Bank of New York Mellon Corp Sells 87,654 Shares of Premier, Inc. (NASDAQ:PINC)

Bank of New York Mellon Corp decreased its position in Premier, Inc. (NASDAQ:PINC - Free Report) by 7.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,156,032 shares of the company's stock after selling 87,654 shares during the period. Bank of New York Mellon Corp owned about 1.27% of Premier worth $22,288,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in PINC. Raymond James Financial Inc. bought a new stake in shares of Premier in the 4th quarter valued at approximately $286,000. PNC Financial Services Group Inc. grew its stake in shares of Premier by 45.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 8,674 shares of the company's stock valued at $184,000 after purchasing an additional 2,712 shares during the period. HighTower Advisors LLC grew its stake in shares of Premier by 9.3% in the 4th quarter. HighTower Advisors LLC now owns 35,450 shares of the company's stock valued at $752,000 after purchasing an additional 3,020 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Premier in the 4th quarter valued at approximately $386,000. Finally, Corient Private Wealth LLC bought a new stake in shares of Premier in the 4th quarter valued at approximately $227,000. Institutional investors and hedge funds own 74.41% of the company's stock.

Analysts Set New Price Targets

PINC has been the topic of a number of research analyst reports. Canaccord Genuity Group increased their price target on Premier from $19.00 to $22.00 and gave the stock a "hold" rating in a research report on Thursday, May 8th. Piper Sandler increased their price target on Premier from $19.00 to $24.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 21st. Finally, Robert W. Baird increased their price target on Premier from $19.00 to $22.00 and gave the stock a "neutral" rating in a research report on Thursday, May 15th. Seven analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $22.20.

Premier Price Performance

Shares of PINC traded down $0.12 during midday trading on Friday, hitting $20.95. The stock had a trading volume of 1,281,897 shares, compared to its average volume of 1,308,573. The company has a 50 day simple moving average of $22.33 and a two-hundred day simple moving average of $20.71. Premier, Inc. has a twelve month low of $17.23 and a twelve month high of $23.56. The firm has a market cap of $1.73 billion, a price-to-earnings ratio of 36.76 and a beta of 0.56.

Premier Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, June 15th. Stockholders of record on Sunday, June 1st were issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 4.01%. The ex-dividend date of this dividend was Friday, May 30th. Premier's payout ratio is 147.37%.

Insider Activity

In related news, Director Helen M. Boudreau sold 2,000 shares of Premier stock in a transaction dated 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 in the company, valued at approximately $427,123.84. This trade represents a 9.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John T. Bigalke sold 1,137 shares of the business's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $23.03, for a total value of $26,185.11. Following the sale, the director owned 28,673 shares of the company's stock, valued at approximately $660,339.19. This represents a 3.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold 14,119 shares of company stock worth $321,676 in the last quarter. Corporate insiders own 0.96% of the company's stock.

Premier Company 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.