47,430 Shares in Premier, Inc. (NASDAQ:PINC) Purchased by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management Inc. has acquired a stake of 47,430 shares in Premier, Inc., valued at approximately $914,000, representing about 0.05% of the company's total shares.
• Several institutional investors, including Northern Trust Corp and GAMMA Investing LLC, have recently increased their stakes in Premier, contributing to a total of 74.41% institutional ownership.
• Research analysts have raised their target prices for Premier's shares, with a consensus target price now at $22.20, indicating a generally favorable outlook for the stock.

Envestnet Asset Management Inc. purchased a new position in Premier, Inc. (NASDAQ:PINC - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 47,430 shares of the company's stock, valued at approximately $914,000. Envestnet Asset Management Inc. owned 0.05% of Premier as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bridgeway Capital Management LLC increased its position in shares of Premier by 3.0% during the fourth quarter. Bridgeway Capital Management LLC now owns 762,337 shares of the company's stock valued at $16,162,000 after acquiring an additional 21,861 shares in the last quarter. Northern Trust Corp increased its holdings in shares of Premier by 20.5% in the 4th 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. Invesco Ltd. raised its stake in shares of Premier by 23.6% in the fourth quarter. Invesco Ltd. now owns 719,597 shares of the company's stock worth $15,255,000 after purchasing an additional 137,306 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Premier by 2.4% in the fourth quarter. JPMorgan Chase & Co. now owns 489,428 shares of the company's stock worth $10,376,000 after purchasing an additional 11,599 shares during the last quarter. Finally, Quantinno Capital Management LP lifted its holdings in shares of Premier by 249.8% during the fourth quarter. Quantinno Capital Management LP now owns 405,241 shares of the company's stock valued at $8,591,000 after purchasing an additional 289,408 shares in the last quarter. 74.41% of the stock is owned by hedge funds and other institutional investors.

Premier Trading Up 2.0%

PINC stock traded up $0.42 during trading on Monday, reaching $21.69. The stock had a trading volume of 1,444,824 shares, compared to its average volume of 1,571,245. Premier, Inc. has a 52 week low of $17.23 and a 52 week high of $23.56. The stock's 50 day moving average is $21.98 and its two-hundred day moving average is $20.70. The firm has a market cap of $1.79 billion, a PE ratio of 38.05 and a beta of 0.56.

Insider Buying and Selling at Premier

In other news, Director John T. Bigalke sold 1,137 shares of the firm's stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $23.03, for a total value of $26,185.11. Following 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel David L. Klatsky sold 10,982 shares of the firm's stock in a transaction dated Tuesday, May 6th. The stock was 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 $1,730,354.82. This trade represents a 12.61% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 14,119 shares of company stock valued at $321,676. 0.96% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on PINC shares. Robert W. Baird lifted their price objective on Premier from $19.00 to $22.00 and gave the stock a "neutral" rating in a report on Thursday, May 15th. Piper Sandler lifted their price target on shares of Premier from $19.00 to $24.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 21st. Finally, Canaccord Genuity Group increased their price objective 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 data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $22.20.

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.