Canaccord Genuity Group cut their price target on Premier (NASDAQ:PINC) to $20.00

VaselineAugust 23, 2024

0 4 minutes read

Premier (NASDAQ:PINC – Get a Free Report) Canaccord Genuity Group dropped their price target on the stock from $21.00 to $20.00 in a report on Wednesday, Benzinga reports. The brokerage currently has a “hold” rating on the stock. Canaccord Genuity Group’s target price points to a potential downside of 0.35% from the company’s previous close.

A number of other analysts have recently issued reports on PINC. StockNews.com upgraded shares of Premier from a “hold” rating to a “buy” rating in a research note on Thursday, May 9th. Piper Sandler reduced their price objective on shares of Premier from $24.00 to $22.00 and set a “neutral” rating for the company in a research note on Wednesday, May 8th. Canaccord Genuity Group cut shares of Premier from a “buy” rating to a “hold” rating and cut their price objective for the stock from $27.00 to $21.00 in a research note on Wednesday, May 8. Robert W. Baird cut their price objective on shares of Premier from $22.00 to $19.00 and set a “neutral” rating for the company in a research note on Wednesday. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Premier from $23.00 to $21.00 and set a “neutral” rating for the company in a research note on Tuesday, May 28th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $23.14, based on data from MarketBeat.

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Premier price performance

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NASDAQ PINC opened at $20.07 on Wednesday. The company has a quick ratio of 0.82, a current ratio of 0.93, and a debt-to-equity ratio of 0.01. The stock has a market cap of $2.10 billion, a PE ratio of 31.50, a price-to-earnings-growth ratio of 6.62 and a beta of 0.42. The company has a 50 day moving average price of $19.34 and a two hundred day moving average price of $20.19. Premier has a 12-month low of $17.95 and a 12-month high of $24.27.

Premier (NASDAQ:PINC – Get Your Free Report ) last posted its earnings results on Tuesday, August 20th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.25. The firm had revenue of $350.30 million during the quarter, compared to analysts’ expectations of $308.88 million. Premier had a net margin of 6.01% and a return on equity of 11.71%. The company’s revenue was up 2.9% compared to the same quarter last year. In the same period last year, the company earned $0.70 per share. As a group, equities analysts predict that Premier will post 1.96 earnings per share for the current fiscal year.

Insider activity at Premier

In related news, CEO Michael J. Alkire sold 18,771 shares of the business’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $21.12, for a total transaction of $396,443.52. Following the completion of the transaction, the chief executive officer now directly owns 543,927 shares in the company, valued at approximately $11,487,738.24. The transaction was disclosed in a filing with the SEC, which is available on the SEC’s website. In other Premier news, CEO Michael J. Alkire sold 18,771 shares of the business’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $21.12, for a total value of $396,443.52. Following the sale, the chief executive officer now owns 543,927 shares of the company’s stock, valued at approximately $11,487,738.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel David L. Klatsky sold 13,339 shares of the company’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $18.55, for a total transaction of $247,438.45. Following the completion of the sale, the general counsel now directly owns 92,001 shares in the company, valued at approximately $1,706,618.55. The disclosure for this sale can be found here. Insiders have sold a total of 125,428 shares of company stock worth $2,471,783 over the last ninety days. 0.85% of shares are currently owned by insiders.

Institutional investors are stepping in on Premier

Several institutional investors and hedge funds have recently bought and sold shares of PINC. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Premier by 13.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,169 shares of the company’s stock valued at $652,000 after purchasing an additional 3,412 shares during the period. Signaturefd LLC boosted its holdings in Premier by 76.2% in the 4th quarter. Signaturefd LLC now owns 8,999 shares of the company’s stock valued at $201,000 after purchasing an additional 3,893 shares during the period. Handelsbanken Fonder AB grew its holdings in shares of Premier by 151.3% in the fourth quarter. Handelsbanken Fonder AB now owns 59,795 shares of the company’s stock worth $1,337,000 after purchasing an additional 36,000 shares in the last quarter. Wedge Capital Management LLP NC boosted its holdings in shares of Premier by 19.7% in the fourth quarter. Wedge Capital Management LLP NC now owns 60,898 shares of the company’s stock worth $1,362,000 after buying an additional 10,020 shares in the last quarter. Finally, Illinois Municipal Retirement Fund bought a new stake in shares of Premier in the 4th quarter valued at about $1,529,000. Institutional investors own 74.41% of the company’s shares.

Premier Company Profile

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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 provides its members with access to a wide 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, such as and purchased products. services such as clinical engineering solutions and workforce.