Pacer Advisors Inc. Trims Stock Holdings in Premier, Inc. (NASDAQ:PINC)

Key Points

• Pacer Advisors Inc. significantly reduced its stake in Premier, Inc., selling 3,781,560 shares and lowering its ownership by 70.6% in the first quarter.
• Several hedge funds, including Alps Advisors Inc. and Bridgeway Capital Management LLC, have recently increased their holdings in Premier, Inc., indicating a mixed sentiment among institutional investors.
• Wall Street analysts have raised their price targets for Premier, with a consensus target of $22.20, and the stock currently holds an average rating of "Hold."

Pacer Advisors Inc. lowered its holdings in Premier, Inc. (NASDAQ:PINC - Free Report) by 70.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,573,660 shares of the company's stock after selling 3,781,560 shares during the quarter. Pacer Advisors Inc. owned 1.72% of Premier worth $30,340,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Alps Advisors Inc. raised its position in Premier by 7.8% in the first quarter. Alps Advisors Inc. now owns 921,163 shares of the company's stock valued at $17,760,000 after purchasing an additional 66,391 shares during the period. Bridgeway Capital Management LLC raised its position in Premier by 3.0% in the fourth quarter. Bridgeway Capital Management LLC now owns 762,337 shares of the company's stock valued at $16,162,000 after purchasing an additional 21,861 shares during the period. Northern Trust Corp raised its position in Premier by 20.5% in the fourth quarter. Northern Trust Corp now owns 741,739 shares of the company's stock valued at $15,725,000 after purchasing an additional 126,217 shares during the period. Invesco Ltd. raised its position in Premier by 23.6% in the fourth 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 during the period. Finally, Allianz Asset Management GmbH raised its position in Premier by 40.1% in the first quarter. Allianz Asset Management GmbH now owns 563,920 shares of the company's stock valued at $10,872,000 after purchasing an additional 161,501 shares during the period. Hedge funds and other institutional investors own 74.41% of the company's stock.

Premier Stock Performance

Shares of NASDAQ:PINC traded up $0.12 on Wednesday, hitting $21.36. 158,539 shares of the company's stock were exchanged, compared to its average volume of 1,565,847. The firm's 50-day moving average is $22.12 and its 200 day moving average is $20.71. The company has a market capitalization of $1.76 billion, a PE ratio of 37.47 and a beta of 0.56. Premier, Inc. has a 1-year low of $17.23 and a 1-year high of $23.56.

Insider Activity at Premier

In related 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 stock was sold at an average price of $22.74, for a total value of $249,730.68. Following the completion of the transaction, the general counsel directly owned 76,093 shares of the company's stock, valued at $1,730,354.82. This trade represents a 12.61% decrease in their position. The transaction 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 shares were sold at an average price of $23.03, for a total value of $26,185.11. Following the completion of the transaction, the director directly owned 28,673 shares of the company's stock, valued at $660,339.19. The trade was a 3.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 14,119 shares of company stock valued at $321,676 in the last ninety days. Corporate insiders own 0.96% of the company's stock.

Analyst Upgrades and Downgrades

PINC has been the subject of a number of research reports. 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. Canaccord Genuity Group boosted their price objective on Premier from $19.00 to $22.00 and gave the company a "hold" rating in a report on Thursday, May 8th. Finally, Piper Sandler boosted their price objective on Premier from $19.00 to $24.00 and gave the company a "neutral" rating in a report on Wednesday, May 21st. Seven research analysts have rated the stock with a hold rating, According to MarketBeat, Premier has an average rating of "Hold" and an average price target of $22.20.

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.