State of New Jersey Common Pension Fund D Reduces Holdings in Premier, Inc. $PINC

State of New Jersey Common Pension Fund D lessened its stake in Premier, Inc. (NASDAQ:PINC) by 22.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 81,183 shares of the company’s stock after selling 23,329 shares during the period. State of New Jersey Common Pension Fund D owned about 0.10% of Premier worth $1,780,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Teacher Retirement System of Texas raised its stake in Premier by 137.3% during the first quarter. Teacher Retirement System of Texas now owns 28,570 shares of the company’s stock worth $551,000 after acquiring an additional 16,531 shares during the period. Envestnet Asset Management Inc. bought a new position in shares of Premier during the first quarter valued at approximately $914,000. Crossmark Global Holdings Inc. raised its position in shares of Premier by 88.1% during the 1st quarter. Crossmark Global Holdings Inc. now owns 170,723 shares of the company’s stock worth $3,292,000 after purchasing an additional 79,971 shares during the period. Alps Advisors Inc. raised its position in shares of Premier by 7.8% during the 1st quarter. Alps Advisors Inc. now owns 921,163 shares of the company’s stock worth $17,760,000 after purchasing an additional 66,391 shares during the period. Finally, Allianz Asset Management GmbH lifted its holdings in shares of Premier by 40.1% in the 1st quarter. Allianz Asset Management GmbH now owns 563,920 shares of the company’s stock worth $10,872,000 after purchasing an additional 161,501 shares during the last quarter. 74.41% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PINC has been the subject of a number of recent research reports. Canaccord Genuity Group upped their price objective on Premier from $25.00 to $28.25 and gave the stock a “hold” rating in a research note on Tuesday, September 23rd. Piper Sandler boosted their price target on shares of Premier from $24.00 to $28.00 and gave the company a “neutral” rating in a report on Monday, August 25th. Weiss Ratings restated a “hold (c-)” rating on shares of Premier in a research report on Wednesday, October 8th. Leerink Partners increased their price objective on shares of Premier from $24.00 to $26.00 and gave the stock a “market perform” rating in a report on Tuesday, August 19th. Finally, Robert W. Baird boosted their target price on shares of Premier from $22.00 to $27.00 and gave the company a “neutral” rating in a research note on Wednesday, August 20th. Seven equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Premier has an average rating of “Reduce” and an average target price of $26.07.

Insider Activity at Premier

In other news, General Counsel David L. Klatsky sold 3,349 shares of Premier stock in a transaction on Monday, August 25th. The stock was sold at an average price of $25.57, for a total transaction of $85,633.93. Following the transaction, the general counsel directly owned 97,257 shares in the company, valued at approximately $2,486,861.49. This trade represents a 3.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Andy Brailo sold 6,521 shares of the business’s stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $25.79, for a total value of $168,176.59. Following the completion of the sale, the insider directly owned 99,447 shares in the company, valued at $2,564,738.13. This represents a 6.15% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 12,326 shares of company stock worth $317,230 over the last quarter. 0.96% of the stock is currently owned by company insiders.

Premier Stock Performance

NASDAQ:PINC opened at $28.12 on Monday. The stock has a market cap of $2.32 billion, a price-to-earnings ratio of 127.82 and a beta of 0.64. Premier, Inc. has a 1 year low of $17.23 and a 1 year high of $28.79. The business has a fifty day moving average of $27.29 and a 200-day moving average of $23.98.

Premier (NASDAQ:PINC) last issued its quarterly earnings data on Tuesday, January 14th. The company reported $0.67 earnings per share for the quarter. The business had revenue of ($713.06) million for the quarter. Premier had a net margin of 2.00% and a return on equity of 7.04%. On average, equities research analysts predict that Premier, Inc. will post 1.13 EPS for the current year.

Premier Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, September 1st were paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Friday, August 29th. Premier’s dividend payout ratio (DPR) is currently 381.82%.

About Premier

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.