Zacks Investment Research Upgrades Premier (NASDAQ:PINC) to “Buy”

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Premier (NASDAQ:PINC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday, Zacks.com reports. The brokerage currently has a $40.00 price objective on the stock. Zacks Investment Research‘s price target points to a potential upside of 8.43% from the company’s previous close.

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. “

PINC has been the topic of several other reports. BidaskClub lowered Premier from a “hold” rating to a “sell” rating in a report on Friday, December 27th. ValuEngine upgraded Premier from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Evercore ISI reiterated a “hold” rating on shares of Premier in a report on Monday, November 11th. UBS Group lowered Premier from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $44.00 to $38.00 in a report on Thursday, October 31st. Finally, Jefferies Financial Group set a $43.00 target price on Premier and gave the stock a “buy” rating in a report on Thursday, September 26th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $40.22.

Shares of Premier stock traded up $0.04 during trading on Tuesday, reaching $36.89. 8,539 shares of the company were exchanged, compared to its average volume of 651,959. Premier has a twelve month low of $27.37 and a twelve month high of $42.00. The business has a 50-day moving average price of $37.47 and a 200-day moving average price of $36.30. The firm has a market capitalization of $4.34 billion, a price-to-earnings ratio of 16.30, a P/E/G ratio of 1.24 and a beta of 0.38.

Premier (NASDAQ:PINC) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.02. Premier had a negative return on equity of 51.84% and a net margin of 17.74%. The business had revenue of $302.40 million during the quarter, compared to analysts’ expectations of $295.50 million. During the same period in the previous year, the firm earned $0.65 earnings per share. The firm’s quarterly revenue was up 3.3% compared to the same quarter last year. On average, analysts expect that Premier will post 2.68 earnings per share for the current fiscal year.

In other news, CFO Craig S. Mckasson sold 84,366 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $37.61, for a total value of $3,173,005.26. Following the sale, the chief financial officer now directly owns 166,284 shares in the company, valued at $6,253,941.24. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Craig S. Mckasson sold 1,985 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $37.02, for a total value of $73,484.70. Following the completion of the sale, the chief financial officer now owns 116,071 shares in the company, valued at $4,296,948.42. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 94,700 shares of company stock worth $3,555,484. Corporate insiders own 17.67% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. Chicago Capital LLC bought a new stake in shares of Premier in the fourth quarter valued at about $205,000. Boston Trust Walden Corp lifted its holdings in shares of Premier by 0.6% in the fourth quarter. Boston Trust Walden Corp now owns 425,660 shares of the company’s stock valued at $16,124,000 after purchasing an additional 2,551 shares in the last quarter. Evoke Wealth LLC bought a new stake in shares of Premier in the third quarter valued at about $25,000. Man Group plc lifted its holdings in shares of Premier by 60.7% in the third quarter. Man Group plc now owns 442,292 shares of the company’s stock valued at $12,791,000 after purchasing an additional 167,102 shares in the last quarter. Finally, Squarepoint Ops LLC lifted its holdings in shares of Premier by 767.9% in the third quarter. Squarepoint Ops LLC now owns 47,736 shares of the company’s stock valued at $1,381,000 after purchasing an additional 42,236 shares in the last quarter. Institutional investors own 54.03% 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.

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