Premier (NASDAQ:PINC) Sets New 1-Year High Following Dividend Announcement

Premier, Inc. (NASDAQ:PINC) reached a new 52-week high during trading on Tuesday after the company announced a dividend. The stock traded as high as $26.19 and last traded at $26.51, with a volume of 236136 shares changing hands. The stock had previously closed at $24.43.

The newly announced dividend which will be paid on Monday, September 15th. Shareholders of record on Monday, September 1st will be given a dividend of $0.21 per share. The ex-dividend date is Friday, August 29th. This represents a $0.84 annualized dividend and a dividend yield of 3.3%. Premier’s payout ratio is presently 147.37%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. UBS Group increased their price target on Premier from $23.00 to $26.00 and gave the company a “neutral” rating in a research note on Wednesday. Bank of America increased their target price on Premier from $19.00 to $21.00 and gave the company an “underperform” rating in a research note on Tuesday. Robert W. Baird raised their target price on Premier from $22.00 to $27.00 and gave the stock a “neutral” rating in a report on Wednesday. Canaccord Genuity Group increased their price target on shares of Premier from $22.00 to $25.00 and gave the company a “hold” rating in a research report on Wednesday. Finally, Leerink Partners lifted their price objective on shares of Premier from $24.00 to $26.00 and gave the stock a “market perform” rating in a research note on Tuesday. Eight research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Reduce” and an average target price of $24.00.

Premier Stock Performance

The stock has a market capitalization of $2.10 billion, a P/E ratio of 116.14 and a beta of 0.56. The firm’s 50-day simple moving average is $22.18 and its 200 day simple moving average is $20.84.

Insider Activity at Premier

In related news, Director Helen M. Boudreau sold 2,000 shares of the stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $22.88, for a total transaction of $45,760.00. Following the completion of the transaction, the director directly owned 18,668 shares of the company’s stock, valued at approximately $427,123.84. This represents a 9.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John T. Bigalke sold 1,137 shares of the business’s stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $23.03, for a total value of $26,185.11. Following the transaction, the director directly owned 28,673 shares in the company, valued at $660,339.19. This trade represents a 3.81% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.96% of the company’s stock.

Institutional Trading of Premier

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. CW Advisors LLC grew its position in shares of Premier by 1.8% in the 1st quarter. CW Advisors LLC now owns 26,166 shares of the company’s stock valued at $504,000 after acquiring an additional 454 shares during the period. First Horizon Advisors Inc. lifted its stake in Premier by 198.2% in the 2nd quarter. First Horizon Advisors Inc. now owns 1,130 shares of the company’s stock valued at $25,000 after purchasing an additional 751 shares during the last quarter. Huntington National Bank grew its holdings in Premier by 24.4% during the second quarter. Huntington National Bank now owns 3,844 shares of the company’s stock worth $84,000 after purchasing an additional 753 shares during the period. Russell Investments Group Ltd. grew its holdings in Premier by 3.2% during the second quarter. Russell Investments Group Ltd. now owns 27,868 shares of the company’s stock worth $611,000 after purchasing an additional 852 shares during the period. Finally, Signaturefd LLC increased its position in Premier by 72.2% during the second quarter. Signaturefd LLC now owns 2,197 shares of the company’s stock worth $48,000 after buying an additional 921 shares during the last quarter. 74.41% of the stock is owned by institutional investors.

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.