Allianz Asset Management GmbH Buys 161,501 Shares of Premier, Inc. (NASDAQ:PINC)

Key Points

• Allianz Asset Management GmbH increased its stake in Premier, Inc. by 40.1% during Q1, owning 563,920 shares valued at approximately $10.87 million.
• Insiders sold a total of 14,119 shares over the last 90 days, with notable sales from General Counsel David Klatsky and Director John T. Bigalke.
• Premier's stock has an average target price of $22.20 with analysts generally rating it as a "hold."

Allianz Asset Management GmbH grew its stake in Premier, Inc. (NASDAQ:PINC - Free Report) by 40.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 563,920 shares of the company's stock after buying an additional 161,501 shares during the period. Allianz Asset Management GmbH owned approximately 0.62% of Premier worth $10,872,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Aster Capital Management DIFC Ltd purchased a new position in Premier in the 4th quarter worth approximately $52,000. New Age Alpha Advisors LLC purchased a new position in Premier in the 4th quarter worth approximately $82,000. Russell Investments Group Ltd. grew its stake in Premier by 40.4% in the 4th quarter. Russell Investments Group Ltd. now owns 4,371 shares of the company's stock worth $93,000 after buying an additional 1,257 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp purchased a new position in Premier in the 4th quarter worth approximately $96,000. Finally, Sterling Capital Management LLC grew its stake in Premier by 44.5% in the 4th quarter. Sterling Capital Management LLC now owns 5,737 shares of the company's stock worth $122,000 after buying an additional 1,767 shares in the last quarter. Hedge funds and other institutional investors own 74.41% of the company's stock.

Premier Price Performance

PINC traded up $0.22 during trading on Tuesday, hitting $21.34. 510,757 shares of the stock traded hands, compared to its average volume of 1,570,245. The firm has a market capitalization of $1.76 billion, a P/E ratio of 37.38 and a beta of 0.56. The firm has a 50-day moving average of $22.12 and a 200 day moving average of $20.71. Premier, Inc. has a 12-month low of $17.23 and a 12-month high of $23.56.

Insider Buying and Selling at Premier

In other Premier news, General Counsel David L. Klatsky sold 10,982 shares of the company's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $22.74, for a total value of $249,730.68. Following the completion of the transaction, the general counsel directly owned 76,093 shares in the company, valued at approximately $1,730,354.82. This represents a 12.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Helen M. Boudreau sold 2,000 shares of the company's stock in a transaction 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 owned 18,668 shares of the company's stock, valued at $427,123.84. This trade represents a 9.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 14,119 shares of company stock valued at $321,676 in the last quarter. Company insiders own 0.96% of the company's stock.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Robert W. Baird boosted their price target on shares of Premier from $19.00 to $22.00 and gave the stock a "neutral" rating in a research note on Thursday, May 15th. Piper Sandler upped their price target on shares of Premier from $19.00 to $24.00 and gave the company a "neutral" rating in a research report on Wednesday, May 21st. Finally, Canaccord Genuity Group upped their price target on shares of Premier from $19.00 to $22.00 and gave the company a "hold" rating in a research report on Thursday, May 8th. Seven analysts have rated the stock with a hold rating, According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $22.20.

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.