New Age Alpha Advisors LLC Buys 227,660 Shares of Premier, Inc. (NASDAQ:PINC)

Key Points

• New Age Alpha Advisors LLC significantly increased its stake in Premier, Inc. by 5,893.3% in the first quarter, acquiring an additional 227,660 shares to own a total of 231,523 shares worth approximately $4.46 million.
• Research analysts have updated their target prices for Premier, with Piper Sandler raising it from $19.00 to $24.00 and both Robert W. Baird and Canaccord Genuity Group raising theirs to $22.00.
• Insider transactions include Director Helen M. Boudreau selling 2,000 shares at an average price of $22.88, reducing her ownership by 9.68%, and Director John T. Bigalke selling 1,137 shares at an average price of $23.03, reducing his ownership by 3.81%.

New Age Alpha Advisors LLC raised its holdings in shares of Premier, Inc. (NASDAQ:PINC - Free Report) by 5,893.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 231,523 shares of the company's stock after purchasing an additional 227,660 shares during the quarter. New Age Alpha Advisors LLC owned approximately 0.25% of Premier worth $4,464,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Aster Capital Management DIFC Ltd bought a new position in Premier during the 4th quarter worth $52,000. Russell Investments Group Ltd. increased its position in shares of Premier by 40.4% in the fourth quarter. Russell Investments Group Ltd. now owns 4,371 shares of the company's stock worth $93,000 after purchasing an additional 1,257 shares during the period. Sterling Capital Management LLC grew its position in Premier by 44.5% in the fourth quarter. Sterling Capital Management LLC now owns 5,737 shares of the company's stock valued at $122,000 after acquiring an additional 1,767 shares during the last quarter. Vestcor Inc bought a new position in Premier in the first quarter valued at about $125,000. Finally, Versant Capital Management Inc grew its position in Premier by 97.6% in the first 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. Institutional investors and hedge funds own 74.41% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently commented on PINC. Piper Sandler lifted their price target on 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 boosted their price target on 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 boosted their price objective on Premier from $19.00 to $22.00 and gave the company a "neutral" rating in a report on Thursday, May 15th. Seven research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $22.20.

Premier Stock Up 4.0%

PINC stock traded up $0.89 during midday trading on Friday, hitting $23.33. The company's stock had a trading volume of 1,934,313 shares, compared to its average volume of 1,345,883. The stock's 50-day moving average price is $21.90 and its 200 day moving average price is $20.72. Premier, Inc. has a 1 year low of $17.23 and a 1 year high of $23.56. The stock has a market cap of $1.92 billion, a price-to-earnings ratio of 40.93 and a beta of 0.56.

Insider Buying and Selling at Premier

In other Premier news, Director John T. Bigalke sold 1,137 shares of the business's stock in a transaction 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 transaction, the director owned 28,673 shares of the company's stock, valued at approximately $660,339.19. The trade was a 3.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Helen M. Boudreau sold 2,000 shares of the company's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $22.88, for a total value of $45,760.00. Following the transaction, the director directly owned 18,668 shares in the company, valued at $427,123.84. This represents a 9.68% decrease in their position. The disclosure for this sale can be found here. 0.96% of the stock is currently owned by insiders.

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.