Premier (NASDAQ:PINC) Price Target Cut to $20.00

Premier (NASDAQ:PINC) had its price target decreased by equities research analysts at Canaccord Genuity Group from $21.00 to $20.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “hold” rating on the stock. Canaccord Genuity Group’s price objective would indicate a potential downside of 0.55% from the company’s previous close.

A number of other brokerages have also recently commented on PINC. Piper Sandler dropped their price objective on shares of Premier from $24.00 to $22.00 and set a “neutral” rating for the company in a research note on Wednesday, May 8th. JPMorgan Chase & Co. reduced their price objective on Premier from $23.00 to $21.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 28th. Robert W. Baird decreased their price objective on Premier from $22.00 to $19.00 and set a “neutral” rating on the stock in a research report on Wednesday. StockNews.com raised Premier from a “hold” rating to a “buy” rating in a research report on Thursday, May 9th. Finally, Canaccord Genuity Group downgraded shares of Premier from a “buy” rating to a “hold” rating and reduced their target price for the company from $27.00 to $21.00 in a research note on Wednesday, May 8th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $23.14.

Premier Price Performance

NASDAQ PINC traded down $0.12 on Wednesday, reaching $20.11. The company had a trading volume of 235,596 shares, compared to its average volume of 1,476,006. The firm’s 50 day moving average price is $19.31 and its 200 day moving average price is $20.19. Premier has a 12 month low of $17.95 and a 12 month high of $26.07. The stock has a market capitalization of $2.11 billion, a PE ratio of 31.48, a price-to-earnings-growth ratio of 6.47 and a beta of 0.42. The company has a quick ratio of 0.82, a current ratio of 0.93 and a debt-to-equity ratio of 0.01.

Premier (NASDAQ:PINC) last announced its quarterly earnings results on Tuesday, August 20th. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.25. The company had revenue of $350.30 million during the quarter, compared to analyst estimates of $308.88 million. Premier had a return on equity of 11.71% and a net margin of 6.01%. The firm’s revenue was up 2.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.70 earnings per share. As a group, equities analysts predict that Premier will post 1.96 earnings per share for the current year.

Insider Activity at Premier

In related news, CEO Michael J. Alkire sold 2,625 shares of the stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $20.00, for a total transaction of $52,500.00. Following the completion of the sale, the chief executive officer now owns 580,073 shares of the company’s stock, valued at $11,601,460. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Michael J. Alkire sold 2,625 shares of Premier stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $20.00, for a total transaction of $52,500.00. Following the completion of the sale, the chief executive officer now directly owns 580,073 shares in the company, valued at $11,601,460. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Andy Brailo sold 7,458 shares of Premier stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $19.33, for a total transaction of $144,163.14. Following the transaction, the insider now directly owns 111,745 shares of the company’s stock, valued at $2,160,030.85. The disclosure for this sale can be found here. Insiders have sold a total of 132,886 shares of company stock valued at $2,615,946 over the last ninety days. 0.85% of the stock is owned by company insiders.

Hedge Funds Weigh In On Premier

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PINC. Van ECK Associates Corp raised its position in shares of Premier by 22.4% during the 4th quarter. Van ECK Associates Corp now owns 3,289 shares of the company’s stock worth $74,000 after purchasing an additional 601 shares during the last quarter. Abich Financial Wealth Management LLC lifted its position in Premier by 50.0% during the first quarter. Abich Financial Wealth Management LLC now owns 1,951 shares of the company’s stock worth $43,000 after buying an additional 650 shares in the last quarter. Arizona State Retirement System boosted its stake in Premier by 2.0% during the second quarter. Arizona State Retirement System now owns 33,542 shares of the company’s stock worth $626,000 after buying an additional 653 shares during the last quarter. Hexagon Capital Partners LLC grew its holdings in Premier by 71.7% in the 4th quarter. Hexagon Capital Partners LLC now owns 1,660 shares of the company’s stock valued at $37,000 after buying an additional 693 shares in the last quarter. Finally, Comerica Bank increased its stake in shares of Premier by 0.9% in the 1st quarter. Comerica Bank now owns 77,422 shares of the company’s stock worth $1,711,000 after acquiring an additional 728 shares during the last quarter. 74.41% of the stock is owned by hedge funds and other institutional investors.

Premier Company Profile

Premier, Inc, together with its subsidiaries, operates as a healthcare improvement company in the United States. It operates in two segments, Supply Chain Services and Performance Services. The Supply Chain Services segment offers its members with an access to a range of products and services, including medical and surgical products, pharmaceuticals, laboratory supplies, capital equipment, information technology, facilities and construction, and food and nutritional products, as well as purchased services, such as clinical engineering and workforce solutions.