Northern Trust Corp Decreases Stock Position in 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 cut its position in Premier, Inc. (NASDAQ:PINC - Free Report) by 12.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 647,479 shares of the company's stock after selling 94,260 shares during the quarter. Northern Trust Corp owned 0.71% of Premier worth $12,483,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Vestcor Inc acquired a new position in Premier during the 1st quarter valued at about $125,000. Atlas Capital Advisors Inc. acquired a new stake in shares of Premier in the first quarter worth $125,000. Versant Capital Management Inc raised its stake in Premier by 97.6% during the 1st quarter. Versant Capital Management Inc now owns 7,719 shares of the company's stock valued at $149,000 after purchasing an additional 3,813 shares during the last quarter. Neuberger Berman Group LLC increased its holdings in Premier by 16.7% in the 1st quarter. Neuberger Berman Group LLC now owns 11,183 shares of the company's stock valued at $216,000 after buying an additional 1,604 shares during the period. Finally, Cooper Financial Group bought a new stake in shares of Premier in the 1st quarter worth about $221,000. 74.41% of the stock is currently owned by institutional investors.

Premier Trading Down 1.1%

Shares of NASDAQ:PINC traded down $0.30 during trading on Wednesday, reaching $26.80. 1,290,343 shares of the company traded hands, compared to its average volume of 1,908,576. The business's fifty day moving average is $23.40 and its 200-day moving average is $21.59. Premier, Inc. has a 52-week low of $17.23 and a 52-week high of $28.79. The firm has a market capitalization of $2.21 billion, a price-to-earnings ratio of 121.82 and a beta of 0.61.

Premier Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 1st will be given 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 payout ratio is presently 381.82%.

Wall Street Analyst Weigh In

PINC has been the topic of several recent research reports. Leerink Partners raised their target price on shares of 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 price objective on shares of Premier from $23.00 to $26.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 20th. Robert W. Baird upped their price objective on shares of Premier from $22.00 to $27.00 and gave the company a "neutral" rating in a report on Wednesday, August 20th. Canaccord Genuity Group raised their price target on shares of Premier from $22.00 to $25.00 and gave the company a "hold" rating in a research note on Wednesday, August 20th. Finally, Bank of America lifted their target price on shares of Premier from $19.00 to $21.00 and gave the stock an "underperform" rating in a research report on Tuesday, August 19th. Six analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Reduce" and an average target price of $25.29.

Insider Activity

In other news, General Counsel David L. Klatsky sold 3,349 shares of Premier stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $25.57, for a total value of $85,633.93. Following the completion of the transaction, the general counsel owned 97,257 shares in the company, valued at approximately $2,486,861.49. The trade was a 3.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Andy Brailo sold 6,521 shares of the company's stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $25.79, for a total value 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 ownership of the stock. 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 in the last ninety days. Corporate insiders own 0.96% of the company's stock.

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.