61.6% in the second quarter. BB&T Corp now owns 42,633 shares of the company’s stock worth $2,498,000 after buying an additional 16,245 shares in the last quarter. 80.58% of the stock is currently owned by institutional investors.

Institutional Ownership by Quarter for Cerner Corporation (NASDAQ:CERN)

Shares of Cerner Corporation (NASDAQ:CERN) opened at 51.50 on Monday. The company has a 50 day moving average of $51.03 and a 200 day moving average of $56.55. Cerner Corporation has a 1-year low of $47.01 and a 1-year high of $67.50. The firm has a market cap of $17.25 billion, a price-to-earnings ratio of 27.84 and a beta of 1.05.

Cerner Corporation (NASDAQ:CERN) last posted its earnings results on Thursday, February 9th. The company reported $0.61 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.61. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.26 billion. Cerner Corporation had a net margin of 13.27% and a return on equity of 18.16%. The business’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same period last year, the business posted $0.61 earnings per share. On average, equities analysts forecast that Cerner Corporation will post $2.50 earnings per share for the current fiscal year.

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A number of research analysts have weighed in on the company. Zacks Investment Research lowered Cerner Corporation from a “buy” rating to a “hold” rating in a research note on Monday, October 17th. Deutsche Bank AG reduced their price target on Cerner Corporation from $70.00 to $58.00 and set a “buy” rating on the stock in a research note on Wednesday, November 2nd. Robert W. Baird lowered Cerner Corporation from an “outperform” rating to a “neutral” rating and reduced their price target for the stock from $68.00 to $58.00 in a research note on Wednesday, November 2nd. Barclays PLC reduced their price target on Cerner Corporation to $50.00 and set a “hold” rating on the stock in a research note on Friday. Finally, Canaccord Genuity reaffirmed a “buy” rating and issued a $59.00 target price on shares of Cerner Corporation in a research report on Friday. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Cerner Corporation currently has a consensus rating of “Hold” and an average target price of $61.89.

About Cerner Corporation

Cerner Corporation is a supplier of healthcare information technology (HCIT). The Company offers a range of intelligent solutions and services that support the clinical, financial and operational needs of organizations. Its segments include Domestic and Global. The Domestic segment includes the business activity in the United States.

5 Day Chart for NASDAQ:CERN

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