Premier (NASDAQ:PINC) Given New $19.00 Price Target at Piper Sandler

Premier (NASDAQ:PINC) had its price objective cut by analysts at Piper Sandler from $21.00 to $19.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Piper Sandler’s price objective points to a potential downside of 0.89% from the stock’s current price.

A number of other analysts have also weighed in on the stock. Barclays raised their target price on shares of Premier from $20.00 to $24.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 6th. Robert W. Baird decreased their price target on shares of Premier from $20.00 to $19.00 and set a “neutral” rating for the company in a research report on Wednesday. Canaccord Genuity Group cut their price target on shares of Premier from $21.00 to $19.00 and set a “hold” rating on the stock in a report on Wednesday. Finally, StockNews.com downgraded Premier from a “buy” rating to a “hold” rating in a report on Tuesday, November 5th. Ten investment analysts have rated the stock with a hold rating, According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $20.50.

Premier Price Performance

NASDAQ PINC traded up $0.06 on Wednesday, reaching $19.17. The stock had a trading volume of 822,371 shares, compared to its average volume of 1,265,439. The firm has a fifty day moving average of $21.83 and a two-hundred day moving average of $20.96. Premier has a 1-year low of $17.95 and a 1-year high of $23.56. The company has a market cap of $1.84 billion, a P/E ratio of 14.11 and a beta of 0.43.

Premier (NASDAQ:PINC) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.09. Premier had a net margin of 11.41% and a return on equity of 10.74%. The business had revenue of $248.14 million for the quarter, compared to analysts’ expectations of $232.85 million. During the same period last year, the firm posted $0.50 earnings per share. The firm’s quarterly revenue was down 7.8% compared to the same quarter last year. Research analysts predict that Premier will post 1.12 EPS for the current fiscal year.

Insider Activity at Premier

In related news, Director John T. Bigalke sold 1,136 shares of the stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $22.19, for a total value of $25,207.84. Following the transaction, the director now directly owns 23,846 shares in the company, valued at $529,142.74. This trade represents a 4.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael J. Alkire sold 17,415 shares of Premier stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $23.16, for a total transaction of $403,331.40. Following the completion of the sale, the chief executive officer now directly owns 520,728 shares of the company’s stock, valued at approximately $12,060,060.48. The trade was a 3.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 59,425 shares of company stock worth $1,320,242 in the last 90 days. Corporate insiders own 0.96% of the company’s stock.

Institutional Investors Weigh In On Premier

Institutional investors and hedge funds have recently made changes to their positions in the business. Van ECK Associates Corp lifted its holdings in Premier by 28.0% during the fourth quarter. Van ECK Associates Corp now owns 2,041 shares of the company’s stock worth $43,000 after acquiring an additional 446 shares during the period. Y Intercept Hong Kong Ltd raised its stake in shares of Premier by 2.4% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 20,409 shares of the company’s stock worth $408,000 after purchasing an additional 478 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Premier by 137.6% in the 3rd quarter. GAMMA Investing LLC now owns 1,347 shares of the company’s stock worth $27,000 after buying an additional 780 shares during the last quarter. Impact Partnership Wealth LLC grew its position in Premier by 7.1% during the third quarter. Impact Partnership Wealth LLC now owns 11,945 shares of the company’s stock valued at $239,000 after buying an additional 795 shares during the period. Finally, QRG Capital Management Inc. increased its holdings in Premier by 6.7% during the third quarter. QRG Capital Management Inc. now owns 18,657 shares of the company’s stock worth $373,000 after buying an additional 1,171 shares during the last quarter. Institutional investors and hedge funds own 74.41% of the company’s stock.

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.