Canaccord Genuity Group Issues Pessimistic Forecast for Premier (NASDAQ:PINC) Stock Price

Premier (NASDAQ:PINC) had its price target dropped by Canaccord Genuity Group from $21.00 to $19.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 0.26% from the company’s current price.

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

Premier Stock Performance

Shares of Premier stock opened at $18.95 on Wednesday. Premier has a one year low of $17.95 and a one year high of $23.56. The company has a market cap of $1.82 billion, a price-to-earnings ratio of 13.93 and a beta of 0.43. The business’s 50 day moving average price is $21.68 and its 200 day moving average price is $20.93.

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

Insider Activity

In other news, Director John T. Bigalke sold 1,136 shares of Premier 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 completion of the sale, the director now directly owns 23,846 shares of the company’s stock, valued at approximately $529,142.74. The trade was a 4.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Leigh Anderson sold 20,000 shares of Premier stock in a transaction on Friday, December 20th. The shares were sold at an average price of $21.88, for a total value of $437,600.00. Following the completion of the sale, the chief operating officer now directly owns 111,707 shares of the company’s stock, valued at $2,444,149.16. The trade was a 15.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 59,425 shares of company stock valued at $1,320,242. 0.96% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Raymond James Financial Inc. acquired a new position in Premier during the 4th quarter worth $286,000. M&T Bank Corp grew its stake in Premier by 18.9% during the 4th quarter. M&T Bank Corp now owns 11,959 shares of the company’s stock worth $253,000 after purchasing an additional 1,905 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Premier by 4.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,813,408 shares of the company’s stock worth $38,444,000 after purchasing an additional 71,624 shares in the last quarter. Steward Partners Investment Advisory LLC acquired a new position in Premier during the 4th quarter worth $554,000. Finally, SRS Capital Advisors Inc. grew its stake in Premier by 157.8% during the 4th quarter. SRS Capital Advisors Inc. now owns 1,284 shares of the company’s stock worth $27,000 after purchasing an additional 786 shares in the last quarter. 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.