Premier (NASDAQ:PINC) Given a $36.00 Price Target at Canaccord Genuity

Canaccord Genuity set a $36.00 price objective on Premier (NASDAQ:PINC) in a report issued on Wednesday morning, TipRanks reports. The brokerage currently has a hold rating on the stock.

PINC has been the subject of several other research reports. BidaskClub downgraded Premier from a buy rating to a hold rating in a research note on Tuesday. Zacks Investment Research raised Premier from a sell rating to a hold rating in a research note on Friday, August 16th. Credit Suisse Group reaffirmed a neutral rating and set a $42.00 price target (down previously from $43.00) on shares of Premier in a research note on Tuesday, August 13th. Guggenheim initiated coverage on Premier in a research note on Tuesday, June 18th. They set a neutral rating and a $41.00 price target for the company. Finally, Citigroup raised Premier from a neutral rating to a buy rating and set a $45.00 price target for the company in a research note on Thursday, May 2nd. Eight investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $41.29.

Shares of NASDAQ:PINC traded up $0.10 during midday trading on Wednesday, hitting $37.88. 129,976 shares of the stock were exchanged, compared to its average volume of 403,491. The stock has a market cap of $4.75 billion, a P/E ratio of 16.69, a PEG ratio of 1.28 and a beta of 0.35. Premier has a twelve month low of $31.31 and a twelve month high of $47.22. The company has a 50 day moving average price of $39.17 and a 200-day moving average price of $36.85.

Premier (NASDAQ:PINC) last released its quarterly earnings results on Tuesday, August 20th. The company reported $0.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.04). The firm had revenue of $316.20 million for the quarter, compared to analyst estimates of $426.69 million. Premier had a negative return on equity of 27.85% and a net margin of 17.30%. The company’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same period last year, the firm earned $0.70 EPS. As a group, sell-side analysts anticipate that Premier will post 2.63 earnings per share for the current year.

In related news, SVP David Alfred Hargraves sold 1,037 shares of the business’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $37.61, for a total value of $39,001.57. Following the completion of the transaction, the senior vice president now owns 10,024 shares of the company’s stock, valued at approximately $377,002.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 18.30% of the company’s stock.

A number of hedge funds have recently made changes to their positions in PINC. Ladenburg Thalmann Financial Services Inc. grew its holdings in Premier by 22.5% in the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 6,496 shares of the company’s stock valued at $254,000 after buying an additional 1,191 shares during the period. Nuveen Asset Management LLC purchased a new stake in Premier in the 2nd quarter valued at about $23,463,000. UBS Asset Management Americas Inc. grew its holdings in Premier by 4.6% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 94,582 shares of the company’s stock valued at $3,699,000 after buying an additional 4,147 shares during the period. Jane Street Group LLC purchased a new stake in Premier in the 2nd quarter valued at about $833,000. Finally, Morgan Stanley grew its holdings in Premier by 19.5% in the 2nd quarter. Morgan Stanley now owns 19,445 shares of the company’s stock valued at $761,000 after buying an additional 3,177 shares during the period. 50.26% of the stock is owned by hedge funds and other institutional investors.

Premier Company Profile

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.

See Also: Are we seeing the beginning of a new bubble?

Analyst Recommendations for Premier (NASDAQ:PINC)

Receive News & Ratings for Premier Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Premier and related companies with MarketBeat.com's FREE daily email newsletter.