Zacks Investment Research lowered shares of Premier (NASDAQ:PINC) from a buy rating to a hold rating in a research report sent to investors on Thursday.
According to Zacks, “Premier, Inc. operates as a healthcare alliance. The company brings together hospitals, health systems, physicians and other healthcare providers primarily in the United States. It also maintains clinical, financial and outcomes databases. Premier, Inc. is headquartered in Charlotte, North Carolina. “
A number of other equities research analysts also recently commented on PINC. Canaccord Genuity boosted their target price on Premier from $38.00 to $42.00 and gave the stock a hold rating in a research report on Wednesday, August 22nd. BidaskClub downgraded Premier from a strong-buy rating to a buy rating in a research report on Thursday, July 12th. Benchmark reiterated a buy rating and issued a $50.00 target price (up from $40.00) on shares of Premier in a research report on Wednesday, August 22nd. Leerink Swann set a $55.00 target price on Premier and gave the stock a buy rating in a research report on Wednesday, August 22nd. Finally, Oppenheimer boosted their target price on Premier to $48.00 and gave the stock an outperform rating in a research report on Tuesday, August 21st. Nine equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus price target of $41.68.
Shares of NASDAQ:PINC traded up $0.20 during mid-day trading on Thursday, reaching $44.86. The stock had a trading volume of 573,128 shares, compared to its average volume of 666,552. The company has a market capitalization of $5.87 billion, a P/E ratio of 64.09, a P/E/G ratio of 1.50 and a beta of 0.54. Premier has a 1 year low of $27.16 and a 1 year high of $47.22.
Premier (NASDAQ:PINC) last posted its earnings results on Tuesday, August 21st. The company reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.04. The company had revenue of $433.96 million for the quarter, compared to the consensus estimate of $412.24 million. Premier had a negative return on equity of 25.18% and a net margin of 47.84%. The firm’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.50 earnings per share. Equities research analysts predict that Premier will post 2.48 earnings per share for the current year.
In other Premier news, SVP David Alfred Hargraves sold 2,210 shares of the company’s stock in a transaction that occurred on Tuesday, October 2nd. The stock was sold at an average price of $45.58, for a total transaction of $100,731.80. Following the sale, the senior vice president now directly owns 11,108 shares in the company, valued at $506,302.64. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Leigh Anderson sold 1,923 shares of the company’s stock in a transaction that occurred on Monday, September 17th. The shares were sold at an average price of $43.26, for a total value of $83,188.98. Following the sale, the insider now owns 20,076 shares in the company, valued at $868,487.76. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 15,656 shares of company stock worth $684,386. Company insiders own 18.30% of the company’s stock.
A number of hedge funds have recently modified their holdings of PINC. Raymond James & Associates grew its stake in shares of Premier by 5.9% during the second quarter. Raymond James & Associates now owns 457,954 shares of the company’s stock valued at $16,660,000 after buying an additional 25,444 shares during the last quarter. Virginia Retirement Systems ET AL grew its stake in shares of Premier by 31.2% during the second quarter. Virginia Retirement Systems ET AL now owns 36,600 shares of the company’s stock valued at $1,332,000 after buying an additional 8,700 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Premier by 46.9% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,797,781 shares of the company’s stock valued at $101,783,000 after buying an additional 893,451 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of Premier during the first quarter valued at approximately $245,000. Finally, Seven Eight Capital LP grew its stake in shares of Premier by 12.7% during the third quarter. Seven Eight Capital LP now owns 42,500 shares of the company’s stock valued at $1,946,000 after buying an additional 4,800 shares during the last quarter. Institutional investors and hedge funds own 42.03% of the company’s stock.
Premier, Inc, together with its subsidiaries, operates as a healthcare improvement company in the United States. The company operates through two segments, Supply Chain Services and Performance Services. The Supply Chain Services segment offers its members with 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 document shredding services and software-as-a-service informatics products.
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