Premier (NASDAQ:PINC) Updates FY 2024 Earnings Guidance

Premier (NASDAQ:PINC) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 2.060-2.180 for the period, compared to the consensus earnings per share estimate of 2.150. The company issued revenue guidance of $1.3 billion-$1.3 billion, compared to the consensus revenue estimate of $1.3 billion.

Premier Price Performance

PINC traded up $0.10 during midday trading on Wednesday, reaching $19.51. 926,306 shares of the company’s stock were exchanged, compared to its average volume of 1,544,058. The firm has a market capitalization of $2.34 billion, a price-to-earnings ratio of 13.96, a price-to-earnings-growth ratio of 5.22 and a beta of 0.39. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.02. Premier has a one year low of $18.65 and a one year high of $28.30. The business has a 50-day simple moving average of $21.15 and a two-hundred day simple moving average of $21.22.

Premier (NASDAQ:PINC) last announced its quarterly earnings results on Monday, February 5th. The company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. The firm had revenue of $334.75 million during the quarter, compared to analysts’ expectations of $338.55 million. Premier had a net margin of 12.71% and a return on equity of 11.60%. As a group, research analysts predict that Premier will post 1.95 EPS for the current year.

Premier Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Saturday, June 15th. Stockholders of record on Saturday, June 1st will be paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 4.31%. The ex-dividend date is Friday, May 31st. Premier’s dividend payout ratio (DPR) is currently 60.43%.

Analyst Upgrades and Downgrades

PINC has been the subject of a number of research analyst reports. Canaccord Genuity Group cut shares of Premier from a buy rating to a hold rating and cut their target price for the company from $27.00 to $21.00 in a research note on Wednesday. SVB Leerink initiated coverage on shares of Premier in a research note on Monday, February 26th. They issued a market perform rating and a $22.50 target price for the company. StockNews.com cut shares of Premier from a buy rating to a hold rating in a research note on Wednesday, February 7th. Leerink Partnrs reiterated a market perform rating on shares of Premier in a research note on Monday, February 26th. Finally, Canaccord Genuity Group reiterated a hold rating and issued a $21.00 target price (down previously from $27.00) on shares of Premier in a research note on Wednesday. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of $23.77.

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.