Bank of New York Mellon Corp Trims Stock Position in Premier, Inc. (NASDAQ:PINC)

Bank of New York Mellon Corp cut its holdings in shares of Premier, Inc. (NASDAQ:PINC) by 7.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,421,992 shares of the company’s stock after selling 122,344 shares during the quarter. Bank of New York Mellon Corp owned about 1.36% of Premier worth $26,549,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Mitsubishi UFJ Trust & Banking Corp purchased a new position in Premier during the first quarter worth about $27,000. Versant Capital Management Inc raised its holdings in shares of Premier by 265.2% in the 2nd quarter. Versant Capital Management Inc now owns 2,140 shares of the company’s stock worth $40,000 after purchasing an additional 1,554 shares during the period. Abich Financial Wealth Management LLC raised its holdings in shares of Premier by 50.0% in the 1st quarter. Abich Financial Wealth Management LLC now owns 1,951 shares of the company’s stock worth $43,000 after purchasing an additional 650 shares during the period. Parallel Advisors LLC raised its holdings in shares of Premier by 141.2% in the 4th quarter. Parallel Advisors LLC now owns 1,980 shares of the company’s stock worth $44,000 after purchasing an additional 1,159 shares during the period. Finally, Gladius Capital Management LP purchased a new position in shares of Premier in the 2nd quarter worth about $68,000. 74.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PINC. Benchmark downgraded Premier from a “buy” rating to a “hold” rating in a report on Monday, August 26th. Piper Sandler cut their price objective on Premier from $24.00 to $22.00 and set a “neutral” rating on the stock in a report on Wednesday, May 8th. Canaccord Genuity Group lowered Premier from a “buy” rating to a “hold” rating and lowered their target price for the company from $27.00 to $21.00 in a research note on Wednesday, May 8th. JPMorgan Chase & Co. lowered their target price on Premier from $23.00 to $21.00 and set a “neutral” rating for the company in a research note on Tuesday, May 28th. Finally, Robert W. Baird lowered their target price on Premier from $22.00 to $19.00 and set a “neutral” rating for the company in a research note on Wednesday, August 21st. Ten analysts have rated the stock with a hold rating, According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $22.19.

Insider Transactions at Premier

In other news, General Counsel David L. Klatsky sold 13,339 shares of Premier stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $18.55, for a total value of $247,438.45. Following the completion of the transaction, the general counsel now owns 92,001 shares in the company, valued at approximately $1,706,618.55. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, General Counsel David L. Klatsky sold 13,339 shares of Premier stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $18.55, for a total value of $247,438.45. Following the completion of the transaction, the general counsel now owns 92,001 shares in the company, valued at approximately $1,706,618.55. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Leigh Anderson sold 20,000 shares of Premier stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $18.63, for a total value of $372,600.00. Following the completion of the transaction, the chief operating officer now owns 163,928 shares of the company’s stock, valued at approximately $3,053,978.64. The disclosure for this sale can be found here. In the last quarter, insiders sold 128,899 shares of company stock worth $2,561,520. 0.85% of the stock is currently owned by corporate insiders.

Premier Stock Up 0.4 %

Shares of NASDAQ PINC opened at $20.74 on Thursday. Premier, Inc. has a fifty-two week low of $17.95 and a fifty-two week high of $24.27. The business has a 50 day moving average price of $19.72 and a two-hundred day moving average price of $20.11. The firm has a market cap of $2.08 billion, a PE ratio of 32.41, a price-to-earnings-growth ratio of 9.79 and a beta of 0.40.

Premier (NASDAQ:PINC) last issued its quarterly earnings data on Tuesday, August 20th. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.25. Premier had a return on equity of 11.69% and a net margin of 8.88%. The firm had revenue of $350.30 million during the quarter, compared to analyst estimates of $308.88 million. During the same quarter last year, the firm earned $0.70 EPS. Premier’s quarterly revenue was up 2.9% on a year-over-year basis. On average, analysts anticipate that Premier, Inc. will post 1.02 earnings per share for the current year.

Premier Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, September 15th. Shareholders of record on Sunday, September 1st will be paid a dividend of $0.21 per share. The ex-dividend date is Friday, August 30th. This represents a $0.84 dividend on an annualized basis and a yield of 4.05%. Premier’s dividend payout ratio (DPR) is presently 131.25%.

Premier 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.