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Premier (NASDAQ:PINC) Downgraded by Zacks Investment Research
Posted by Cynthia Vaughn on Jun 26th, 2019
Zacks Investment Research downgraded shares of Premier (NASDAQ:PINC) from a buy rating to a hold rating in a research report released on Saturday, Zacks.com reports.
According to Zacks, "Premier, Inc. operates as a healthcare alliance. The company brings together hospitals, health systems, physicians and other healthcare providers primarily in the United States. It also maintains clinical, financial and outcomes databases. Premier, Inc. is headquartered in Charlotte, North Carolina. "
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Several other equities research analysts have also recently issued reports on the stock. Guggenheim began coverage on shares of Premier in a research report on Tuesday, June 18th. They set a neutral rating and a $41.00 price objective for the company. BidaskClub cut shares of Premier from a buy rating to a hold rating in a research report on Tuesday, June 11th. Citigroup upgraded shares of Premier from a neutral rating to a buy rating and set a $45.00 price objective for the company in a research report on Thursday, May 2nd. Svb Leerink cut shares of Premier from an outperform rating to a market perform rating in a research report on Wednesday, April 10th. Finally, Leerink Swann cut shares of Premier from an outperform rating to a market perform rating and set a $36.00 price objective for the company. in a research report on Wednesday, April 10th. Ten analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Premier has an average rating of Hold and an average price target of $43.27.
Premier stock opened at $39.44 on Friday. Premier has a 12-month low of $31.31 and a 12-month high of $47.22. The firm has a market capitalization of $4.93 billion, a PE ratio of 56.34, a P/E/G ratio of 1.41 and a beta of 0.31. The stock's 50-day moving average price is $37.63.
Premier (NASDAQ:PINC) last released its quarterly earnings data on Tuesday, May 7th. The company reported $0.66 earnings per share (EPS) for the quarter, topping the Thomson Reuters' consensus estimate of $0.61 by $0.05. Premier had a net margin of 21.50% and a negative return on equity of 27.23%. The firm had revenue of $422.90 million during the quarter, compared to analysts' expectations of $432.94 million. During the same period last year, the business earned $0.67 earnings per share. Premier's revenue was down .6% compared to the same quarter last year. Sell-side analysts anticipate that Premier will post 2.45 EPS for the current year.
In other Premier news, CFO Craig S. Mckasson sold 50,000 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $37.54, for a total transaction of $1,877,000.00. Following the completion of the transaction, the chief financial officer now owns 135,709 shares of the company's stock, valued at $5,094,515.86. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP David Alfred Hargraves sold 1,037 shares of the stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $37.61, for a total transaction of $39,001.57. Following the transaction, the senior vice president now directly owns 10,024 shares of the company's stock, valued at approximately $377,002.64. The disclosure for this sale can be found here. Company insiders own 18.30% of the company's stock.
A number of hedge funds have recently made changes to their positions in the business. Royce & Associates LP boosted its stake in shares of Premier by 48.6% in the first quarter. Royce & Associates LP now owns 1,388 shares of the company's stock valued at $48,000 after purchasing an additional 454 shares during the period. Quadrant Capital Group LLC boosted its stake in shares of Premier by 980.4% in the first quarter. Quadrant Capital Group LLC now owns 2,042 shares of the company's stock valued at $68,000 after purchasing an additional 1,853 shares during the period. Cambria Investment Management L.P. purchased a new position in shares of Premier in the first quarter valued at approximately $131,000. Campbell & CO Investment Adviser LLC purchased a new position in shares of Premier in the first quarter valued at approximately $226,000. Finally, Virtu Financial LLC purchased a new position in shares of Premier in the first quarter valued at approximately $234,000. 48.30% of the stock is owned by institutional investors.
Premier, Inc, together with its subsidiaries, operates as a healthcare improvement company in the United States. The company operates through two segments, Supply Chain Services and Performance Services. The Supply Chain Services segment offers its members with 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 document shredding services and software-as-a-service informatics products.
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