Premier (NASDAQ:PINC) Reaches New 12-Month High on Analyst Upgrade

Shares of Premier, Inc. (NASDAQ:PINC) reached a new 52-week high during trading on Wednesday after Robert W. Baird raised their price target on the stock from $19.00 to $20.00. Robert W. Baird currently has a neutral rating on the stock. Premier traded as high as $23.43 and last traded at $23.29, with a volume of 93201 shares trading hands. The stock had previously closed at $22.67.

Several other research analysts also recently commented on PINC. Canaccord Genuity Group cut their price target 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. Benchmark lowered Premier from a “buy” rating to a “hold” rating in a research note on Monday, August 26th. JPMorgan Chase & Co. reduced their target price on Premier from $21.00 to $19.00 and set a “neutral” rating for the company in a research report on Monday, September 9th. Finally, StockNews.com cut Premier from a “buy” rating to a “hold” rating in a report on Tuesday. Ten research analysts have rated the stock with a hold rating, According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $21.94.

Insider Buying and Selling at Premier

In related news, CEO Michael J. Alkire sold 19,362 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $20.83, for a total value of $403,310.46. Following the completion of the sale, the chief executive officer now owns 578,143 shares in the company, valued at $12,042,718.69. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Premier news, insider Andy Brailo sold 4,390 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $20.51, for a total transaction of $90,038.90. Following the completion of the sale, the insider now directly owns 104,410 shares in the company, valued at $2,141,449.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Michael J. Alkire sold 19,362 shares of the business’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $20.83, for a total value of $403,310.46. Following the completion of the sale, the chief executive officer now directly owns 578,143 shares of the company’s stock, valued at approximately $12,042,718.69. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 135,441 shares of company stock worth $2,738,548 over the last 90 days. Corporate insiders own 0.96% of the company’s stock.

Hedge Funds Weigh In On Premier

A number of large investors have recently bought and sold shares of PINC. Abich Financial Wealth Management LLC increased its position in shares of Premier by 50.0% in the first 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 period. Arizona State Retirement System raised its position in Premier by 2.0% during the 2nd quarter. Arizona State Retirement System now owns 33,542 shares of the company’s stock valued at $626,000 after purchasing an additional 653 shares during the last quarter. Comerica Bank lifted its holdings in Premier by 0.9% in the 1st quarter. Comerica Bank now owns 77,422 shares of the company’s stock worth $1,711,000 after buying an additional 728 shares during the period. GAMMA Investing LLC grew its position in shares of Premier by 137.6% in the 3rd quarter. GAMMA Investing LLC now owns 1,347 shares of the company’s stock worth $27,000 after buying an additional 780 shares during the last quarter. Finally, Impact Partnership Wealth LLC grew its position in shares of Premier by 7.1% in the 3rd quarter. Impact Partnership Wealth LLC now owns 11,945 shares of the company’s stock worth $239,000 after buying an additional 795 shares during the last quarter. 74.41% of the stock is owned by hedge funds and other institutional investors.

Premier Price Performance

The stock has a market capitalization of $2.27 billion, a PE ratio of 22.01, a PEG ratio of 9.56 and a beta of 0.40. The company has a 50 day moving average price of $19.95 and a 200-day moving average price of $19.67.

Premier (NASDAQ:PINC) last issued its quarterly earnings data on Tuesday, August 20th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.44 by $0.25. The business had revenue of $350.30 million during the quarter, compared to analyst estimates of $308.88 million. Premier had a net margin of 8.88% and a return on equity of 11.69%. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.70 EPS. As a group, equities analysts anticipate that Premier, Inc. will post 1.04 earnings per share for the current year.

Premier Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, December 15th. Investors of record on Sunday, December 1st will be paid a $0.21 dividend. The ex-dividend date is Friday, November 29th. This represents a $0.84 annualized dividend and a yield of 3.71%. Premier’s payout ratio is 81.55%.

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.