Canaccord Genuity Group Forecasts Strong Price Appreciation for Premier (NASDAQ:PINC) Stock

Premier (NASDAQ:PINC) had its price objective upped by equities research analysts at Canaccord Genuity Group from $19.00 to $21.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “hold” rating on the stock. Canaccord Genuity Group’s target price would suggest a potential downside of 8.58% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. JPMorgan Chase & Co. dropped their price target on shares of Premier from $21.00 to $19.00 and set a “neutral” rating on the stock in a research note on Monday, September 9th. StockNews.com lowered shares of Premier from a “buy” rating to a “hold” rating in a research note on Tuesday. Benchmark downgraded Premier from a “buy” rating to a “hold” rating in a report on Monday, August 26th. Robert W. Baird increased their price objective on Premier from $19.00 to $20.00 and gave the company a “neutral” rating in a report on Wednesday. Finally, Barclays increased their price target on Premier from $20.00 to $24.00 and gave the stock an “equal weight” rating in a report on Wednesday. Ten equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $22.44.

Premier Trading Up 1.3 %

NASDAQ PINC traded up $0.30 on Wednesday, hitting $22.97. 517,492 shares of the company’s stock traded hands, compared to its average volume of 1,357,574. Premier has a 1-year low of $17.95 and a 1-year high of $23.43. The firm’s 50-day moving average price is $19.95 and its two-hundred day moving average price is $19.67. The firm has a market capitalization of $2.30 billion, a PE ratio of 22.30, a P/E/G ratio of 9.43 and a beta of 0.40.

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

Insider Buying and Selling

In other Premier news, CEO Michael J. Alkire sold 19,362 shares of the business’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $20.83, for a total transaction of $403,310.46. Following the completion of the transaction, the chief executive officer now owns 578,143 shares in the company, valued at approximately $12,042,718.69. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Michael J. Alkire sold 19,362 shares of the company’s stock in a transaction 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. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Andy Brailo sold 4,390 shares of the company’s stock in a transaction on 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 sale, the insider now owns 104,410 shares of the company’s stock, valued at approximately $2,141,449.10. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 135,441 shares of company stock worth $2,738,548 in the last three months. 0.96% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Pacer Advisors Inc. boosted its stake in shares of Premier by 384.3% during the 2nd quarter. Pacer Advisors Inc. now owns 6,311,089 shares of the company’s stock worth $117,828,000 after acquiring an additional 5,007,851 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Premier by 14.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,951,043 shares of the company’s stock valued at $111,105,000 after purchasing an additional 773,207 shares during the period. American Century Companies Inc. boosted its stake in Premier by 60.4% during the 2nd quarter. American Century Companies Inc. now owns 2,051,578 shares of the company’s stock valued at $38,303,000 after purchasing an additional 772,392 shares during the period. AQR Capital Management LLC boosted its stake in Premier by 6.6% during the 2nd quarter. AQR Capital Management LLC now owns 1,590,926 shares of the company’s stock valued at $29,241,000 after purchasing an additional 98,544 shares during the period. Finally, Invenomic Capital Management LP lifted its position in shares of Premier by 37.7% in the 1st quarter. Invenomic Capital Management LP now owns 1,027,437 shares of the company’s stock worth $22,706,000 after acquiring an additional 281,131 shares during the period. 74.41% of the stock is owned by institutional investors and hedge funds.

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.