Premier (NASDAQ:PINC) Hits New 52-Week High Following Better-Than-Expected Earnings

Premier, Inc. (NASDAQ:PINC) hit a new 52-week high during trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $23.43 and last traded at $23.29, with a volume of 93201 shares changing hands. The stock had previously closed at $22.67.

The company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.25 by $0.09. The business had revenue of $248.14 million during the quarter, compared to the consensus estimate of $232.85 million. Premier had a net margin of 8.88% and a return on equity of 11.69%. The firm’s revenue was down 7.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.50 EPS.

Premier Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Sunday, December 15th. Shareholders of record on Sunday, December 1st will be issued a $0.21 dividend. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.84 dividend on an annualized basis and a yield of 3.64%. Premier’s payout ratio is presently 81.55%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on PINC shares. StockNews.com lowered shares of Premier from a “buy” rating to a “hold” rating in a report on Tuesday. Barclays lifted their price objective on Premier from $20.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Robert W. Baird boosted their price target on shares of Premier from $19.00 to $20.00 and gave the stock a “neutral” rating in a research report on Wednesday. JPMorgan Chase & Co. decreased their price objective on shares of Premier from $21.00 to $19.00 and set a “neutral” rating for the company in a research report on Monday, September 9th. Finally, Benchmark cut shares of Premier from a “buy” rating to a “hold” rating in a research report on Monday, August 26th. Ten equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Premier has an average rating of “Hold” and an average target price of $22.44.

Insider Buying and Selling

In other news, COO Leigh Anderson sold 20,000 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $19.62, for a total transaction of $392,400.00. Following the transaction, the chief operating officer now owns 131,707 shares of the company’s stock, valued at $2,584,091.34. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, COO Leigh Anderson sold 20,000 shares of Premier stock in a transaction that occurred on Tuesday, October 1st. The shares were 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 in the company, valued at approximately $2,584,091.34. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael J. Alkire sold 17,900 shares of the business’s stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $20.00, for a total transaction of $358,000.00. Following the sale, the chief executive officer now directly owns 540,243 shares in the company, valued at $10,804,860. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 135,441 shares of company stock worth $2,738,548. Insiders own 0.96% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Mitsubishi UFJ Trust & Banking Corp purchased a new stake in shares of Premier in the first quarter worth about $27,000. GAMMA Investing LLC lifted its stake in 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 purchasing an additional 780 shares in the last quarter. Versant Capital Management Inc boosted its holdings in 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 purchasing an additional 1,554 shares during the period. Abich Financial Wealth Management LLC grew 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 purchasing an additional 650 shares in the last quarter. Finally, Meeder Asset Management Inc. bought a new position in shares of Premier in the second quarter worth $47,000. Institutional investors own 74.41% of the company’s stock.

Premier Stock Down 1.1 %

The company has a market cap of $2.31 billion, a PE ratio of 22.41, a P/E/G ratio of 9.43 and a beta of 0.40. The stock has a 50-day moving average of $20.08 and a 200-day moving average of $19.72.

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.