Bank of America Corp DE Reduces Position in Premier, Inc. (NASDAQ:PINC)

Bank of America Corp DE reduced its position in Premier, Inc. (NASDAQ:PINC - Free Report) by 2.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 794,099 shares of the company's stock after selling 20,659 shares during the period. Bank of America Corp DE owned about 0.83% of Premier worth $16,835,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of PINC. Brandes Investment Partners LP increased its stake in Premier by 123.1% in the 4th quarter. Brandes Investment Partners LP now owns 842,326 shares of the company's stock valued at $17,857,000 after purchasing an additional 464,710 shares in the last quarter. Franklin Resources Inc. purchased a new position in Premier in the 4th quarter valued at approximately $5,275,000. Jane Street Group LLC increased its stake in Premier by 126.9% in the 4th quarter. Jane Street Group LLC now owns 326,254 shares of the company's stock valued at $6,917,000 after purchasing an additional 182,451 shares in the last quarter. Invesco Ltd. increased its stake in Premier by 23.6% in the 4th quarter. Invesco Ltd. now owns 719,597 shares of the company's stock valued at $15,255,000 after purchasing an additional 137,306 shares in the last quarter. Finally, ExodusPoint Capital Management LP increased its stake in Premier by 408.4% in the 4th quarter. ExodusPoint Capital Management LP now owns 169,458 shares of the company's stock valued at $3,593,000 after purchasing an additional 136,129 shares in the last quarter. 74.41% of the stock is owned by hedge funds and other institutional investors.

Premier Stock Down 0.6%

Shares of PINC stock traded down $0.14 during mid-day trading on Monday, hitting $23.06. 1,190,505 shares of the company's stock were exchanged, compared to its average volume of 1,246,078. The stock has a market cap of $1.90 billion, a price-to-earnings ratio of -230.58 and a beta of 0.54. The stock has a 50-day simple moving average of $20.56 and a two-hundred day simple moving average of $20.69. Premier, Inc. has a fifty-two week low of $17.23 and a fifty-two week high of $23.56.

Premier Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Sunday, June 15th. Investors of record on Sunday, June 1st will be given a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 3.64%. The ex-dividend date is Friday, May 30th. Premier's dividend payout ratio (DPR) is currently 147.37%.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Piper Sandler increased their target price on Premier from $19.00 to $24.00 and gave the company a "neutral" rating in a report on Wednesday, May 21st. Canaccord Genuity Group increased their target price on Premier from $19.00 to $22.00 and gave the company a "hold" rating in a report on Thursday, May 8th. Finally, Robert W. Baird raised their price objective on Premier from $19.00 to $22.00 and gave the stock 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, Premier has a consensus rating of "Hold" and an average price target of $22.20.

Insider Buying and Selling

In related news, General Counsel David L. Klatsky sold 10,000 shares of the stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $19.53, for a total value of $195,300.00. Following the transaction, the general counsel now directly owns 90,597 shares of the company's stock, valued at approximately $1,769,359.41. This trade represents a 9.94% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last ninety days, insiders have sold 22,119 shares of company stock valued at $464,974. 0.96% of the stock is currently owned by company 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.