Allspring Global Investments Holdings LLC Lowers Stock Position in Premier, Inc. (NASDAQ:PINC)

Allspring Global Investments Holdings LLC lowered its stake in shares of Premier, Inc. (NASDAQ:PINC - Free Report) by 48.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 459,177 shares of the company's stock after selling 431,442 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.50% of Premier worth $8,945,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Northern Trust Corp lifted its position 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 period. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Premier in the fourth quarter valued at about $386,000. Steward Partners Investment Advisory LLC acquired a new stake in Premier in the fourth quarter valued at about $554,000. Two Sigma Investments LP acquired a new stake in Premier in the fourth quarter valued at about $892,000. Finally, GAMMA Investing LLC lifted its position in Premier by 1,435.4% in the first quarter. GAMMA Investing LLC now owns 22,924 shares of the company's stock valued at $442,000 after purchasing an additional 21,431 shares during the period. Hedge funds and other institutional investors own 74.41% of the company's stock.

Insider Buying and Selling at Premier

In other Premier news, Director Helen M. Boudreau sold 2,000 shares of the business's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $22.88, for a total value of $45,760.00. Following the completion of the transaction, the director directly owned 18,668 shares in the company, valued at approximately $427,123.84. The trade was a 9.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John T. Bigalke sold 1,137 shares of the business's stock in a transaction 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 trade represents a 3.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 14,119 shares of company stock worth $321,676. Insiders own 0.96% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently commented on PINC. Robert W. Baird raised their price objective on shares of Premier from $19.00 to $22.00 and gave the company a "neutral" rating in a research report on Thursday, May 15th. Canaccord Genuity Group boosted their price target on Premier from $19.00 to $22.00 and gave the stock a "hold" rating in a research note on Thursday, May 8th. Finally, Piper Sandler boosted their price target on Premier from $19.00 to $24.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 21st. Seven investment analysts have rated the stock with a hold rating, According to MarketBeat, Premier presently has an average rating of "Hold" and a consensus target price of $22.20.

Premier Stock Down 0.4%

Shares of Premier stock traded down $0.08 during trading on Tuesday, hitting $21.92. 1,633,493 shares of the company were exchanged, compared to its average volume of 1,292,991. Premier, Inc. has a fifty-two week low of $17.23 and a fifty-two week high of $23.56. The stock has a market capitalization of $1.80 billion, a price-to-earnings ratio of 38.46 and a beta of 0.56. The firm has a 50 day moving average price of $22.42 and a 200 day moving average price of $20.73.

Premier Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Sunday, June 15th. Shareholders of record on Sunday, June 1st were issued a $0.21 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a $0.84 annualized dividend and a yield of 3.83%. Premier's dividend payout ratio (DPR) is presently 147.37%.

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.