Premier (NASDAQ:PINC) Issues FY24 Earnings Guidance

Premier (NASDAQ:PINC) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $2.06 to $2.18 for the period, compared to the consensus EPS estimate of $2.15. The company issued revenue guidance of $1.265 billion to $1.325 billion, compared to the consensus revenue estimate of $1.30 billion.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PINC. Canaccord Genuity Group lowered Premier from a buy rating to a hold rating and dropped their target price for the company from $27.00 to $21.00 in a research report on Wednesday. Leerink Partnrs reaffirmed a market perform rating on shares of Premier in a research report on Monday, February 26th. SVB Leerink initiated coverage on Premier in a research report on Monday, February 26th. They set a market perform rating and a $22.50 price target on the stock. Robert W. Baird cut their price target on shares of Premier from $25.00 to $22.00 and set a neutral rating for the company in a research note on Wednesday. Finally, Piper Sandler dropped their target price on shares of Premier from $24.00 to $22.00 and set a neutral rating on the stock in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of Hold and an average price target of $23.50.

Premier Stock Performance

NASDAQ:PINC traded up $0.20 during mid-day trading on Wednesday, hitting $19.61. 3,444,158 shares of the stock were exchanged, compared to its average volume of 1,573,575. The stock has a market capitalization of $2.35 billion, a price-to-earnings ratio of 14.11, a price-to-earnings-growth ratio of 5.22 and a beta of 0.39. The firm’s 50-day simple moving average is $21.15 and its 200 day simple moving average is $21.22. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.32 and a current ratio of 1.43. Premier has a fifty-two week low of $18.65 and a fifty-two week high of $28.30.

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

Premier Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Saturday, June 15th. Investors of record on Saturday, June 1st will be issued a dividend of $0.21 per share. The ex-dividend date is Friday, May 31st. This represents a $0.84 annualized dividend and a yield of 4.28%. Premier’s payout ratio is currently 60.43%.

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.