AlphaQuest LLC Purchases 26,599 Shares of Premier, Inc. $PINC

Key Points

• AlphaQuest LLC increased its stake in Premier, Inc. by 62.6%, owning 69,102 shares worth approximately $1.33 million after acquiring an additional 26,599 shares in the first quarter.
• Premier recently declared a quarterly dividend of $0.21 per share, resulting in an annualized yield of 3.3%, despite a high payout ratio of 381.82%.
• Several research firms have updated their price targets for Premier, with a consensus price target now at $24.00 and a consensus rating of "Reduce."

AlphaQuest LLC grew its stake in shares of Premier, Inc. (NASDAQ:PINC - Free Report) by 62.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 69,102 shares of the company's stock after acquiring an additional 26,599 shares during the period. AlphaQuest LLC owned 0.08% of Premier worth $1,332,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Northern Trust Corp boosted its holdings in Premier by 20.5% in the fourth quarter. Northern Trust Corp now owns 741,739 shares of the company's stock worth $15,725,000 after purchasing an additional 126,217 shares in the last quarter. Two Sigma Investments LP bought a new stake in Premier during the fourth quarter valued at about $892,000. GAMMA Investing LLC boosted its holdings in Premier by 1,435.4% during the first quarter. GAMMA Investing LLC now owns 22,924 shares of the company's stock valued at $442,000 after acquiring an additional 21,431 shares during the period. Mariner LLC bought a new stake in Premier during the fourth quarter valued at about $282,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Premier by 4.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,897,424 shares of the company's stock valued at $36,582,000 after acquiring an additional 84,016 shares during the period. 74.41% of the stock is currently owned by hedge funds and other institutional investors.

Premier Stock Down 0.7%

PINC stock traded down $0.19 during midday trading on Friday, reaching $25.88. The company's stock had a trading volume of 276,885 shares, compared to its average volume of 1,610,458. The business's 50-day simple moving average is $22.60 and its 200-day simple moving average is $21.10. The stock has a market cap of $2.13 billion, a PE ratio of 117.82 and a beta of 0.56. Premier, Inc. has a 52 week low of $17.23 and a 52 week high of $27.26.

Premier Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 1st will be issued a $0.21 dividend. The ex-dividend date is Friday, August 29th. This represents a $0.84 annualized dividend and a yield of 3.2%. Premier's dividend payout ratio (DPR) is 381.82%.

Insider Buying and Selling at Premier

In related news, Director John T. Bigalke sold 1,137 shares of the firm's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $23.03, for a total transaction of $26,185.11. Following the sale, the director directly owned 28,673 shares in the company, valued at $660,339.19. This trade represents a 3.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, General Counsel David L. Klatsky sold 1,319 shares of the firm's stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $25.85, for a total transaction of $34,096.15. Following the sale, the general counsel owned 94,331 shares in the company, valued at approximately $2,438,456.35. The trade was a 1.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,805 shares of company stock worth $145,915. Company insiders own 0.96% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PINC. Piper Sandler upped their price objective on shares of Premier from $24.00 to $28.00 and gave the company a "neutral" rating in a research report on Monday. Canaccord Genuity Group upped their price objective on shares of Premier from $22.00 to $25.00 and gave the company a "hold" rating in a research report on Wednesday, August 20th. UBS Group upped their price objective on shares of Premier from $23.00 to $26.00 and gave the company a "neutral" rating in a research report on Wednesday, August 20th. Bank of America upped their price objective on shares of Premier from $19.00 to $21.00 and gave the company an "underperform" rating in a research report on Tuesday, August 19th. Finally, Robert W. Baird upped their price objective on shares of Premier from $22.00 to $27.00 and gave the company a "neutral" rating in a research report on Wednesday, August 20th. Seven investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Premier currently has an average rating of "Reduce" and an average target price of $24.50.

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.