Premier (NASDAQ:PINC) Given New $20.00 Price Target at Canaccord Genuity Group

Premier (NASDAQ:PINC - Free Report) had its price objective trimmed by Canaccord Genuity Group from $21.00 to $20.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a hold rating on the stock.

PINC has been the topic of a number of other research reports. Robert W. Baird dropped their price objective on Premier from $22.00 to $19.00 and set a neutral rating on the stock in a report on Wednesday. Canaccord Genuity Group downgraded shares of Premier from a buy rating to a hold rating and cut their price target for the company from $27.00 to $21.00 in a report on Wednesday, May 8th. Piper Sandler reduced their price objective on shares of Premier from $24.00 to $22.00 and set a neutral rating for the company in a research note on Wednesday, May 8th. JPMorgan Chase & Co. lowered their target price on shares of Premier from $23.00 to $21.00 and set a neutral rating on the stock in a research report on Tuesday, May 28th. Finally, StockNews.com raised Premier from a hold rating to a buy rating in a research report on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat.com, Premier presently has an average rating of Hold and a consensus price target of $23.14.

Premier Stock Down 0.6 %

NASDAQ:PINC traded down $0.13 during trading hours on Wednesday, hitting $20.10. 1,377,324 shares of the company's stock traded hands, compared to its average volume of 1,483,098. The stock's fifty day moving average price is $19.31 and its two-hundred day moving average price is $20.19. The firm has a market cap of $2.11 billion, a P/E ratio of 31.31, a P/E/G ratio of 6.47 and a beta of 0.42. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.82 and a current ratio of 0.93. Premier has a twelve month low of $17.95 and a twelve month high of $26.07.

Premier (NASDAQ:PINC - Get Free Report) last released its earnings results on Tuesday, August 20th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.25. The company had revenue of $350.30 million for the quarter, compared to analysts' expectations of $308.88 million. Premier had a return on equity of 11.71% and a net margin of 6.01%. The business's revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.70 EPS. On average, research analysts expect that Premier will post 1.96 earnings per share for the current fiscal year.

Premier Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, September 15th. Stockholders of record on Sunday, September 1st will be issued a dividend of $0.21 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 4.18%. Premier's dividend payout ratio (DPR) is presently 131.25%.

Insider Activity

In related news, CFO Craig S. Mckasson sold 30,000 shares of the business's stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $20.00, for a total transaction of $600,000.00. Following the transaction, the chief financial officer now owns 288,110 shares of the company's stock, valued at $5,762,200. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CFO Craig S. Mckasson sold 30,000 shares of Premier stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $20.00, for a total transaction of $600,000.00. Following the sale, the chief financial officer now directly owns 288,110 shares of the company's stock, valued at $5,762,200. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Michael J. Alkire sold 2,625 shares of the business's stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $20.00, for a total value of $52,500.00. Following the transaction, the chief executive officer now owns 580,073 shares in the company, valued at $11,601,460. The disclosure for this sale can be found here. Over the last three months, insiders sold 132,886 shares of company stock valued at $2,615,946. 0.85% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of PINC. Van ECK Associates Corp grew its stake in shares of Premier by 22.4% in the 4th quarter. Van ECK Associates Corp now owns 3,289 shares of the company's stock valued at $74,000 after purchasing an additional 601 shares during the period. Abich Financial Wealth Management LLC boosted its stake in shares of Premier by 50.0% in the 1st quarter. Abich Financial Wealth Management LLC now owns 1,951 shares of the company's stock valued at $43,000 after purchasing an additional 650 shares in the last quarter. Arizona State Retirement System grew its stake in Premier by 2.0% during the second quarter. Arizona State Retirement System now owns 33,542 shares of the company's stock worth $626,000 after buying an additional 653 shares during the last quarter. Hexagon Capital Partners LLC increased its holdings in Premier by 71.7% during the 4th quarter. Hexagon Capital Partners LLC now owns 1,660 shares of the company's stock valued at $37,000 after purchasing an additional 693 shares in the last quarter. Finally, Comerica Bank raised its position in Premier by 0.9% in the 1st quarter. Comerica Bank now owns 77,422 shares of the company's stock valued at $1,711,000 after purchasing an additional 728 shares during the last quarter. 74.41% of the stock is owned by institutional investors.

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.