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Cerner approves buyback of up to $217 million

The Associated Press

Cerner Corp. said Friday that its board approved spending up to $217 million to buy back the health care information technology provider's stock.

The Kansas City, Mo., company did not set a time limit to complete the buyback.

Based on Thursday's closing price, Cerner said it could buy as much as 1.2 percent of its current outstanding stock.

Buying back stock can help support the company's share price and earnings per share.

Shares of Cerner rose 11 cents to $54.14 in afternoon trading Friday. They have gained 40 percent this year.