Premier (NASDAQ:PINC) Lowered to “Hold” at Zacks Investment Research

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

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

Shares of Premier stock opened at $38.93 on Wednesday. The company has a market cap of $4.92 billion, a price-to-earnings ratio of 16.71, a PEG ratio of 1.31 and a beta of 0.35. The firm has a fifty day simple moving average of $38.15. Premier has a 52-week low of $31.31 and a 52-week high of $47.22.

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

In other news, SVP David Alfred Hargraves sold 1,037 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $37.61, for a total value of $39,001.57. Following the sale, the senior vice president now owns 10,024 shares of the company’s stock, valued at approximately $377,002.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Craig S. Mckasson sold 50,000 shares of the company’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $37.54, for a total transaction of $1,877,000.00. Following the completion of the sale, the chief financial officer now directly owns 135,709 shares in the company, valued at approximately $5,094,515.86. The disclosure for this sale can be found here. 18.30% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently bought and sold shares of PINC. Chicago Capital LLC raised its position in shares of Premier by 1.1% in the 2nd quarter. Chicago Capital LLC now owns 544,786 shares of the company’s stock valued at $21,307,000 after acquiring an additional 6,158 shares during the period. WINTON GROUP Ltd raised its position in shares of Premier by 8.9% in the 2nd quarter. WINTON GROUP Ltd now owns 14,465 shares of the company’s stock valued at $566,000 after acquiring an additional 1,188 shares during the period. Nordea Investment Management AB raised its position in shares of Premier by 2.0% in the 1st quarter. Nordea Investment Management AB now owns 104,894 shares of the company’s stock valued at $3,618,000 after acquiring an additional 2,041 shares during the period. Quantinno Capital Management LP acquired a new stake in shares of Premier in the 1st quarter valued at approximately $832,000. Finally, Mission Wealth Management LP acquired a new stake in shares of Premier in the 1st quarter valued at approximately $236,000. 48.30% of the stock is currently owned by institutional investors and hedge funds.

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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