CCM Investment Group LLC Acquires New Holdings in Premier, Inc. (NASDAQ:PINC)

Key Points

• CCM Investment Group LLC purchased 36,540 shares of Premier, Inc. (NASDAQ:PINC) worth approximately $699,000 in the first quarter.
• Notable institutional investors like JPMorgan Chase & Co., Alliancebernstein L.P., and Invesco Ltd. have all increased their positions in Premier during the fourth quarter, with 74.41% of the stock now owned by institutional investors.
• Wall Street analysts have recently adjusted their price targets for PINC, with a consensus rating of "Hold" and an average price target of $22.20.

CCM Investment Group LLC purchased a new stake in Premier, Inc. (NASDAQ:PINC - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 36,540 shares of the company's stock, valued at approximately $699,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Cooper Financial Group acquired a new position in Premier in the 1st quarter valued at about $221,000. Invesco Ltd. grew its position in shares of Premier by 5.7% during the 1st quarter. Invesco Ltd. now owns 760,939 shares of the company's stock worth $14,671,000 after purchasing an additional 41,342 shares in the last quarter. Atlas Capital Advisors Inc. acquired a new position in shares of Premier during the 1st quarter worth approximately $125,000. Charles Schwab Investment Management Inc. grew its position in shares of Premier by 4.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,897,424 shares of the company's stock worth $36,582,000 after purchasing an additional 84,016 shares in the last quarter. Finally, New Age Alpha Advisors LLC grew its position in shares of Premier by 5,893.3% during the 1st quarter. New Age Alpha Advisors LLC now owns 231,523 shares of the company's stock worth $4,464,000 after purchasing an additional 227,660 shares in the last quarter. Institutional investors and hedge funds own 74.41% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Robert W. Baird increased their target price 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. Piper Sandler increased their target price on shares of Premier from $19.00 to $24.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 21st. Finally, Canaccord Genuity Group increased their target price 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 analysts have rated the stock with a hold rating, According to MarketBeat, Premier has a consensus rating of "Hold" and an average price target of $22.20.

Premier Stock Performance

Shares of Premier stock traded up $0.10 on Thursday, reaching $24.63. 2,201,500 shares of the stock were exchanged, compared to its average volume of 1,587,693. The firm's 50 day moving average is $21.96 and its 200-day moving average is $20.76. Premier, Inc. has a one year low of $17.23 and a one year high of $24.74. The firm has a market cap of $2.03 billion, a PE ratio of 43.21 and a beta of 0.56.

Insider Buying and Selling

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

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.