Premier (NASDAQ:PINC) Issues Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Premier (NASDAQ:PINCGet Rating) issued its quarterly earnings results on Tuesday. The company reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.10, Briefing.com reports. Premier had a net margin of 18.14% and a return on equity of 12.13%. The business had revenue of $340.70 million for the quarter, compared to the consensus estimate of $332.88 million. During the same quarter in the previous year, the firm earned $0.55 earnings per share. The company’s revenue for the quarter was down 29.2% on a year-over-year basis. Premier updated its FY23 guidance to $2.63-2.75 EPS and its FY 2023 guidance to $2.63-$2.75 EPS.

Premier Stock Performance

PINC stock opened at $37.84 on Wednesday. The firm has a market cap of $4.46 billion, a price-to-earnings ratio of 16.38, a PEG ratio of 1.63 and a beta of 0.32. The firm has a 50-day simple moving average of $36.96 and a two-hundred day simple moving average of $36.72. Premier has a one year low of $33.26 and a one year high of $42.15. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.72 and a current ratio of 0.88.

Premier Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Thursday, September 1st will be paid a $0.21 dividend. The ex-dividend date is Wednesday, August 31st. 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 yield of 2.22%. Premier’s dividend payout ratio is 34.63%.

Analyst Ratings Changes

Several equities analysts have recently commented on PINC shares. SVB Leerink reissued an “outperform” rating on shares of Premier in a report on Tuesday, May 3rd. Canaccord Genuity Group cut their price objective on shares of Premier from $47.00 to $44.00 and set a “buy” rating on the stock in a research report on Wednesday, May 4th. Piper Sandler upgraded shares of Premier from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $39.00 to $45.00 in a report on Wednesday, May 4th. Finally, StockNews.com upgraded shares of Premier from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 6th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Premier presently has a consensus rating of “Moderate Buy” and a consensus price target of $41.83.

Institutional Trading of Premier

Hedge funds have recently modified their holdings of the company. LPL Financial LLC lifted its position in shares of Premier by 24.9% during the second quarter. LPL Financial LLC now owns 8,029 shares of the company’s stock valued at $286,000 after buying an additional 1,602 shares during the last quarter. Prudential Financial Inc. purchased a new stake in shares of Premier during the second quarter valued at about $271,000. Walleye Capital LLC purchased a new stake in shares of Premier during the first quarter valued at about $267,000. XTX Topco Ltd purchased a new stake in shares of Premier during the first quarter valued at about $264,000. Finally, PNC Financial Services Group Inc. lifted its position in shares of Premier by 3,921.0% during the first quarter. PNC Financial Services Group Inc. now owns 6,715 shares of the company’s stock valued at $238,000 after buying an additional 6,548 shares during the last quarter. 67.78% of the stock is owned by hedge funds and other institutional investors.

Premier Company Profile

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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 document shredding.

See Also

Earnings History for Premier (NASDAQ:PINC)

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