Patten Group Inc. lowered its stake in Premier Inc (NASDAQ:PINC) by 2.3% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 69,684 shares of the company’s stock after selling 1,617 shares during the quarter. Premier comprises approximately 1.2% of Patten Group Inc.’s holdings, making the stock its 17th largest holding. Patten Group Inc.’s holdings in Premier were worth $3,190,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently made changes to their positions in PINC. Fort L.P. purchased a new stake in Premier in the 2nd quarter worth $123,000. CENTRAL TRUST Co lifted its stake in Premier by 195.9% in the 3rd quarter. CENTRAL TRUST Co now owns 3,270 shares of the company’s stock worth $150,000 after purchasing an additional 2,165 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in Premier by 41.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 5,034 shares of the company’s stock worth $184,000 after purchasing an additional 1,477 shares in the last quarter. Ibex Investors LLC purchased a new stake in Premier in the 3rd quarter worth $215,000. Finally, Mission Wealth Management LP purchased a new stake in Premier in the 3rd quarter worth $230,000. Institutional investors and hedge funds own 41.63% of the company’s stock.
In related news, insider Leigh Anderson sold 1,923 shares of the stock in a transaction that occurred on Monday, September 17th. The shares were sold at an average price of $43.26, for a total transaction of $83,188.98. Following the completion of the sale, the insider now owns 20,076 shares of the company’s stock, valued at $868,487.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Craig S. Mckasson sold 6,250 shares of the stock in a transaction that occurred on Thursday, November 15th. The shares were sold at an average price of $39.44, for a total transaction of $246,500.00. Following the sale, the insider now directly owns 85,709 shares of the company’s stock, valued at approximately $3,380,362.96. The disclosure for this sale can be found here. Insiders sold a total of 10,648 shares of company stock valued at $440,955 in the last ninety days. Corporate insiders own 18.30% of the company’s stock.
Shares of PINC traded down $0.64 during mid-day trading on Thursday, hitting $38.40. The company’s stock had a trading volume of 4,904 shares, compared to its average volume of 991,032. Premier Inc has a 52-week low of $28.59 and a 52-week high of $47.22. The stock has a market capitalization of $5.21 billion, a PE ratio of 54.84, a PEG ratio of 1.36 and a beta of 0.50.
Premier (NASDAQ:PINC) last announced its quarterly earnings results on Tuesday, November 6th. The company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.05. Premier had a net margin of 32.31% and a negative return on equity of 23.61%. The firm had revenue of $401.60 million during the quarter, compared to analysts’ expectations of $412.79 million. During the same quarter in the prior year, the company earned $0.44 EPS. The company’s revenue was up 2.8% compared to the same quarter last year. On average, equities analysts expect that Premier Inc will post 2.46 earnings per share for the current fiscal year.
Several brokerages have commented on PINC. Barclays initiated coverage on shares of Premier in a research note on Tuesday, September 25th. They issued an “overweight” rating on the stock. Canaccord Genuity downgraded shares of Premier from a “buy” rating to a “hold” rating and set a $43.00 target price on the stock. in a report on Tuesday, August 14th. They noted that the move was a valuation call. BidaskClub upgraded shares of Premier from a “buy” rating to a “strong-buy” rating in a report on Wednesday, August 15th. Zacks Investment Research downgraded shares of Premier from a “hold” rating to a “sell” rating in a report on Wednesday. Finally, Leerink Swann set a $55.00 target price on shares of Premier and gave the stock a “buy” rating in a report on Wednesday, August 22nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Premier currently has a consensus rating of “Buy” and a consensus target price of $42.19.
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Premier Company Profile
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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