Assenagon Asset Management S.A. Acquires Shares of 39,548 Premier, Inc. $PINC

Key Points

• Assenagon Asset Management S.A. acquired a new stake in Premier, Inc., purchasing 39,548 shares valued at approximately $867,000 during the 2nd quarter.
• Analysts have raised their target prices for Premier, with Bank of America setting a new target of $21.00 while Piper Sandler increased theirs to $28.00, reflecting mixed sentiment in ratings.
• The recent quarterly dividend announced by Premier, Inc. was $0.21 per share, offering an annualized yield of 3.0%, despite a high dividend payout ratio of 381.82%.

Assenagon Asset Management S.A. acquired a new stake in shares of Premier, Inc. (NASDAQ:PINC - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 39,548 shares of the company's stock, valued at approximately $867,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PINC. Parallel Advisors LLC raised its stake in Premier by 2,172.9% during the 2nd quarter. Parallel Advisors LLC now owns 2,932 shares of the company's stock valued at $64,000 after acquiring an additional 2,803 shares during the last quarter. Vestcor Inc purchased a new stake in Premier during the 1st quarter valued at approximately $125,000. Atlas Capital Advisors Inc. purchased a new stake in Premier during the 1st quarter valued at approximately $125,000. Versant Capital Management Inc raised its stake in Premier by 97.6% during the 1st quarter. Versant Capital Management Inc now owns 7,719 shares of the company's stock valued at $149,000 after acquiring an additional 3,813 shares during the last quarter. Finally, Neuberger Berman Group LLC raised its stake in Premier by 16.7% during the 1st quarter. Neuberger Berman Group LLC now owns 11,183 shares of the company's stock valued at $216,000 after acquiring an additional 1,604 shares during the last quarter. 74.41% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Bank of America increased their target price on Premier from $19.00 to $21.00 and gave the stock an "underperform" rating in a research note on Tuesday, August 19th. Piper Sandler increased their target price on Premier from $24.00 to $28.00 and gave the stock a "neutral" rating in a research note on Monday, August 25th. Leerink Partners increased their target price on Premier from $24.00 to $26.00 and gave the stock a "market perform" rating in a research note on Tuesday, August 19th. UBS Group increased their target price on Premier from $26.00 to $28.25 and gave the stock a "neutral" rating in a research note on Thursday. Finally, Robert W. Baird increased their target price on Premier from $22.00 to $27.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 20th. Six investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Reduce" and an average target price of $26.07.

Premier Price Performance

NASDAQ PINC opened at $27.81 on Friday. Premier, Inc. has a 1-year low of $17.23 and a 1-year high of $28.79. The company has a market capitalization of $2.30 billion, a P/E ratio of 126.41 and a beta of 0.61. The business has a 50 day moving average price of $24.75 and a 200 day moving average price of $22.36.

Premier Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 1st were issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date was Friday, August 29th. Premier's dividend payout ratio is 381.82%.

Insider Buying and Selling at Premier

In other Premier news, General Counsel David L. Klatsky sold 1,319 shares of the 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. This represents a 1.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Andy Brailo sold 6,521 shares of the stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $25.79, for a total value of $168,176.59. Following the sale, the insider owned 99,447 shares in the company, valued at approximately $2,564,738.13. This trade represents a 6.15% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 12,326 shares of company stock worth $317,230. 0.96% of the stock is owned by insiders.

Premier Profile

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.

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