Premier (NASDAQ:PINC) Price Target Raised to $24.00

Premier (NASDAQ:PINC) had its price objective lifted by Piper Sandler from $19.00 to $24.00 in a report published on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

PINC has been the topic of several other research reports. Robert W. Baird increased their price target on shares of Premier from $19.00 to $22.00 and gave the stock a “neutral” rating in a research report on Thursday, May 15th. Canaccord Genuity Group increased their price target on shares of Premier from $19.00 to $22.00 and gave the stock a “hold” rating in a research report on Thursday, May 8th. Seven research analysts have rated the stock with a hold rating, According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $22.20.

Premier Stock Performance

Shares of PINC opened at $23.06 on Wednesday. The stock has a market capitalization of $1.90 billion, a PE ratio of -230.58 and a beta of 0.54. Premier has a 1 year low of $17.23 and a 1 year high of $23.56. The company’s 50-day simple moving average is $20.48 and its 200-day simple moving average is $20.73.

Premier Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Sunday, June 15th. Investors of record on Sunday, June 1st will be issued a $0.21 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $0.84 annualized dividend and a yield of 3.64%. Premier’s dividend payout ratio (DPR) is 147.37%.

Insider Activity at Premier

In related news, General Counsel David L. Klatsky sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $19.53, for a total value of $195,300.00. Following the sale, the general counsel now owns 90,597 shares of the company’s stock, valued at $1,769,359.41. This trade represents a 9.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 22,119 shares of company stock valued at $464,974 over the last 90 days. 0.96% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Premier

Hedge funds have recently added to or reduced their stakes in the stock. Northern Trust Corp increased its stake in Premier by 20.5% in the fourth quarter. Northern Trust Corp now owns 741,739 shares of the company’s stock valued at $15,725,000 after purchasing an additional 126,217 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Premier in the fourth quarter valued at approximately $386,000. Steward Partners Investment Advisory LLC purchased a new position in Premier in the fourth quarter valued at approximately $554,000. KBC Group NV increased its stake in Premier by 38.1% in the fourth quarter. KBC Group NV now owns 5,589 shares of the company’s stock valued at $118,000 after purchasing an additional 1,542 shares during the last quarter. Finally, Caprock Group LLC purchased a new position in Premier in the fourth quarter valued at approximately $292,000. 74.41% of the stock is currently owned by hedge funds and other institutional investors.

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.