Northern Trust Corp Raises Position in Premier, Inc. (NASDAQ:PINC)

Northern Trust Corp grew its position in Premier, Inc. (NASDAQ:PINC) by 20.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 741,739 shares of the company’s stock after purchasing an additional 126,217 shares during the period. Northern Trust Corp’s holdings in Premier were worth $15,725,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brooklyn Investment Group increased its holdings in Premier by 61,750.0% during the fourth quarter. Brooklyn Investment Group now owns 1,237 shares of the company’s stock worth $26,000 after buying an additional 1,235 shares during the last quarter. SRS Capital Advisors Inc. grew its holdings in Premier by 157.8% during the 4th quarter. SRS Capital Advisors Inc. now owns 1,284 shares of the company’s stock valued at $27,000 after buying an additional 786 shares in the last quarter. Keystone Financial Group Inc. purchased a new position in Premier during the fourth quarter valued at approximately $37,000. Smartleaf Asset Management LLC grew its position in shares of Premier by 297.9% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,906 shares of the company’s stock valued at $40,000 after purchasing an additional 1,427 shares in the last quarter. Finally, Van ECK Associates Corp grew its holdings in shares of Premier by 28.0% during the fourth quarter. Van ECK Associates Corp now owns 2,041 shares of the company’s stock worth $43,000 after purchasing an additional 446 shares in the last quarter. Hedge funds and other institutional investors own 74.41% of the company’s stock.

Insider Buying and Selling

In related news, General Counsel David L. Klatsky sold 10,982 shares of Premier stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $22.74, for a total transaction of $249,730.68. Following the transaction, the general counsel now directly owns 76,093 shares of the company’s stock, valued at $1,730,354.82. This trade represents a 12.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders have sold 22,119 shares of company stock valued at $464,974 in the last 90 days. Company insiders own 0.96% of the company’s stock.

Premier Stock Down 1.5%

Shares of PINC stock opened at $22.52 on Thursday. The stock has a market cap of $2.06 billion, a P/E ratio of -225.18 and a beta of 0.54. Premier, Inc. has a 52 week low of $17.23 and a 52 week high of $23.56. The company’s fifty day simple moving average is $19.81 and its two-hundred day simple moving average is $20.60.

Premier Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Sunday, June 15th. Stockholders of record on Sunday, June 1st will be issued a $0.21 dividend. The ex-dividend date is Friday, May 30th. This represents a $0.84 annualized dividend and a dividend yield of 3.73%. Premier’s payout ratio is 147.37%.

Wall Street Analyst Weigh In

PINC has been the topic of a number of research reports. Canaccord Genuity Group raised their price target on Premier from $19.00 to $22.00 and gave the company a “hold” rating in a research report on Thursday, May 8th. Robert W. Baird decreased their price objective on Premier from $20.00 to $19.00 and set a “neutral” rating on the stock in a report on Wednesday, February 5th. Finally, Piper Sandler cut their target price on Premier from $21.00 to $19.00 and set a “neutral” rating for the company in a research note on Wednesday, February 5th. Seven equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, Premier currently has an average rating of “Hold” and an average price target of $20.60.

Premier Company Profile

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.