Premier (NASDAQ:PINC) Price Target Cut to $22.00 by Analysts at Piper Sandler

Premier (NASDAQ:PINC) had its price objective lowered by Piper Sandler from $24.00 to $22.00 in a research note published on Wednesday morning, Benzinga reports. Piper Sandler currently has a neutral rating on the stock.

A number of other analysts have also recently weighed in on PINC. Canaccord Genuity Group restated a hold rating and issued a $21.00 price target (down from $27.00) on shares of Premier in a research note on Wednesday. Canaccord Genuity Group cut Premier from a buy rating to a hold rating and cut their target price for the stock from $27.00 to $21.00 in a research report on Wednesday. SVB Leerink initiated coverage on Premier in a research report on Monday, February 26th. They set a market perform rating and a $22.50 target price on the stock. Leerink Partnrs reiterated a market perform rating on shares of Premier in a research report on Monday, February 26th. Finally, Robert W. Baird cut their target price on Premier from $25.00 to $22.00 and set a neutral rating on the stock in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $23.50.

Premier Stock Down 0.9 %

Shares of NASDAQ PINC traded down $0.17 during mid-day trading on Wednesday, hitting $19.44. The company had a trading volume of 170,129 shares, compared to its average volume of 1,557,106. Premier has a 1-year low of $18.65 and a 1-year high of $28.30. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.43 and a quick ratio of 1.32. The company has a market capitalization of $2.33 billion, a PE ratio of 14.11, a price-to-earnings-growth ratio of 5.22 and a beta of 0.39. The business’s 50-day simple moving average is $21.12 and its 200 day simple moving average is $21.21.

Premier (NASDAQ:PINC) last posted its quarterly earnings results on Monday, February 5th. The company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. Premier had a return on equity of 11.60% and a net margin of 12.71%. The company had revenue of $334.75 million for the quarter, compared to analysts’ expectations of $338.55 million. On average, analysts predict that Premier will post 1.95 earnings per share for the current year.

Premier Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, June 15th. Shareholders of record on Saturday, June 1st will be issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 4.32%. The ex-dividend date is Friday, May 31st. Premier’s dividend payout ratio is presently 60.43%.

Institutional Investors Weigh In On Premier

A number of institutional investors have recently added to or reduced their stakes in the business. US Bancorp DE boosted its holdings in Premier by 8,726.8% in the 1st quarter. US Bancorp DE now owns 374,434 shares of the company’s stock valued at $8,275,000 after purchasing an additional 370,192 shares in the last quarter. QRG Capital Management Inc. purchased a new stake in Premier in the 1st quarter valued at approximately $418,000. SG Americas Securities LLC boosted its holdings in Premier by 1,496.5% in the 1st quarter. SG Americas Securities LLC now owns 94,734 shares of the company’s stock valued at $2,094,000 after purchasing an additional 88,800 shares in the last quarter. Quantbot Technologies LP boosted its holdings in Premier by 47.6% in the 1st quarter. Quantbot Technologies LP now owns 46,979 shares of the company’s stock valued at $1,038,000 after purchasing an additional 15,140 shares in the last quarter. Finally, Texas Permanent School Fund Corp boosted its holdings in Premier by 1.4% in the 1st quarter. Texas Permanent School Fund Corp now owns 104,863 shares of the company’s stock valued at $2,317,000 after purchasing an additional 1,497 shares in the last quarter. Hedge funds and other institutional investors 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.