Canaccord Genuity Group Forecasts Strong Price Appreciation for Premier (NASDAQ:PINC) Stock

Premier (NASDAQ:PINC) had its price objective hoisted by investment analysts at Canaccord Genuity Group from $19.00 to $21.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has a “hold” rating on the stock. Canaccord Genuity Group’s price objective indicates a potential downside of 8.58% from the stock’s current price.

Several other research firms have also issued reports on PINC. Barclays upped their target price on Premier from $20.00 to $24.00 and gave the stock an “equal weight” rating in a report on Wednesday. JPMorgan Chase & Co. dropped their price target on Premier from $21.00 to $19.00 and set a “neutral” rating for the company in a research note on Monday, September 9th. StockNews.com lowered Premier from a “buy” rating to a “hold” rating in a research report on Tuesday. Benchmark downgraded Premier from a “buy” rating to a “hold” rating in a research note on Monday, August 26th. Finally, Robert W. Baird lifted their price target on Premier from $19.00 to $20.00 and gave the company a “neutral” rating in a research note on Wednesday. Ten research analysts have rated the stock with a hold rating, According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $22.44.

Premier Stock Up 1.3 %

Shares of Premier stock traded up $0.30 during trading on Wednesday, reaching $22.97. 517,492 shares of the company were exchanged, compared to its average volume of 1,357,574. Premier has a twelve month low of $17.95 and a twelve month high of $23.43. The business has a 50-day moving average price of $19.95 and a 200-day moving average price of $19.67. The firm has a market capitalization of $2.30 billion, a price-to-earnings ratio of 22.30, a P/E/G ratio of 9.43 and a beta of 0.40.

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. Premier had a return on equity of 11.69% and a net margin of 8.88%. The business had revenue of $350.30 million during the quarter, compared to analysts’ expectations of $308.88 million. During the same period in the previous year, the firm earned $0.70 earnings per share. The firm’s quarterly revenue was up 2.9% compared to the same quarter last year. On average, equities research analysts forecast that Premier will post 1.04 EPS for the current fiscal year.

Insider Buying and Selling

In related news, COO Leigh Anderson sold 20,000 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $19.62, for a total value of $392,400.00. Following the completion of the transaction, the chief operating officer now directly owns 131,707 shares in the company, valued at approximately $2,584,091.34. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Premier news, CFO Craig S. Mckasson sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $20.00, for a total transaction of $200,000.00. Following the completion of the transaction, the chief financial officer now owns 278,110 shares of the company’s stock, valued at approximately $5,562,200. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Leigh Anderson sold 20,000 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $19.62, for a total transaction of $392,400.00. Following the sale, the chief operating officer now owns 131,707 shares in the company, valued at approximately $2,584,091.34. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 135,441 shares of company stock worth $2,738,548. Corporate insiders own 0.96% of the company’s stock.

Institutional Investors Weigh In On Premier

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mitsubishi UFJ Trust & Banking Corp bought a new stake in shares of Premier during the 1st quarter valued at $27,000. GAMMA Investing LLC raised its position in shares of Premier by 137.6% during the 3rd quarter. GAMMA Investing LLC now owns 1,347 shares of the company’s stock valued at $27,000 after purchasing an additional 780 shares during the period. Abich Financial Wealth Management LLC increased its holdings in Premier by 50.0% in the 1st quarter. Abich Financial Wealth Management LLC now owns 1,951 shares of the company’s stock valued at $43,000 after acquiring an additional 650 shares during the last quarter. Versant Capital Management Inc increased its holdings in Premier by 265.2% in the 2nd quarter. Versant Capital Management Inc now owns 2,140 shares of the company’s stock valued at $40,000 after acquiring an additional 1,554 shares during the last quarter. Finally, Meeder Asset Management Inc. bought a new stake in Premier in the 2nd quarter valued at $47,000. Hedge funds and other institutional investors own 74.41% of the company’s stock.

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.