Barclays Boosts Premier (NASDAQ:PINC) Price Target to $24.00

Premier (NASDAQ:PINC - Free Report) had its target price raised by Barclays from $20.00 to $24.00 in a report published on Wednesday, Benzinga reports. Barclays currently has an equal weight rating on the stock.

PINC has been the subject of several other research reports. JPMorgan Chase & Co. dropped 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. Benchmark downgraded Premier from a "buy" rating to a "hold" rating in a research report on Monday, August 26th. Robert W. Baird lifted their target price on Premier from $19.00 to $20.00 and gave the stock a "neutral" rating in a research report on Wednesday. StockNews.com downgraded shares of Premier from a "buy" rating to a "hold" rating in a research note on Tuesday. Finally, Canaccord Genuity Group lowered their price objective on shares of Premier from $20.00 to $19.00 and set a "hold" rating for the company in a research report on Wednesday, October 2nd. Ten equities research analysts have rated the stock with a hold rating, According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $22.44.

Premier Stock Performance

PINC stock traded up $0.67 during midday trading on Wednesday, reaching $23.34. 1,825,142 shares of the company traded hands, compared to its average volume of 1,363,656. The firm has a market capitalization of $2.34 billion, a price-to-earnings ratio of 22.30, a P/E/G ratio of 9.43 and a beta of 0.40. Premier has a 52-week low of $17.95 and a 52-week high of $23.43. The business has a 50 day moving average of $19.95 and a 200-day moving average of $19.67.

Premier (NASDAQ:PINC - Get Free Report) last posted 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 company 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%. Premier's quarterly revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.70 earnings per share. Research analysts anticipate that Premier will post 1.04 earnings per share for the current year.

Premier Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, December 15th. Shareholders of record on Sunday, December 1st will be given a dividend of $0.21 per share. The ex-dividend date is Friday, November 29th. This represents a $0.84 annualized dividend and a yield of 3.60%. Premier's dividend payout ratio (DPR) is presently 81.55%.

Insider Transactions at Premier

In related news, CEO Michael J. Alkire sold 17,900 shares of the firm's stock in a transaction dated Thursday, October 17th. The stock was sold at an average price of $20.00, for a total transaction of $358,000.00. Following the sale, the chief executive officer now owns 540,243 shares of the company's stock, valued at $10,804,860. This trade 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 is available through this link. In related news, CFO Craig S. Mckasson sold 10,000 shares of the business's stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $20.00, for a total transaction of $200,000.00. Following the transaction, the chief financial officer now directly owns 278,110 shares in the company, valued at $5,562,200. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael J. Alkire sold 17,900 shares of the company's stock in a transaction dated Thursday, October 17th. The shares were sold at an average price of $20.00, for a total value of $358,000.00. Following the transaction, the chief executive officer now directly owns 540,243 shares in the company, valued at $10,804,860. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 135,441 shares of company stock valued at $2,738,548. Corporate insiders own 0.96% of the company's stock.

Institutional Investors Weigh In On Premier

A number of large investors have recently modified their holdings of PINC. Abich Financial Wealth Management LLC grew its position in Premier by 50.0% during the 1st quarter. Abich Financial Wealth Management LLC now owns 1,951 shares of the company's stock worth $43,000 after purchasing an additional 650 shares during the last quarter. Arizona State Retirement System increased its position in shares of Premier by 2.0% in the 2nd quarter. Arizona State Retirement System now owns 33,542 shares of the company's stock valued at $626,000 after acquiring an additional 653 shares during the period. Comerica Bank raised its stake 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 acquiring an additional 728 shares during the last quarter. GAMMA Investing LLC lifted its position in Premier by 137.6% during the 3rd quarter. GAMMA Investing LLC now owns 1,347 shares of the company's stock worth $27,000 after acquiring an additional 780 shares during the period. Finally, Impact Partnership Wealth LLC grew its stake in Premier by 7.1% during the 3rd quarter. Impact Partnership Wealth LLC now owns 11,945 shares of the company's stock valued at $239,000 after purchasing an additional 795 shares during the last quarter. Hedge funds and other institutional investors own 74.41% of the company's stock.

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.