Jane Street Group LLC Buys 244,251 Shares of Premier, Inc. $PINC

Key Points

• Jane Street Group LLC increased its stake in Premier, Inc. by 74.9%, owning 570,505 shares valued at approximately $10.99 million as of its latest SEC filing.
• Premier, Inc. announced a quarterly dividend of $0.21, which translates to an annual yield of 3.2%, scheduled for payment on September 15th.
• Several analysts have raised their target prices for Premier, with a consensus rating of "Reduce" and an average target price of $24.50.

Jane Street Group LLC increased its position in Premier, Inc. (NASDAQ:PINC - Free Report) by 74.9% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 570,505 shares of the company's stock after purchasing an additional 244,251 shares during the period. Jane Street Group LLC owned 0.62% of Premier worth $10,999,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Raymond James Financial Inc. acquired a new position in Premier in the 4th quarter valued at $286,000. Mariner LLC purchased a new stake in shares of Premier during the 4th quarter worth $282,000. Susquehanna International Group LLP grew its stake in shares of Premier by 66.3% during the 4th quarter. Susquehanna International Group LLP now owns 110,955 shares of the company's stock worth $2,352,000 after purchasing an additional 44,224 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Premier by 6.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 64,899 shares of the company's stock valued at $1,376,000 after purchasing an additional 3,959 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in shares of 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. 74.41% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Premier news, General Counsel David L. Klatsky sold 3,349 shares of Premier stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $25.57, for a total value of $85,633.93. Following 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.96% of the stock is owned by company insiders.

Premier Trading Up 2.2%

NASDAQ:PINC traded up $0.56 on Thursday, reaching $26.15. The stock had a trading volume of 454,970 shares, compared to its average volume of 1,606,987. Premier, Inc. has a 12-month low of $17.23 and a 12-month high of $27.26. The company has a 50-day moving average of $22.91 and a 200 day moving average of $21.31. The stock has a market cap of $2.16 billion, a P/E ratio of 118.91 and a beta of 0.61.

Premier Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 1st will be paid a dividend of $0.21 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $0.84 annualized dividend and a yield of 3.2%. Premier's payout ratio is presently 381.82%.

Analysts Set New Price Targets

Several research firms recently weighed in on PINC. Canaccord Genuity Group raised their price objective on Premier from $22.00 to $25.00 and gave the company a "hold" rating in a research note on Wednesday, August 20th. Piper Sandler raised their target price on shares of Premier from $24.00 to $28.00 and gave the company a "neutral" rating in a report on Monday, August 25th. UBS Group upped their price target on shares of Premier from $23.00 to $26.00 and gave the company a "neutral" rating in a report on Wednesday, August 20th. Leerink Partners boosted 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. Finally, Bank of America raised their price target on shares of Premier from $19.00 to $21.00 and gave the stock an "underperform" rating in a research note on Tuesday, August 19th. Seven research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Reduce" and an average price target of $24.50.

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.