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

Premier (NASDAQ:PINC) had its price target decreased by stock analysts at Canaccord Genuity Group from $20.00 to $19.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a “hold” rating on the stock. Canaccord Genuity Group’s price objective suggests a potential downside of 0.52% from the company’s previous close.

A number of other brokerages have also weighed in on PINC. JPMorgan Chase & Co. reduced their price objective on shares of Premier from $21.00 to $19.00 and set a “neutral” rating on the stock in a report on Monday, September 9th. StockNews.com downgraded Premier from a “buy” rating to a “hold” rating in a report on Thursday, September 12th. Robert W. Baird dropped 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. Finally, Benchmark cut Premier from a “buy” rating to a “hold” rating in a research note on Monday, August 26th. Ten analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $21.81.

Premier Trading Down 1.5 %

NASDAQ:PINC opened at $19.10 on Wednesday. Premier has a 12-month low of $17.95 and a 12-month high of $23.01. The firm has a market cap of $1.91 billion, a PE ratio of 29.84, a price-to-earnings-growth ratio of 9.42 and a beta of 0.40. The stock has a fifty day moving average price of $20.13 and a 200 day moving average price of $19.94.

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 business had revenue of $350.30 million during 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 business’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.70 earnings per share. Equities analysts forecast that Premier will post 1.04 EPS for the current year.

Insider Buying and Selling at Premier

In other news, CEO Michael J. Alkire sold 1,264 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $20.01, for a total transaction of $25,292.64. Following the transaction, the chief executive officer now directly owns 558,143 shares in the company, valued at $11,168,441.43. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Michael J. Alkire sold 1,264 shares of the stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $20.01, for a total transaction of $25,292.64. Following the completion of the sale, the chief executive officer now owns 558,143 shares in the company, valued at $11,168,441.43. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Andy Brailo sold 4,390 shares of the business’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $20.51, for a total value of $90,038.90. Following the completion of the transaction, the insider now owns 104,410 shares in the company, valued at approximately $2,141,449.10. The disclosure for this sale can be found here. Over the last quarter, insiders sold 186,312 shares of company stock worth $3,779,250. 0.85% of the stock is owned by insiders.

Hedge Funds Weigh In On Premier

Large investors have recently bought and sold shares of the company. Janney Montgomery Scott LLC raised its holdings in Premier by 11.8% during the fourth quarter. Janney Montgomery Scott LLC now owns 22,227 shares of the company’s stock worth $497,000 after purchasing an additional 2,352 shares in the last quarter. UBS Group AG raised its stake in shares of Premier by 10.1% during the 4th quarter. UBS Group AG now owns 290,132 shares of the company’s stock worth $6,487,000 after buying an additional 26,666 shares in the last quarter. Parallel Advisors LLC lifted its holdings in shares of Premier by 141.2% in the 4th quarter. Parallel Advisors LLC now owns 1,980 shares of the company’s stock valued at $44,000 after buying an additional 1,159 shares during the period. Bank of Nova Scotia boosted its stake in shares of Premier by 711.0% in the fourth quarter. Bank of Nova Scotia now owns 163,006 shares of the company’s stock valued at $3,645,000 after buying an additional 142,907 shares in the last quarter. Finally, CIBC Asset Management Inc grew its holdings in Premier by 26.3% during the fourth quarter. CIBC Asset Management Inc now owns 12,413 shares of the company’s stock worth $278,000 after acquiring an additional 2,588 shares during the period. 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.