Premier (NASDAQ:PINC) Price Target Raised to $21.00

Key Points

• Bank of America has raised its price target for Premier (NASDAQ:PINC) from $19.00 to $21.00, while maintaining an "underperform" rating, suggesting a potential downside of 19.63% from the stock's previous close.
• Other firms have also increased their price targets for Premier, with Robert W. Baird setting it at $22.00 and Piper Sandler at $24.00, indicating mixed market sentiments toward the stock.
• Despite a decrease in quarterly revenue compared to the previous year, Premier reported earnings per share of $0.43, surpassing analyst expectations of $0.34.

Premier (NASDAQ:PINC - Get Free Report) had its price target upped by investment analysts at Bank of America from $19.00 to $21.00 in a report released on Tuesday,Benzinga reports. The firm presently has an "underperform" rating on the stock. Bank of America's price target indicates a potential downside of 17.87% from the stock's current price.

A number of other research analysts have also weighed in on PINC. Robert W. Baird boosted their target price 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. Canaccord Genuity Group boosted their target price 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. Leerink Partners boosted their target price on shares of Premier from $24.00 to $26.00 and gave the stock a "market perform" rating in a research report on Tuesday. Finally, Piper Sandler upped their price objective on shares of Premier from $19.00 to $24.00 and gave the company a "neutral" rating in a research report on Wednesday, May 21st. Eight equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Reduce" and an average price target of $24.00.

Premier Price Performance

NASDAQ:PINC traded down $0.01 during trading hours on Tuesday, reaching $25.57. The company's stock had a trading volume of 231,498 shares, compared to its average volume of 1,616,151. The company has a market cap of $2.11 billion, a price-to-earnings ratio of 116.23 and a beta of 0.56. Premier has a one year low of $17.23 and a one year high of $27.26. The business's 50-day moving average is $22.24 and its 200-day moving average is $20.86.

Insider Transactions at Premier

In related news, Director Helen M. Boudreau sold 2,000 shares of the company's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $22.88, for a total value of $45,760.00. Following the sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director John T. Bigalke sold 1,137 shares of the company's stock in a transaction dated 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 sale, the director directly owned 28,673 shares in the company, valued at approximately $660,339.19. The trade was a 3.81% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.96% of the company's stock.

Institutional Trading of Premier

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PINC. 8 Knots Management LLC bought a new stake in Premier in the second quarter valued at about $37,151,000. State Street Corp grew its stake in Premier by 17.6% during the second quarter. State Street Corp now owns 4,259,088 shares of the company's stock worth $93,402,000 after buying an additional 638,498 shares during the last quarter. Geode Capital Management LLC grew its stake in Premier by 33.3% during the second quarter. Geode Capital Management LLC now owns 2,247,171 shares of the company's stock worth $49,285,000 after buying an additional 561,262 shares during the last quarter. Royal Bank of Canada grew its stake in Premier by 2,482.1% during the first quarter. Royal Bank of Canada now owns 461,445 shares of the company's stock worth $8,896,000 after buying an additional 443,574 shares during the last quarter. Finally, Millennium Management LLC grew its stake in Premier by 101.2% during the first quarter. Millennium Management LLC now owns 809,939 shares of the company's stock worth $15,616,000 after buying an additional 407,373 shares during the last quarter. Institutional investors own 74.41% of the company's stock.

Premier Company Profile

Premier, Inc, together with its subsidiaries, operates as a healthcare improvement company in the United States. 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.