RS Investment Management Co. LLC lowered its position in Premier Inc. (NASDAQ:PINC) by 26.7% during the second quarter, Holdings Channel reports. The firm owned 727,458 shares of the company’s stock after selling 265,034 shares during the period. RS Investment Management Co. LLC’s holdings in Premier were worth $23,788,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Punch & Associates Investment Management Inc. raised its position in shares of Premier by 1.1% in the second quarter. Punch & Associates Investment Management Inc. now owns 73,553 shares of the company’s stock worth $2,405,000 after buying an additional 828 shares during the period. Acrospire Investment Management LLC purchased a new position in shares of Premier during the first quarter worth about $103,000. Meeder Asset Management Inc. purchased a new position in shares of Premier during the second quarter worth about $105,000. BlackRock Inc. raised its position in shares of Premier by 282.9% in the first quarter. BlackRock Inc. now owns 4,786 shares of the company’s stock worth $160,000 after buying an additional 3,536 shares during the period. Finally, Burgundy Asset Management Ltd. raised its position in shares of Premier by 2.6% in the first quarter. Burgundy Asset Management Ltd. now owns 216,958 shares of the company’s stock worth $7,238,000 after buying an additional 5,558 shares during the period. Institutional investors and hedge funds own 99.13% of the company’s stock.
Shares of Premier Inc. (NASDAQ:PINC) traded down 0.16% during trading on Friday, hitting $32.09. 323,761 shares of the company traded hands. Premier Inc. has a one year low of $29.68 and a one year high of $37.24. The firm has a 50 day moving average price of $32.05 and a 200-day moving average price of $32.72. The stock has a market cap of $1.52 billion, a price-to-earnings ratio of 24.07 and a beta of 0.55.
Premier (NASDAQ:PINC) last issued its quarterly earnings data on Monday, August 22nd. The company reported $0.36 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.38 by $0.02. The firm earned $301.40 million during the quarter. Premier had a net margin of 110.54% and a negative return on equity of 8.33%. The firm’s revenue was up 13.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.36 EPS. Analysts predict that Premier Inc. will post $1.77 EPS for the current year.
A number of research analysts have recently issued reports on the stock. Canaccord Genuity reiterated a “buy” rating and set a $40.00 price target on shares of Premier in a research note on Wednesday, June 29th. Zacks Investment Research upgraded shares of Premier from a “hold” rating to a “buy” rating and set a $36.00 price target on the stock in a research note on Thursday, August 18th. Credit Suisse Group AG started coverage on shares of Premier in a research report on Friday, August 5th. They set an “outperform” rating and a $39.00 target price on the stock. Finally, Barclays PLC started coverage on shares of Premier in a research report on Wednesday, June 1st. They set an “overweight” rating and a $41.00 target price on the stock. Two research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $38.85.
In other news, Director Stephen R. D’arcy acquired 4,000 shares of the business’s stock in a transaction that occurred on Thursday, August 25th. The shares were purchased at an average cost of $30.91 per share, for a total transaction of $123,640.00. Following the transaction, the director now directly owns 14,042 shares in the company, valued at approximately $434,038.22. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Durral R. Gilbert sold 20,000 shares of Premier stock in a transaction dated Tuesday, July 12th. The shares were sold at an average price of $34.00, for a total transaction of $680,000.00. Following the completion of the sale, the insider now owns 44,239 shares in the company, valued at $1,504,126. The disclosure for this sale can be found here. 17.31% of the stock is currently owned by corporate insiders.
Premier, Inc is a healthcare improvement company. The Company is uniting an alliance of approximately 3,600 United States hospitals and approximately 120,000 other providers to transform healthcare. The Company operates healthcare group purchasing organizations and also provides integrated data and analytics, supply chain solutions, advisory services, performance improvement collaborative and other services.
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