Canaccord Genuity Group Raises Premier (NASDAQ:PINC) Price Target to $28.25

Key Points

• Canaccord Genuity Group has raised its price target for Premier Inc. (NASDAQ:PINC) from $25.00 to $28.25, maintaining a "hold" rating on the stock.
• Multiple research firms have increased their price targets for Premier, with consensus estimates now averaging $25.75 among analysts, many of whom rate the stock as "neutral" or "hold."
• Insider trading activity includes significant stock sales by firm executives, with 12,326 shares sold by insiders over the past ninety days, reflecting a decrease in their ownership stakes.

Premier (NASDAQ:PINC - Get Free Report) had its price target upped by equities research analysts at Canaccord Genuity Group from $25.00 to $28.25 in a research note issued on Tuesday,Benzinga reports. The firm presently has a "hold" rating on the stock.

Several other equities research analysts have also recently weighed in on PINC. UBS Group increased their price target on Premier from $23.00 to $26.00 and gave the company a "neutral" rating in a research note on Wednesday, August 20th. Piper Sandler increased their price target on Premier from $24.00 to $28.00 and gave the company a "neutral" rating in a research note on Monday, August 25th. Leerink Partners increased their price target on Premier from $24.00 to $26.00 and gave the company a "market perform" rating in a research note on Tuesday, August 19th. Robert W. Baird increased their price target on Premier from $22.00 to $27.00 and gave the company a "neutral" rating in a research note on Wednesday, August 20th. Finally, Bank of America raised their target price on Premier from $19.00 to $21.00 and gave the stock an "underperform" rating in a research note on Tuesday, August 19th. Six analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Reduce" and a consensus price target of $25.75.

Premier Trading Up 9.7%

Premier stock opened at $28.25 on Tuesday. The company has a market capitalization of $2.33 billion, a PE ratio of 128.41 and a beta of 0.61. Premier has a 12 month low of $17.23 and a 12 month high of $28.79. The stock has a 50-day moving average price of $24.20 and a two-hundred day moving average price of $22.13.

Insiders Place Their Bets

In other Premier news, insider Andy Brailo sold 6,521 shares of the firm's stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $25.79, for a total value of $168,176.59. Following the completion of the sale, the insider directly owned 99,447 shares of the company's stock, valued at $2,564,738.13. This trade represents a 6.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, General Counsel David L. Klatsky sold 1,319 shares of the firm's stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $25.85, for a total value of $34,096.15. Following the completion of the sale, the general counsel directly owned 94,331 shares of the company's stock, valued at $2,438,456.35. This represents a 1.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,326 shares of company stock valued at $317,230 over the last ninety days. 0.96% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Premier

Several hedge funds have recently made changes to their positions in the stock. Osaic Holdings Inc. grew its position in shares of Premier by 131.9% in the second quarter. Osaic Holdings Inc. now owns 4,214 shares of the company's stock valued at $92,000 after purchasing an additional 2,397 shares in the last quarter. Neuberger Berman Group LLC boosted its stake in Premier by 16.8% during the second quarter. Neuberger Berman Group LLC now owns 13,059 shares of the company's stock valued at $286,000 after buying an additional 1,876 shares during the period. Tower Research Capital LLC TRC boosted its stake in Premier by 1,069.9% during the second quarter. Tower Research Capital LLC TRC now owns 7,862 shares of the company's stock valued at $172,000 after buying an additional 7,190 shares during the period. Corient Private Wealth LLC bought a new stake in Premier during the second quarter valued at $206,000. Finally, Vident Advisory LLC bought a new stake in Premier during the second quarter valued at $204,000. 74.41% of the stock is currently owned by hedge funds and other institutional investors.

Premier Company Profile

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 offers its members with an 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 workforce solutions.

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