Barclays Initiates Coverage on Premier (PINC)

Analysts at Barclays began coverage on shares of Premier (NASDAQ:PINC) in a research report issued to clients and investors on Tuesday, The Fly reports. The firm set an “overweight” rating on the stock.

A number of other analysts have also issued reports on the stock. Zacks Investment Research lowered shares of Premier from a “hold” rating to a “sell” rating in a research note on Friday, August 24th. Leerink Swann set a $55.00 price objective on shares of Premier and gave the stock a “buy” rating in a research note on Wednesday, August 22nd. Canaccord Genuity upped their price objective on shares of Premier from $38.00 to $42.00 and gave the stock a “hold” rating in a research note on Wednesday, August 22nd. Raymond James upped their price objective on shares of Premier from $37.00 to $49.00 and gave the stock an “in-line” rating in a research note on Wednesday, August 22nd. Finally, Benchmark reaffirmed a “buy” rating and issued a $50.00 price objective (up from $40.00) on shares of Premier in a research note on Wednesday, August 22nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $40.63.

Shares of PINC opened at $44.76 on Tuesday. The firm has a market cap of $5.94 billion, a PE ratio of 21.39, a P/E/G ratio of 1.52 and a beta of 0.55. Premier has a 12-month low of $27.16 and a 12-month high of $45.31.

Premier (NASDAQ:PINC) last issued its earnings results on Tuesday, August 21st. The company reported $0.70 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.04. The firm had revenue of $433.96 million during the quarter, compared to analyst estimates of $412.24 million. Premier had a net margin of 47.84% and a negative return on equity of 25.18%. The business’s revenue was up 7.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.50 earnings per share. sell-side analysts predict that Premier will post 2.48 EPS for the current fiscal year.

In other Premier news, CFO Craig S. Mckasson sold 6,250 shares of the business’s stock in a transaction dated Friday, August 24th. The shares were sold at an average price of $43.09, for a total value of $269,312.50. Following the completion of the transaction, the chief financial officer now directly owns 90,184 shares in the company, valued at $3,886,028.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Leigh Anderson sold 2,273 shares of the business’s stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $44.48, for a total transaction of $101,103.04. Following the completion of the transaction, the insider now owns 16,252 shares of the company’s stock, valued at $722,888.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 13,446 shares of company stock valued at $583,655. 17.52% of the stock is owned by insiders.

Institutional investors have recently made changes to their positions in the business. Virginia Retirement Systems ET AL raised its holdings in Premier by 31.2% in the second quarter. Virginia Retirement Systems ET AL now owns 36,600 shares of the company’s stock worth $1,332,000 after purchasing an additional 8,700 shares in the last quarter. Raymond James & Associates increased its holdings in shares of Premier by 5.9% during the second quarter. Raymond James & Associates now owns 457,954 shares of the company’s stock valued at $16,660,000 after acquiring an additional 25,444 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Premier during the first quarter valued at about $245,000. Massachusetts Financial Services Co. MA increased its holdings in shares of Premier by 46.9% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,797,781 shares of the company’s stock valued at $101,783,000 after acquiring an additional 893,451 shares in the last quarter. Finally, Systematic Financial Management LP acquired a new position in shares of Premier during the second quarter valued at about $1,504,000. Institutional investors and hedge funds own 42.41% of the company’s stock.

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.

Further Reading: Hedge Funds

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Analyst Recommendations for Premier (NASDAQ:PINC)

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