Canaccord Genuity Group Has Lowered Expectations for Premier (NASDAQ:PINC) Stock Price

Premier (NASDAQ:PINC) had its price objective dropped by investment analysts at Canaccord Genuity Group from $21.00 to $19.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 0.26% from the stock’s previous close.

Several other research firms also recently weighed in on PINC. Barclays boosted their target price on Premier from $20.00 to $24.00 and gave the company an “equal weight” rating in a report on Wednesday, November 6th. Robert W. Baird boosted their target price on Premier from $19.00 to $20.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Finally, StockNews.com downgraded Premier from a “buy” rating to a “hold” rating in a report on Tuesday, November 5th. Ten analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $20.50.

Premier Price Performance

Shares of NASDAQ PINC opened at $18.95 on Wednesday. The company has a market capitalization of $1.82 billion, a price-to-earnings ratio of 13.93 and a beta of 0.43. The business has a 50-day moving average of $21.68 and a two-hundred day moving average of $20.93. Premier has a 1 year low of $17.95 and a 1 year high of $23.56.

Premier (NASDAQ:PINC) last posted its earnings results on Tuesday, November 5th. The company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.09. Premier had a return on equity of 10.74% and a net margin of 11.41%. The business had revenue of $248.14 million during the quarter, compared to the consensus estimate of $232.85 million. During the same period in the previous year, the business earned $0.50 EPS. The business’s quarterly revenue was down 7.8% on a year-over-year basis. As a group, equities research analysts expect that Premier will post 1.12 earnings per share for the current year.

Insider Buying and Selling at Premier

In other Premier news, Director Helen M. Boudreau sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $21.42, for a total transaction of $53,550.00. Following the transaction, the director now owns 20,668 shares in the company, valued at approximately $442,708.56. The trade was a 10.79 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Leigh Anderson sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $21.88, for a total value of $437,600.00. Following the transaction, the chief operating officer now owns 111,707 shares in the company, valued at $2,444,149.16. The trade was a 15.19 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 59,425 shares of company stock valued at $1,320,242 in the last ninety days. Insiders own 0.96% of the company’s stock.

Hedge Funds Weigh In On Premier

Several institutional investors and hedge funds have recently added to or reduced their stakes in PINC. Van ECK Associates Corp grew its holdings in shares of Premier by 28.0% in the 4th 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 grew its holdings in shares of Premier by 2.4% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 20,409 shares of the company’s stock worth $408,000 after acquiring an additional 478 shares during the period. GAMMA Investing LLC grew 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 acquiring an additional 780 shares during the period. SRS Capital Advisors Inc. grew its holdings in shares of Premier by 157.8% in the 4th quarter. SRS Capital Advisors Inc. now owns 1,284 shares of the company’s stock worth $27,000 after acquiring an additional 786 shares during the period. Finally, Impact Partnership Wealth LLC grew its holdings in shares of Premier by 7.1% in the 3rd quarter. Impact Partnership Wealth LLC now owns 11,945 shares of the company’s stock worth $239,000 after acquiring an additional 795 shares during the period. 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.