Northern Trust Corp Sells 94,260 Shares of Premier, Inc. $PINC

Key Points

• Northern Trust Corp has decreased its stake in Premier, Inc. by 12.7%, owning 647,479 shares worth approximately $12.48 million after selling 94,260 shares in Q1.
• Insiders have sold a total of 12,326 shares of Premier stock worth $317,230 over the past ninety days, indicating decreased ownership among company executives.
• PINC recently announced a quarterly dividend of $0.21 per share, providing an annual yield of 3.2% with a high dividend payout ratio of 381.82%.

Northern Trust Corp lowered its position in Premier, Inc. (NASDAQ:PINC - Free Report) by 12.7% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 647,479 shares of the company's stock after selling 94,260 shares during the quarter. Northern Trust Corp owned about 0.71% of Premier worth $12,483,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Vestcor Inc bought a new position in Premier in the 1st quarter worth about $125,000. Atlas Capital Advisors Inc. purchased a new position in Premier in the 1st quarter worth approximately $125,000. Versant Capital Management Inc increased its stake in Premier by 97.6% in the 1st quarter. Versant Capital Management Inc now owns 7,719 shares of the company's stock worth $149,000 after purchasing an additional 3,813 shares during the period. Occudo Quantitative Strategies LP purchased a new position in Premier in the 4th quarter worth approximately $229,000. Finally, Neuberger Berman Group LLC increased its stake in Premier by 16.7% in the 1st quarter. Neuberger Berman Group LLC now owns 11,183 shares of the company's stock worth $216,000 after purchasing an additional 1,604 shares during the period. Hedge funds and other institutional investors own 74.41% of the company's stock.

Insider Activity

In other news, insider Andy Brailo sold 6,521 shares of the company's stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $25.79, for a total transaction of $168,176.59. Following the completion of the sale, the insider owned 99,447 shares of the company's stock, valued at $2,564,738.13. This represents a 6.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel David L. Klatsky sold 3,349 shares of the company's stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $25.57, for a total transaction of $85,633.93. Following the sale, the general counsel directly owned 97,257 shares of the company's stock, valued at $2,486,861.49. The trade was a 3.33% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,326 shares of company stock valued at $317,230 over the last ninety days. 0.96% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PINC. Leerink Partners boosted their target price on Premier from $24.00 to $26.00 and gave the company a "market perform" rating in a research note on Tuesday, August 19th. UBS Group boosted their target price on Premier from $23.00 to $26.00 and gave the company a "neutral" rating in a research note on Wednesday, August 20th. Canaccord Genuity Group boosted their target price on Premier from $22.00 to $25.00 and gave the company a "hold" rating in a research note on Wednesday, August 20th. Bank of America boosted their target price on Premier from $19.00 to $21.00 and gave the company an "underperform" rating in a research note on Tuesday, August 19th. Finally, Piper Sandler boosted their target price on Premier from $24.00 to $28.00 and gave the company a "neutral" rating in a research note on Monday, August 25th. Six investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Reduce" and an average target price of $25.29.

Premier Stock Performance

Shares of NASDAQ:PINC traded up $0.04 during midday trading on Tuesday, reaching $27.15. 1,011,217 shares of the company's stock traded hands, compared to its average volume of 1,623,131. The company has a market cap of $2.24 billion, a price-to-earnings ratio of 123.83 and a beta of 0.61. Premier, Inc. has a one year low of $17.23 and a one year high of $28.79. The stock has a 50 day moving average of $23.19 and a 200 day moving average of $21.52.

Premier Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 1st will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend is Friday, August 29th. Premier's dividend payout ratio is presently 381.82%.

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.