Premier (NASDAQ:PINC) Stock Price Expected to Rise, Leerink Partners Analyst Says

Key Points

• Leerink Partners raised its price target for Premier (NASDAQ:PINC) stock from $24.00 to $26.00, indicating a potential downside of 3% from the current price, while maintaining a "market perform" rating.
• Despite reporting a quarterly earnings per share (EPS) of $0.43, exceeding expectations, Premier's revenue declined by 12.5% year-over-year, indicating challenges in the market.
• Institutional investors now own 74.41% of Premier's stock, with notable increases in stakes from various hedge funds during the second quarter.

Premier (NASDAQ:PINC - Free Report) had its target price increased by Leerink Partners from $24.00 to $26.00 in a research report report published on Tuesday morning,Benzinga reports. The brokerage currently has a market perform rating on the stock.

Several other equities research analysts also recently issued reports on the stock. Canaccord Genuity Group increased their price objective on shares of Premier from $19.00 to $22.00 and gave the stock a "hold" rating in a research report on Thursday, May 8th. Piper Sandler increased their price objective on shares of Premier from $19.00 to $24.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 21st. Finally, Robert W. Baird increased their price objective on shares of Premier from $19.00 to $22.00 and gave the stock a "neutral" rating in a research report on Thursday, May 15th. Eight analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Reduce" and an average target price of $24.00.

Premier Trading Down 1.7%

Shares of PINC stock traded down $0.44 during trading hours on Tuesday, hitting $25.14. 1,612,583 shares of the company were exchanged, compared to its average volume of 1,903,392. The business has a 50 day moving average of $22.30 and a two-hundred day moving average of $20.90. Premier has a 52 week low of $17.23 and a 52 week high of $27.26. The company has a market capitalization of $2.07 billion, a PE ratio of 114.28 and a beta of 0.56.

Premier Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 1st will be issued a dividend of $0.21 per share. The ex-dividend date is Friday, August 29th. This represents a $0.84 annualized dividend and a yield of 3.3%. Premier's dividend payout ratio is presently 381.82%.

Insider Buying and Selling at Premier

In related news, Director John T. Bigalke sold 1,137 shares of the stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $23.03, for a total transaction of $26,185.11. Following the completion of the transaction, the director owned 28,673 shares in the company, valued at approximately $660,339.19. This represents a 3.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Helen M. Boudreau sold 2,000 shares of the stock in a transaction on Friday, May 30th. The stock was sold at an average price of $22.88, for a total transaction of $45,760.00. Following the transaction, the director owned 18,668 shares of the company's stock, valued at $427,123.84. The trade was a 9.68% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.96% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Northern Trust Corp boosted its holdings in Premier by 20.5% during the fourth quarter. Northern Trust Corp now owns 741,739 shares of the company's stock worth $15,725,000 after purchasing an additional 126,217 shares during the last quarter. Two Sigma Investments LP acquired a new stake in Premier in the fourth quarter valued at $892,000. GAMMA Investing LLC lifted its stake in Premier by 1,435.4% in the first quarter. GAMMA Investing LLC now owns 22,924 shares of the company's stock valued at $442,000 after acquiring an additional 21,431 shares during the last quarter. Mariner LLC acquired a new stake in Premier in the fourth quarter valued at $282,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in Premier by 4.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,897,424 shares of the company's stock valued at $36,582,000 after acquiring an additional 84,016 shares during the last quarter. Institutional investors and hedge funds own 74.41% of the company's stock.

About Premier

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.