Premier (NASDAQ:PINC) Price Target Raised to $24.00

Premier (NASDAQ:PINC) had its price objective increased by Barclays from $20.00 to $24.00 in a report released on Wednesday,Benzinga reports. Barclays currently has an equal weight rating on the stock.

A number of other analysts have also weighed in on the company. StockNews.com lowered Premier from a “buy” rating to a “hold” rating in a research note on Tuesday. Robert W. Baird upped their price target on Premier from $19.00 to $20.00 and gave the company a “neutral” rating in a research note on Wednesday. JPMorgan Chase & Co. decreased 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. Benchmark cut Premier from a “buy” rating to a “hold” rating in a report on Monday, August 26th. Finally, Canaccord Genuity Group reduced their target price on shares of Premier from $20.00 to $19.00 and set a “hold” rating for the company in a report on Wednesday, October 2nd. Ten research analysts have rated the stock with a hold rating, According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $22.44.

Premier Stock Down 0.9 %

Premier stock traded down $0.20 during mid-day trading on Wednesday, reaching $22.88. The company had a trading volume of 1,162,772 shares, compared to its average volume of 1,362,127. Premier has a 52 week low of $17.95 and a 52 week high of $23.43. The firm has a market cap of $2.29 billion, a price-to-earnings ratio of 16.82, a PEG ratio of 11.00 and a beta of 0.40. The company has a 50 day moving average of $20.13 and a 200-day moving average of $19.73.

Premier (NASDAQ:PINC) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.09. Premier had a return on equity of 10.74% and a net margin of 11.41%. The firm had revenue of $248.14 million for the quarter, compared to analysts’ expectations of $232.85 million. During the same period in the prior year, the business posted $0.50 earnings per share. The business’s revenue was down 7.8% compared to the same quarter last year. On average, analysts predict that Premier will post 1.04 earnings per share for the current fiscal year.

Premier Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Sunday, December 15th. Shareholders of record on Sunday, December 1st will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 3.67%. The ex-dividend date is Friday, November 29th. Premier’s dividend payout ratio is currently 61.76%.

Insider Buying and Selling at Premier

In related news, CFO Craig S. Mckasson sold 10,000 shares of Premier 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 sale, the chief financial officer now directly owns 278,110 shares of the company’s stock, valued at approximately $5,562,200. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Premier news, CFO Craig S. Mckasson sold 10,000 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $20.00, for a total value of $200,000.00. Following the sale, the chief financial officer now owns 278,110 shares in the company, valued at approximately $5,562,200. This 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 can be accessed through this link. Also, COO Leigh Anderson sold 20,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief operating officer now directly owns 131,707 shares of the company’s stock, valued at approximately $2,584,091.34. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 135,441 shares of company stock valued at $2,738,548. 0.96% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Premier

Several institutional investors have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Premier in the 1st quarter worth approximately $1,686,000. SG Americas Securities LLC increased its stake in Premier by 1,496.5% in the 1st quarter. SG Americas Securities LLC now owns 94,734 shares of the company’s stock worth $2,094,000 after buying an additional 88,800 shares during the period. US Bancorp DE grew its position in shares of Premier by 8,726.8% during the 1st quarter. US Bancorp DE now owns 374,434 shares of the company’s stock worth $8,275,000 after buying an additional 370,192 shares in the last quarter. QRG Capital Management Inc. bought a new position in shares of Premier during the first quarter valued at approximately $418,000. Finally, Nordea Investment Management AB raised its position in shares of Premier by 10.5% in the 1st quarter. Nordea Investment Management AB now owns 215,636 shares of the company’s stock worth $4,742,000 after acquiring an additional 20,419 shares in 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.