Premier Stock Price Up 5% After Strong Earnings (PINC)
Shares of Premier (NASDAQ:PINC) rose 5% during mid-day trading on Tuesday following a better than expected earnings announcement, StockRatingsNetwork.com reports. The stock traded as high as $32.10 and last traded at $31.89, with a volume of 463,744 shares changing hands. The stock had previously closed at $30.36.
The company reported $0.34 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.33 by $0.01. The company had revenue of $235.50 million for the quarter, compared to the consensus estimate of $231.59 million. The company’s quarterly revenue was down 2.1% on a year-over-year basis.
PINC has been the subject of a number of recent research reports. Analysts at Jefferies Group initiated coverage on shares of Premier in a research note on Wednesday, July 2nd. They set a “buy” rating and a $36.00 price target on the stock. Analysts at Citigroup Inc. upgraded shares of Premier from a “neutral” rating to a “buy” rating in a research note on Thursday, May 29th. They now have a $37.00 price target on the stock, up previously from $33.00. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $34.60.
The stock’s 50-day moving average is $28.67 and its 200-day moving average is $30.72. The company’s market cap is $1.034 billion.
Premier, Inc is a collaborative healthcare alliance of approximately 2,900 the United States community hospitals and 100,000 alternate sites.
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