Bank of New York Mellon Corp cut its holdings in Premier, Inc. (NASDAQ:PINC – Free Report) by 5.3% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 769,190 shares of the company’s stock after selling 43,424 shares during the quarter. Bank of New York Mellon Corp’s holdings in Premier were worth $21,276,000 at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in the business. Janiczek Wealth Management LLC grew its stake in shares of Premier by 322.7% during the second quarter. Janiczek Wealth Management LLC now owns 1,264 shares of the company’s stock valued at $35,000 after purchasing an additional 965 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Premier by 2,204.1% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,129 shares of the company’s stock worth $37,000 after buying an additional 1,080 shares in the last quarter. Captrust Financial Advisors boosted its position in Premier by 48.5% in the 2nd quarter. Captrust Financial Advisors now owns 1,362 shares of the company’s stock valued at $49,000 after buying an additional 445 shares during the last quarter. Amundi increased its stake in shares of Premier by 397.6% in the 4th quarter. Amundi now owns 1,443 shares of the company’s stock valued at $50,000 after buying an additional 1,153 shares during the period. Finally, Harbor Capital Advisors Inc. bought a new stake in shares of Premier during the second quarter worth $62,000. 66.85% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of analysts recently commented on the company. Bank of America lowered their price objective on Premier from $31.00 to $26.00 and set an “underperform” rating for the company in a research report on Wednesday, August 23rd. Piper Sandler downgraded shares of Premier from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $44.00 to $25.00 in a research note on Wednesday, August 23rd. UBS Group reduced their price objective on shares of Premier from $29.00 to $26.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 23rd. StockNews.com cut shares of Premier from a “buy” rating to a “hold” rating in a research report on Tuesday, October 17th. Finally, Robert W. Baird reduced their price target on Premier from $30.00 to $24.00 and set a “neutral” rating on the stock in a research report on Thursday, August 24th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $28.40.
Premier Price Performance
NASDAQ:PINC opened at $19.20 on Monday. Premier, Inc. has a 1 year low of $18.89 and a 1 year high of $35.57. The stock has a 50-day moving average price of $20.82 and a two-hundred day moving average price of $24.58. The stock has a market cap of $2.29 billion, a price-to-earnings ratio of 12.97, a PEG ratio of 4.26 and a beta of 0.34. The company has a current ratio of 1.30, a quick ratio of 0.69 and a debt-to-equity ratio of 0.03.
Premier (NASDAQ:PINC – Get Free Report) last released its quarterly earnings data on Tuesday, August 22nd. The company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.02. Premier had a return on equity of 12.48% and a net margin of 13.20%. The business had revenue of $340.40 million for the quarter, compared to analysts’ expectations of $355.59 million. During the same quarter in the previous year, the business posted $0.54 EPS. Premier’s revenue for the quarter was down .1% on a year-over-year basis. As a group, equities analysts expect that Premier, Inc. will post 2.21 earnings per share for the current year.
Premier Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 4.38%. The ex-dividend date of this dividend is Thursday, November 30th. Premier’s dividend payout ratio is 56.76%.
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.
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