Canaccord Genuity Group Forecasts Strong Price Appreciation for Premier (NASDAQ:PINC) Stock

Key Points

• Canaccord Genuity Group has raised Premier's price target from $22.00 to $25.00, maintaining a "hold" rating, indicating a potential downside of 1.45% from its current price.
• Premier's stock has experienced a trading volume of 359,600 shares with a market cap of $2.09 billion and a PE ratio of 44.59, showing significant fluctuations over the year with a 12-month low of $17.23 and a high of $27.26.
• The company reported earnings of $0.43 per share, exceeding analyst estimates, but its revenue decreased by 12.5% compared to the same quarter last year, highlighting challenges in maintaining growth.

Premier (NASDAQ:PINC - Get Free Report) had its price target hoisted by investment analysts at Canaccord Genuity Group from $22.00 to $25.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a "hold" rating on the stock. Canaccord Genuity Group's price target points to a potential downside of 2.38% from the company's current price.

Other research analysts also recently issued reports about the stock. Bank of America lifted their target price on shares of Premier from $19.00 to $21.00 and gave the stock an "underperform" rating in a research note on Tuesday, August 19th. Leerink Partners lifted their target price on shares of Premier from $24.00 to $26.00 and gave the stock a "market perform" rating in a research note on Tuesday, August 19th. Piper Sandler lifted their target price on shares of Premier from $19.00 to $24.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 21st. Finally, Robert W. Baird lifted their target price on shares of Premier from $22.00 to $27.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 20th. Eight research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Reduce" and an average target price of $24.50.

Premier Trading Up 1.9%

Shares of PINC traded up $0.47 during mid-day trading on Wednesday, reaching $25.61. The company's stock had a trading volume of 792,944 shares, compared to its average volume of 1,619,726. The stock has a market cap of $2.11 billion, a PE ratio of 116.41 and a beta of 0.56. Premier has a 52 week low of $17.23 and a 52 week high of $27.26. The company's fifty day moving average price is $22.30 and its two-hundred day moving average price is $20.93.

Insiders Place Their Bets

In other news, 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 owned 28,673 shares of the company's stock, valued at $660,339.19. This represents a 3.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction of $45,760.00. Following the sale, the director directly 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. Insiders own 0.96% of the company's stock.

Institutional Investors Weigh In On Premier

Several hedge funds and other institutional investors have recently made changes to their positions in PINC. Russell Investments Group Ltd. increased its position in shares of Premier by 40.4% during the 4th quarter. Russell Investments Group Ltd. now owns 4,371 shares of the company's stock valued at $93,000 after purchasing an additional 1,257 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Premier in the 4th quarter worth approximately $286,000. Sterling Capital Management LLC increased its holdings in Premier by 44.5% in the 4th quarter. Sterling Capital Management LLC now owns 5,737 shares of the company's stock worth $122,000 after acquiring an additional 1,767 shares in the last quarter. Mariner LLC purchased a new stake in Premier in the 4th quarter worth approximately $282,000. Finally, Marshall Wace LLP increased its holdings in Premier by 134.2% in the 4th quarter. Marshall Wace LLP now owns 64,923 shares of the company's stock worth $1,376,000 after acquiring an additional 37,196 shares in the last quarter. Hedge funds and other institutional investors 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.