Piper Sandler Cuts Premier (NASDAQ:PINC) Price Target to $31.00

Premier (NASDAQ:PINC) had its target price dropped by research analysts at Piper Sandler from $36.00 to $31.00 in a note issued to investors on Tuesday, The Fly reports. Piper Sandler’s price objective would indicate a potential downside of 11.55% from the stock’s current price.

Several other research analysts also recently weighed in on the stock. Credit Suisse Group downgraded shares of Premier from a “neutral” rating to an “underperform” rating and set a $35.00 price objective on the stock. in a report on Friday, January 15th. Raymond James increased their price target on shares of Premier from $37.00 to $39.00 and gave the stock an “outperform” rating in a report on Wednesday, February 3rd. SVB Leerink lifted their price target on shares of Premier from $39.00 to $44.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 3rd. Craig Hallum raised their target price on shares of Premier from $33.00 to $38.00 and gave the stock a “hold” rating in a report on Thursday, February 4th. Finally, Canaccord Genuity boosted their price objective on shares of Premier from $37.00 to $44.00 and gave the stock a “buy” rating in a research note on Thursday, January 7th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company’s stock. Premier presently has a consensus rating of “Hold” and a consensus price target of $38.00.

Premier stock traded down $0.70 during mid-day trading on Tuesday, reaching $35.05. The company’s stock had a trading volume of 11,818 shares, compared to its average volume of 515,789. The business’s 50 day simple moving average is $34.55 and its 200 day simple moving average is $34.79. Premier has a 12 month low of $28.64 and a 12 month high of $37.79. The company has a market capitalization of $4.28 billion, a price-to-earnings ratio of -6.71, a price-to-earnings-growth ratio of 2.25 and a beta of 0.26. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.86 and a current ratio of 1.07.

Premier (NASDAQ:PINC) last issued its quarterly earnings data on Tuesday, May 4th. The company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.13. The business had revenue of $469.92 million during the quarter, compared to analysts’ expectations of $448.08 million. Premier had a net margin of 3.26% and a return on equity of 65.81%. The business’s revenue was up 40.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.73 EPS. As a group, sell-side analysts expect that Premier will post 2.1 EPS for the current year.

In related news, CFO Craig S. Mckasson sold 5,000 shares of the company’s stock in a transaction on Thursday, February 4th. The stock was sold at an average price of $35.11, for a total value of $175,550.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.40% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of PINC. Sowell Financial Services LLC raised its position in Premier by 42.8% in the 4th quarter. Sowell Financial Services LLC now owns 1,527 shares of the company’s stock valued at $54,000 after buying an additional 458 shares during the last quarter. Great West Life Assurance Co. Can lifted its position in shares of Premier by 9.2% during the 3rd quarter. Great West Life Assurance Co. Can now owns 5,700 shares of the company’s stock valued at $187,000 after acquiring an additional 480 shares during the period. Assenagon Asset Management S.A. lifted its position in shares of Premier by 1.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 40,350 shares of the company’s stock valued at $1,416,000 after acquiring an additional 588 shares during the period. Raymond James Trust N.A. raised its holdings in shares of Premier by 5.7% during the 4th quarter. Raymond James Trust N.A. now owns 13,947 shares of the company’s stock worth $490,000 after buying an additional 757 shares in the last quarter. Finally, American International Group Inc. increased its holdings in Premier by 96.5% in the 4th quarter. American International Group Inc. now owns 1,576 shares of the company’s stock worth $55,000 after purchasing an additional 774 shares in the last quarter. Hedge funds and other institutional investors own 62.53% of the company’s stock.

Premier Company Profile

Premier, Inc, together with its subsidiaries, operates as a healthcare improvement company in the United States. It 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.

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