Premier (NASDAQ:PINC) Price Target Cut to $19.00

Premier (NASDAQ:PINC) had its target price cut by Canaccord Genuity Group from $20.00 to $19.00 in a report published on Wednesday, Benzinga reports. They currently have a hold rating on the stock.

A number of other equities analysts also recently commented on the stock. Benchmark downgraded shares of Premier from a buy rating to a hold rating in a research note on Monday, August 26th. 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 report on Wednesday, August 21st. JPMorgan Chase & Co. cut their target price on Premier from $21.00 to $19.00 and set a neutral rating for the company in a research note on Monday, September 9th. Finally, StockNews.com lowered Premier from a buy rating to a hold rating in a research note on Thursday, September 12th. Ten investment analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Premier has an average rating of Hold and an average price target of $21.81.

Premier Trading Up 0.5 %

PINC stock opened at $19.19 on Wednesday. The company has a market cap of $2.01 billion, a price-to-earnings ratio of 29.98, a PEG ratio of 9.42 and a beta of 0.41. The firm has a 50-day moving average of $20.07 and a two-hundred day moving average of $19.92. Premier has a 12 month low of $17.95 and a 12 month high of $23.01.

Premier (NASDAQ:PINC) last announced its quarterly earnings data on Tuesday, August 20th. The company reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.25. The firm had revenue of $350.30 million for the quarter, compared to the consensus estimate of $308.88 million. Premier had a return on equity of 11.69% and a net margin of 8.88%. The firm’s revenue was up 2.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.70 earnings per share. As a group, equities analysts forecast that Premier will post 1.04 earnings per share for the current year.

Premier Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, September 15th. Stockholders of record on Sunday, September 1st were paid a $0.21 dividend. The ex-dividend date was Friday, August 30th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 4.38%. Premier’s payout ratio is presently 131.25%.

Insider Buying and Selling

In other Premier news, CEO Michael J. Alkire sold 18,771 shares of Premier stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $21.12, for a total value of $396,443.52. Following the completion of the transaction, the chief executive officer now directly owns 543,927 shares of the company’s stock, valued at $11,487,738.24. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CFO Craig S. Mckasson sold 30,000 shares of the company’s 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 $600,000.00. Following the sale, the chief financial officer now directly owns 288,110 shares of the company’s stock, valued at $5,762,200. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael J. Alkire sold 18,771 shares of the stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $21.12, for a total transaction of $396,443.52. Following the sale, the chief executive officer now owns 543,927 shares in the company, valued at approximately $11,487,738.24. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 186,312 shares of company stock valued at $3,779,250. Corporate insiders own 0.85% of the company’s stock.

Hedge Funds Weigh In On Premier

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Mitsubishi UFJ Trust & Banking Corp purchased a new stake in Premier during the 1st quarter worth about $27,000. Abich Financial Wealth Management LLC lifted its stake 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 purchasing an additional 650 shares during the last quarter. Parallel Advisors LLC boosted its holdings in Premier by 141.2% in the fourth quarter. Parallel Advisors LLC now owns 1,980 shares of the company’s stock valued at $44,000 after purchasing an additional 1,159 shares in the last quarter. Versant Capital Management Inc increased its stake in Premier by 265.2% in the second quarter. Versant Capital Management Inc now owns 2,140 shares of the company’s stock valued at $40,000 after purchasing an additional 1,554 shares during the last quarter. Finally, Meeder Asset Management Inc. purchased a new stake in shares of Premier during the 2nd quarter worth approximately $47,000. 74.41% of the stock is owned by institutional investors and hedge funds.

About Premier

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.