Premier (NASDAQ:PINC) Price Target Raised to $20.00

Premier (NASDAQ:PINC - Free Report) had its price objective increased by Robert W. Baird from $19.00 to $20.00 in a research note released on Wednesday, Benzinga reports. They currently have a neutral rating on the stock.

Several other analysts have also issued reports on PINC. Canaccord Genuity Group lowered their price target on shares of Premier from $20.00 to $19.00 and set a "hold" rating on the stock in a research report on Wednesday, October 2nd. Benchmark lowered Premier from a "buy" rating to a "hold" rating in a research report on Monday, August 26th. JPMorgan Chase & Co. decreased their price objective on Premier from $21.00 to $19.00 and set a "neutral" rating on the stock in a report on Monday, September 9th. Finally, StockNews.com downgraded shares of Premier from a "buy" rating to a "hold" rating in a research note on Tuesday. Ten research analysts have rated the stock with a hold rating, According to MarketBeat, Premier currently has a consensus rating of "Hold" and an average target price of $22.44.

Premier Stock Performance

Shares of PINC traded up $0.67 during mid-day trading on Wednesday, reaching $23.34. The company had a trading volume of 1,825,142 shares, compared to its average volume of 1,363,656. The company has a market capitalization of $2.34 billion, a price-to-earnings ratio of 22.66, a P/E/G ratio of 9.43 and a beta of 0.40. The company's 50 day simple moving average is $20.02 and its 200 day simple moving average is $19.70. Premier has a 1-year low of $17.95 and a 1-year high of $23.43.

Premier (NASDAQ:PINC - Get Free Report) last announced 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. 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 the consensus estimate of $308.88 million. During the same quarter last year, the firm posted $0.70 EPS. The company's quarterly revenue was up 2.9% on a year-over-year basis. As a group, equities analysts forecast that Premier will post 1.04 earnings per share for the current fiscal year.

Premier Dividend Announcement

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

Insiders Place Their Bets

In other news, CEO Michael J. Alkire sold 17,900 shares of Premier 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 sale, the chief executive officer now owns 540,243 shares of the company's stock, valued at $10,804,860. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Michael J. Alkire sold 17,900 shares of the firm's stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $20.00, for a total value of $358,000.00. Following the completion of the transaction, the chief executive officer now directly owns 540,243 shares of the company's stock, valued at $10,804,860. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Leigh Anderson sold 20,000 shares of the business's stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $19.62, for a total value of $392,400.00. Following the completion of the transaction, the chief operating officer now directly owns 131,707 shares of the company's stock, valued at approximately $2,584,091.34. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 135,441 shares of company stock valued at $2,738,548 over the last quarter. Company insiders own 0.96% of the company's stock.

Hedge Funds Weigh In On Premier

Several hedge funds and other institutional investors have recently modified their holdings of PINC. Mitsubishi UFJ Trust & Banking Corp purchased a new stake in Premier during the 1st quarter worth $27,000. GAMMA Investing LLC raised 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 valued at $27,000 after purchasing an additional 780 shares in the last quarter. Versant Capital Management Inc boosted its stake in Premier by 265.2% during the 2nd quarter. Versant Capital Management Inc now owns 2,140 shares of the company's stock valued at $40,000 after acquiring an additional 1,554 shares during the last quarter. Abich Financial Wealth Management LLC grew its holdings 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 acquiring an additional 650 shares in the last quarter. Finally, Meeder Asset Management Inc. bought a new stake in shares of Premier in the 2nd quarter worth about $47,000. 74.41% of the stock is owned by institutional investors and hedge funds.

About Premier

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.