Oak Thistle LLC Invests $323,000 in Premier, Inc. (NASDAQ:PINC)

Key Points

• Oak Thistle LLC has invested approximately $323,000 in Premier, Inc. by acquiring 16,744 shares during the first quarter of the year.
• Several hedge funds have increased their stakes in Premier, Inc., with Northern Trust Corp boosting theirs by 20.5% to own 741,739 shares.
• Research firms have recently upgraded their price targets for Premier's stock, with Canaccord Genuity raising it from $19.00 to $22.00 and Piper Sandler increasing it to $24.00.

Oak Thistle LLC purchased a new position in shares of Premier, Inc. (NASDAQ:PINC - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 16,744 shares of the company's stock, valued at approximately $323,000.

A number of other institutional investors have also added to or reduced their stakes in PINC. Raymond James Financial Inc. acquired a new stake in shares of Premier in the 4th quarter worth about $286,000. HighTower Advisors LLC raised its stake in shares of Premier by 9.3% in the fourth quarter. HighTower Advisors LLC now owns 35,450 shares of the company's stock worth $752,000 after purchasing an additional 3,020 shares during the last quarter. Corient Private Wealth LLC purchased a new stake in shares of Premier in the fourth quarter worth approximately $227,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Premier in the fourth quarter worth approximately $996,000. Finally, Mitsubishi UFJ Trust & Banking Corp purchased a new stake in Premier in the 4th quarter valued at $96,000. 74.41% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, General Counsel David L. Klatsky sold 10,982 shares of the firm's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $22.74, for a total transaction of $249,730.68. Following the completion of the sale, the general counsel owned 76,093 shares in the company, valued at $1,730,354.82. This trade represents a 12.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John T. Bigalke sold 1,137 shares of the firm's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $23.03, for a total transaction of $26,185.11. Following the sale, 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 14,119 shares of company stock worth $321,676. Insiders own 0.96% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on PINC shares. Piper Sandler increased their price target on Premier from $19.00 to $24.00 and gave the company a "neutral" rating in a research report on Wednesday, May 21st. Robert W. Baird increased their target price on shares of Premier from $19.00 to $22.00 and gave the company a "neutral" rating in a report on Thursday, May 15th. 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 note on Thursday, May 8th. Seven research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $22.20.

Premier Price Performance

Shares of Premier stock traded up $0.25 during trading hours on Tuesday, hitting $21.37. 197,859 shares of the company's stock traded hands, compared to its average volume of 1,568,109. Premier, Inc. has a 12-month low of $17.23 and a 12-month high of $23.56. The stock has a market capitalization of $1.76 billion, a price-to-earnings ratio of 37.44 and a beta of 0.56. The company has a fifty day simple moving average of $22.12 and a 200-day simple moving average of $20.71.

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.