State of Alaska Department of Revenue lifted its position in Premier, Inc. (NASDAQ:PINC – Get Rating) by 7.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 172,571 shares of the company’s stock after purchasing an additional 11,405 shares during the period. State of Alaska Department of Revenue owned about 0.15% of Premier worth $6,157,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors also recently modified their holdings of PINC. Bank of Montreal Can lifted its holdings in shares of Premier by 4,808.6% in the fourth quarter. Bank of Montreal Can now owns 452,034 shares of the company’s stock worth $18,737,000 after buying an additional 442,825 shares in the last quarter. Mawer Investment Management Ltd. boosted its holdings in shares of Premier by 38.5% during the 1st quarter. Mawer Investment Management Ltd. now owns 1,542,119 shares of the company’s stock valued at $54,884,000 after purchasing an additional 428,988 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Premier by 3.6% during the first quarter. Vanguard Group Inc. now owns 11,216,796 shares of the company’s stock valued at $399,205,000 after purchasing an additional 390,512 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Premier by 65.7% in the fourth quarter. Millennium Management LLC now owns 940,216 shares of the company’s stock worth $38,709,000 after purchasing an additional 372,707 shares during the last quarter. Finally, Alberta Investment Management Corp purchased a new stake in shares of Premier in the fourth quarter worth about $9,411,000. Hedge funds and other institutional investors own 68.18% of the company’s stock.
Analyst Ratings Changes
Several research firms have weighed in on PINC. Canaccord Genuity Group raised their price target on Premier from $44.00 to $46.00 in a report on Wednesday, August 17th. Credit Suisse Group boosted their price target on shares of Premier from $35.00 to $38.00 and gave the stock an “underperform” rating in a research report on Wednesday, August 17th. TheStreet lowered 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 note on Thursday, August 18th. Finally, Canaccord Genuity Group upped their target price 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. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $42.83.
Premier Stock Performance
Premier (NASDAQ:PINC – Get Rating) last released its earnings results on Tuesday, August 16th. The company reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.01. Premier had a return on equity of 11.98% and a net margin of 18.55%. The firm had revenue of $340.70 million for the quarter, compared to analysts’ expectations of $332.88 million. During the same quarter in the prior year, the firm posted $0.55 earnings per share. The company’s quarterly revenue was down 29.2% on a year-over-year basis. Research analysts predict that Premier, Inc. will post 2.35 EPS for the current year.
Premier Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were paid a dividend of $0.21 per share. This is a positive change from Premier’s previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date was Wednesday, August 31st. Premier’s payout ratio is currently 38.89%.
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.
- Get a free copy of the StockNews.com research report on Premier (PINC)
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