Premier (NASDAQ:PINC) Updates FY 2023 Earnings Guidance

Premier (NASDAQ:PINCGet Rating) issued an update on its FY 2023 earnings guidance on Tuesday morning. The company provided EPS guidance of $2.63-$2.75 for the period, compared to the consensus EPS estimate of $2.67. The company issued revenue guidance of $1.38 billion-$1.45 billion, compared to the consensus revenue estimate of $1.42 billion.

Premier Stock Performance

Shares of Premier stock traded down $0.89 during midday trading on Friday, hitting $33.22. The company had a trading volume of 15,403 shares, compared to its average volume of 458,580. The stock has a market cap of $3.92 billion, a price-to-earnings ratio of 15.36, a PEG ratio of 1.45 and a beta of 0.34. The company has a quick ratio of 0.70, a current ratio of 0.86 and a debt-to-equity ratio of 0.09. The company has a fifty day simple moving average of $36.73 and a 200 day simple moving average of $36.54. Premier has a 12-month low of $33.81 and a 12-month high of $42.15.

Premier (NASDAQ:PINCGet Rating) last announced its quarterly earnings data on Tuesday, August 16th. The company reported $0.61 EPS for the quarter, beating the consensus estimate of $0.60 by $0.01. The firm had revenue of $340.70 million during the quarter, compared to analyst estimates of $332.88 million. Premier had a net margin of 18.55% and a return on equity of 11.98%. Premier’s revenue was down 29.2% on a year-over-year basis. During the same period last year, the firm posted $0.55 EPS. As a group, analysts predict that Premier will post 2.35 earnings per share for the current fiscal year.

Premier Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, September 1st were issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 2.53%. The ex-dividend date of this dividend was Wednesday, August 31st. This is an increase from Premier’s previous quarterly dividend of $0.20. Premier’s dividend payout ratio is 38.89%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Benchmark increased their price target on shares of Premier from $44.00 to $46.00 and gave the stock a buy rating in a report on Wednesday, August 24th. Credit Suisse Group increased their price target on shares of Premier from $35.00 to $38.00 and gave the stock an underperform rating in a report on Wednesday, August 17th. Canaccord Genuity Group increased their price target on shares of Premier from $44.00 to $46.00 in a report on Wednesday, August 17th. StockNews.com downgraded shares of Premier from a strong-buy rating to a buy rating in a report on Thursday, August 18th. Finally, TheStreet downgraded shares of Premier from a b rating to a c+ rating in a report on Tuesday, September 13th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $42.83.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Captrust Financial Advisors lifted its position in shares of Premier by 48.5% during the 2nd quarter. Captrust Financial Advisors now owns 1,362 shares of the company’s stock valued at $49,000 after buying an additional 445 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new position in shares of Premier during the 2nd quarter valued at approximately $78,000. MetLife Investment Management LLC purchased a new position in shares of Premier during the 1st quarter valued at approximately $84,000. Ensign Peak Advisors Inc purchased a new position in Premier in the 1st quarter valued at $185,000. Finally, Covestor Ltd lifted its holdings in Premier by 83.4% in the 1st quarter. Covestor Ltd now owns 5,302 shares of the company’s stock valued at $189,000 after purchasing an additional 2,411 shares in the last quarter. Hedge funds and other institutional investors own 68.18% of the company’s stock.

Premier Company Profile

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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.

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Earnings History and Estimates for Premier (NASDAQ:PINC)

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