Premier (NASDAQ:PINC) Rating Lowered to Hold at StockNews.com

StockNews.com cut shares of Premier (NASDAQ:PINC) from a buy rating to a hold rating in a report released on Monday morning.

Other equities research analysts have also issued reports about the company. Benchmark lowered Premier from a buy rating to a hold rating in a research note on Monday, August 26th. JPMorgan Chase & Co. dropped their target price on shares of Premier from $23.00 to $21.00 and set a neutral rating for the company in a research report on Tuesday, May 28th. Canaccord Genuity Group cut their price target on shares of Premier from $21.00 to $20.00 and set a hold rating on the stock in a report on Wednesday, August 21st. Canaccord Genuity Group downgraded shares of Premier from a buy rating to a hold rating and decreased their price objective for the stock from $27.00 to $21.00 in a research note on Wednesday, May 8th. Finally, Robert W. Baird cut their target price on shares of Premier from $22.00 to $19.00 and set a neutral rating on the stock in a research note on Wednesday, August 21st. Ten research analysts have rated the stock with a hold rating, According to MarketBeat, the company currently has an average rating of Hold and a consensus price target of $22.19.

Premier Stock Performance

PINC opened at $20.37 on Monday. Premier has a 1 year low of $17.95 and a 1 year high of $24.27. The company’s 50 day simple moving average is $19.63 and its 200 day simple moving average is $20.11. The stock has a market capitalization of $2.14 billion, a PE ratio of 31.83, a P/E/G ratio of 9.79 and a beta of 0.42.

Premier (NASDAQ:PINC) last announced its quarterly earnings results on Tuesday, August 20th. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.25. The company had revenue of $350.30 million for 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 revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter last year, the business earned $0.70 EPS. As a group, sell-side analysts expect that Premier will post 1.02 earnings per share for the current fiscal year.

Premier Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Sunday, September 15th. Stockholders of record on Sunday, September 1st will be paid a $0.21 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $0.84 annualized dividend and a dividend yield of 4.12%. Premier’s dividend payout ratio (DPR) is presently 131.25%.

Insider Buying and Selling

In other news, CEO Michael J. Alkire sold 2,625 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 $52,500.00. Following the sale, the chief executive officer now directly owns 580,073 shares of the company’s stock, valued at $11,601,460. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Premier news, General Counsel David L. Klatsky sold 13,339 shares of the firm’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $18.55, for a total transaction of $247,438.45. Following the completion of the transaction, the general counsel now directly owns 92,001 shares of the company’s stock, valued at approximately $1,706,618.55. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael J. Alkire sold 2,625 shares of the company’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $20.00, for a total transaction of $52,500.00. Following the completion of the sale, the chief executive officer now owns 580,073 shares in the company, valued at approximately $11,601,460. The disclosure for this sale can be found here. Insiders have sold 113,429 shares of company stock valued at $2,245,068 in the last quarter. Company insiders own 0.85% of the company’s stock.

Hedge Funds Weigh In On Premier

Hedge funds have recently bought and sold shares of the company. Mitsubishi UFJ Trust & Banking Corp acquired a new stake in Premier during the first quarter valued at approximately $27,000. Versant Capital Management Inc increased its holdings in shares of Premier by 265.2% in 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 raised its position in shares of Premier by 50.0% during the 1st 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 in the last quarter. Parallel Advisors LLC lifted its stake in Premier by 141.2% during the fourth quarter. Parallel Advisors LLC now owns 1,980 shares of the company’s stock worth $44,000 after purchasing an additional 1,159 shares during the last quarter. Finally, Meeder Asset Management Inc. acquired a new position in Premier in the second quarter worth $47,000. 74.41% of the stock is currently 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.