Healthcare Purchasing Network Premier Launches $1B Share Buyback Program, Concludes Strategic Review Process After Q2 Performance
Portfolio Pulse from Vandana Singh
Premier Inc (NASDAQ:PINC) announced a $1B share repurchase program and the conclusion of its strategic review. The company entered an accelerated share repurchase agreement with Bank of America for $400 million. Premier is exploring partnerships for its subsidiaries, Contigo Health and S2S Global. Q2 2024 earnings showed a 14% Y/Y decrease in adjusted EPS to $0.60, beating consensus estimates. Sales were down 7% Y/Y to $334.75 million, also beating estimates. The company provided FY 2024 guidance with adjusted EPS of $2.06-$2.18 and revenue of $1.265 billion-$1.325 billion. PINC shares rose 6.32% to $22.28.
February 06, 2024 | 5:48 pm
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Premier Inc announced a $1B share repurchase program, concluded its strategic review, and reported Q2 earnings with a 14% Y/Y decrease in adjusted EPS but beat consensus estimates. FY 2024 guidance was provided.
The announcement of a $1B share repurchase program and the conclusion of a strategic review, coupled with better-than-expected Q2 earnings and optimistic FY 2024 guidance, are positive signals for investors. These factors likely contributed to the 6.32% increase in PINC shares, indicating a positive short-term impact on the stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100