Federated Hermes Inc. Invests $391,000 in Premier, Inc. (NASDAQ:PINC)

Key Points

• Federated Hermes Inc. acquired a new position in Premier, Inc. by purchasing 20,298 shares valued at approximately $391,000 during the 1st quarter.
• Other institutional investors also increased their stakes, with Northern Trust Corp growing its holdings by 20.5% and GAMMA Investing LLC increasing theirs by an impressive 1,435.4% in the first quarter.
• Equities research analysts raised their price targets for Premier, with Piper Sandler and Canaccord Genuity both adjusting their price objectives upward to $24.00 and $22.00 respectively.

Federated Hermes Inc. acquired a new position in shares of Premier, Inc. (NASDAQ:PINC - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 20,298 shares of the company's stock, valued at approximately $391,000.

Other large investors also recently modified their holdings of the company. Northern Trust Corp boosted its stake in shares of Premier by 20.5% during the 4th quarter. Northern Trust Corp now owns 741,739 shares of the company's stock worth $15,725,000 after buying an additional 126,217 shares during the last quarter. Two Sigma Investments LP acquired a new stake in Premier in the 4th quarter valued at about $892,000. GAMMA Investing LLC lifted its stake in Premier by 1,435.4% in the 1st 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 last quarter. Mariner LLC acquired a new stake in Premier in the 4th quarter valued at about $282,000. Finally, Russell Investments Group Ltd. lifted its stake in Premier by 40.4% in the 4th quarter. Russell Investments Group Ltd. now owns 4,371 shares of the company's stock valued at $93,000 after purchasing an additional 1,257 shares during the last quarter. 74.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Premier

In other Premier news, Director John T. Bigalke sold 1,137 shares of the firm's stock in a transaction that occurred 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 completion of 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, Director Helen M. Boudreau sold 2,000 shares of the firm's stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $22.88, for a total transaction of $45,760.00. Following the sale, the director owned 18,668 shares of the company's stock, valued at $427,123.84. This trade represents a 9.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.96% of the company's stock.

Wall Street Analyst Weigh In

PINC has been the subject of several recent analyst reports. Piper Sandler raised their target price on shares of Premier from $19.00 to $24.00 and gave the company a "neutral" rating in a research note on Wednesday, May 21st. Canaccord Genuity Group raised their target price on shares of Premier from $19.00 to $22.00 and gave the company a "hold" rating in a research note on Thursday, May 8th. Finally, Robert W. Baird raised their target price on shares of Premier from $19.00 to $22.00 and gave the company a "neutral" rating in a research note on Thursday, May 15th. Seven investment analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $22.20.

Premier Trading Up 3.0%

PINC stock traded up $0.69 during mid-day trading on Tuesday, hitting $24.03. 1,548,420 shares of the company were exchanged, compared to its average volume of 1,573,526. The business has a 50 day simple moving average of $21.91 and a 200-day simple moving average of $20.71. The stock has a market capitalization of $1.98 billion, a PE ratio of 42.17 and a beta of 0.56. Premier, Inc. has a 1-year low of $17.23 and a 1-year high of $24.10.

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.