Premier (NASDAQ:PINC) Reaches New 52-Week High – Time to Buy?

Premier, Inc. (NASDAQ:PINC)’s stock price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $28.29 and last traded at $28.23, with a volume of 126916 shares changing hands. The stock had previously closed at $25.85.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Canaccord Genuity Group lifted their target price on Premier from $22.00 to $25.00 and gave the company a “hold” rating in a research report on Wednesday, August 20th. Piper Sandler lifted their price target on Premier from $24.00 to $28.00 and gave the stock a “neutral” rating in a report on Monday, August 25th. Robert W. Baird lifted their price target on Premier from $22.00 to $27.00 and gave the stock a “neutral” rating in a report on Wednesday, August 20th. Bank of America lifted their price target on Premier from $19.00 to $21.00 and gave the stock an “underperform” rating in a report on Tuesday, August 19th. Finally, UBS Group lifted their price target on Premier from $23.00 to $26.00 and gave the stock a “neutral” rating in a report on Wednesday, August 20th. Seven analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Premier has an average rating of “Reduce” and an average price target of $24.50.

Premier Stock Up 9.0%

The firm has a market capitalization of $2.33 billion, a P/E ratio of 128.09 and a beta of 0.61. The firm has a 50 day moving average of $23.08 and a 200-day moving average of $21.46.

Premier Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 1st will be paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Friday, August 29th. Premier’s payout ratio is 381.82%.

Insider Activity at Premier

In related news, insider Andy Brailo sold 6,521 shares of the business’s stock in a transaction that occurred 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 approximately $2,564,738.13. The trade was a 6.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, General Counsel David L. Klatsky sold 1,319 shares of the business’s stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $25.85, for a total transaction of $34,096.15. Following the transaction, the general counsel owned 94,331 shares of the company’s stock, valued at approximately $2,438,456.35. This represents a 1.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,326 shares of company stock worth $317,230. Company insiders own 0.96% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Osaic Holdings Inc. raised its position in Premier by 131.9% during the second quarter. Osaic Holdings Inc. now owns 4,214 shares of the company’s stock valued at $92,000 after purchasing an additional 2,397 shares in the last quarter. Neuberger Berman Group LLC increased its holdings in shares of Premier by 16.8% during the second quarter. Neuberger Berman Group LLC now owns 13,059 shares of the company’s stock worth $286,000 after buying an additional 1,876 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of Premier by 1,069.9% during the second quarter. Tower Research Capital LLC TRC now owns 7,862 shares of the company’s stock worth $172,000 after buying an additional 7,190 shares in the last quarter. Corient Private Wealth LLC acquired a new position in shares of Premier during the second quarter worth $206,000. Finally, Vident Advisory LLC acquired a new position in shares of Premier during the second quarter worth $204,000. 74.41% of the stock is currently owned by institutional investors and hedge funds.

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.