Premier (NASDAQ:PINC – Get Rating) issued an update on its FY 2023 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $2.63-$2.75 for the period, compared to the consensus earnings per share estimate of $2.67. The company issued revenue guidance of $1.38 billion-$1.45 billion, compared to the consensus revenue estimate of $1.42 billion.
Analyst Ratings Changes
Several equities research analysts have weighed in on the stock. TheStreet cut shares of Premier from a b rating to a c+ rating in a research report on Tuesday, September 13th. StockNews.com cut shares of Premier from a strong-buy rating to a buy rating in a research report on Thursday, August 18th. Canaccord Genuity Group increased their price target on shares of Premier from $44.00 to $46.00 and gave the company a buy rating in a research report on Wednesday, August 17th. Canaccord Genuity Group increased their price target on shares of Premier from $44.00 to $46.00 in a research report on Wednesday, August 17th. Finally, Credit Suisse Group increased their price target on shares of Premier from $35.00 to $38.00 and gave the company an underperform rating in a research report on Wednesday, August 17th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Premier has an average rating of Hold and an average price target of $42.83.
Premier Trading Down 2.6 %
Shares of NASDAQ:PINC traded down $0.89 on Friday, hitting $33.22. The company had a trading volume of 15,403 shares, compared to its average volume of 458,580. The firm’s 50-day simple moving average is $36.73 and its two-hundred day simple moving average is $36.54. Premier has a 1 year low of $33.81 and a 1 year high of $42.15. The company has a quick ratio of 0.70, a current ratio of 0.86 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $3.92 billion, a price-to-earnings ratio of 15.36, a P/E/G ratio of 1.45 and a beta of 0.34.
Premier Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, September 1st were given a dividend of $0.21 per share. This is a boost from Premier’s previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date of this dividend was Wednesday, August 31st. Premier’s dividend payout ratio (DPR) is 38.89%.
Institutional Trading of Premier
A number of institutional investors and hedge funds have recently bought and sold shares of the company. Captrust Financial Advisors increased its stake in Premier by 48.5% during the 2nd quarter. Captrust Financial Advisors now owns 1,362 shares of the company’s stock valued at $49,000 after purchasing an additional 445 shares in the last quarter. Thrivent Financial for Lutherans increased its stake in Premier by 17.7% during the 2nd quarter. Thrivent Financial for Lutherans now owns 154,642 shares of the company’s stock valued at $5,518,000 after purchasing an additional 23,299 shares in the last quarter. Prudential Financial Inc. bought a new stake in Premier during the 2nd quarter valued at about $271,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new stake in Premier during the 2nd quarter valued at about $78,000. Finally, UBS Asset Management Americas Inc. grew its stake in shares of Premier by 11.3% in the second quarter. UBS Asset Management Americas Inc. now owns 280,910 shares of the company’s stock worth $10,023,000 after acquiring an additional 28,584 shares during the period. 68.18% of the stock is currently owned by institutional investors.
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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