Zacks Investment Research Lowers Premier (NASDAQ:PINC) to Hold

Zacks Investment Research lowered shares of Premier (NASDAQ:PINC) from a buy rating to a hold rating in a report released on Wednesday, 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. “

Other research analysts have also issued research reports about the company. Leerink Swann lowered Premier from an outperform rating to a market perform rating and set a $36.00 target price for the company. in a research report on Wednesday, April 10th. BidaskClub lowered Xencor from a sell rating to a strong sell rating in a research report on Tuesday, June 11th. Svb Leerink lowered Premier from an outperform rating to a market perform rating in a research report on Wednesday, April 10th. Guggenheim boosted their target price on Zillow Group from $45.00 to $50.00 in a research report on Tuesday, June 18th. Finally, Citigroup lowered BCE from a buy rating to a neutral rating in a research report on Thursday, May 2nd. Ten equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average target price of $43.45.

Shares of NASDAQ PINC opened at $38.93 on Wednesday. The stock’s 50 day moving average is $38.15. Premier has a 1-year low of $31.31 and a 1-year high of $47.22. The company has a market capitalization of $4.98 billion, a PE ratio of 16.90, a P/E/G ratio of 1.33 and a beta of 0.35.

Premier (NASDAQ:PINC) last issued its quarterly earnings data on Tuesday, May 7th. The company reported $0.66 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.61 by $0.05. Premier had a negative return on equity of 27.23% and a net margin of 21.50%. The company had revenue of $422.90 million for the quarter, compared to analysts’ expectations of $432.94 million. During the same period in the previous year, the firm posted $0.67 earnings per share. The firm’s revenue for the quarter was down .6% on a year-over-year basis. As a group, research analysts expect that Premier will post 2.45 EPS for the current fiscal year.

In related news, CFO Craig S. Mckasson sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $37.54, for a total value of $1,877,000.00. Following the completion of the sale, the chief financial officer now owns 135,709 shares in the company, valued at $5,094,515.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP David Alfred Hargraves sold 1,037 shares of the business’s stock in a transaction that occurred on 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 sale, the senior vice president now owns 10,024 shares of the company’s stock, valued at approximately $377,002.64. The disclosure for this sale can be found here. 18.30% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Chicago Capital LLC boosted its holdings in shares of Premier by 1.1% in the second quarter. Chicago Capital LLC now owns 544,786 shares of the company’s stock valued at $21,307,000 after purchasing an additional 6,158 shares during the period. WINTON GROUP Ltd boosted its holdings in shares of Premier by 8.9% in the second quarter. WINTON GROUP Ltd now owns 14,465 shares of the company’s stock valued at $566,000 after purchasing an additional 1,188 shares during the period. Nordea Investment Management AB boosted its holdings in shares of Premier by 2.0% in the first quarter. Nordea Investment Management AB now owns 104,894 shares of the company’s stock valued at $3,618,000 after purchasing an additional 2,041 shares during the period. Quantinno Capital Management LP purchased a new stake in shares of Premier in the first quarter valued at approximately $832,000. Finally, Mission Wealth Management LP purchased a new stake in shares of Premier in the first quarter valued at approximately $236,000. Hedge funds and other institutional investors own 48.30% of the company’s stock.

About Premier

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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