Bank of New York Mellon Corp raised its stake in Premier, Inc. (NASDAQ:PINC) by 0.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 645,164 shares of the company’s stock after buying an additional 4,938 shares during the period. Bank of New York Mellon Corp owned approximately 1.25% of Premier worth $23,226,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. PNC Financial Services Group Inc. increased its holdings in Premier by 4.2% in the first quarter. PNC Financial Services Group Inc. now owns 3,664 shares of the company’s stock valued at $117,000 after buying an additional 149 shares in the last quarter. Advisors Asset Management Inc. increased its holdings in Premier by 49.8% in the first quarter. Advisors Asset Management Inc. now owns 4,389 shares of the company’s stock valued at $140,000 after buying an additional 1,459 shares in the last quarter. Pacer Advisors Inc. increased its holdings in Premier by 13.5% in the first quarter. Pacer Advisors Inc. now owns 6,652 shares of the company’s stock valued at $212,000 after buying an additional 791 shares in the last quarter. Teza Capital Management LLC purchased a new position in Premier in the first quarter valued at about $236,000. Finally, Gargoyle Investment Advisor L.L.C. purchased a new position in Premier in the second quarter valued at about $324,000. 98.87% of the stock is owned by institutional investors.
In related news, CEO Susan D. Devore sold 40,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $32.74, for a total value of $1,309,600.00. Following the sale, the chief executive officer now directly owns 466,427 shares in the company, valued at approximately $15,270,819.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Leigh Anderson sold 2,264 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $32.73, for a total transaction of $74,100.72. Following the completion of the sale, the senior vice president now owns 14,654 shares in the company, valued at $479,625.42. The disclosure for this sale can be found here. Insiders have sold a total of 79,113 shares of company stock worth $2,614,647 over the last 90 days. 17.14% of the stock is owned by insiders.
Shares of Premier, Inc. (NASDAQ PINC) opened at 32.85 on Friday. The stock has a 50 day moving average of $33.59 and a 200 day moving average of $33.66. Premier, Inc. has a 52-week low of $28.27 and a 52-week high of $36.50. The firm has a market capitalization of $1.75 billion, a price-to-earnings ratio of 21.76 and a beta of 0.47.
Premier (NASDAQ:PINC) last released its quarterly earnings results on Monday, August 21st. The company reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.02). Premier had a negative return on equity of 16.27% and a net margin of 0.66%. The company had revenue of $403.10 million for the quarter, compared to the consensus estimate of $400.45 million. During the same quarter last year, the firm posted $0.36 earnings per share. The firm’s quarterly revenue was up 33.7% compared to the same quarter last year. On average, analysts predict that Premier, Inc. will post $2.05 EPS for the current fiscal year.
A number of brokerages have issued reports on PINC. UBS AG reaffirmed a “neutral” rating and issued a $35.00 target price (up from $34.00) on shares of Premier in a report on Thursday, May 25th. Zacks Investment Research raised shares of Premier from a “sell” rating to a “hold” rating in a report on Tuesday, September 5th. Bank of America Corporation increased their target price on shares of Premier from $37.00 to $39.00 and gave the company a “buy” rating in a report on Thursday, May 25th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $40.00 target price on shares of Premier in a report on Wednesday, August 9th. Finally, BidaskClub cut shares of Premier from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. Premier currently has an average rating of “Hold” and a consensus price target of $38.43.
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Premier, Inc is a healthcare improvement company. The Company is uniting an alliance of approximately 3,750 United States hospitals and more than 130,000 other provider organizations to transform healthcare. The Company operates healthcare group purchasing organizations and also provides integrated data and analytics, supply chain solutions, advisory services, performance improvement collaborative and other services.
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