Principal Financial Group Inc. Lowers Stock Holdings in Premier, Inc. (NASDAQ:PINC)

Principal Financial Group Inc. cut its position in shares of Premier, Inc. (NASDAQ:PINC - Free Report) by 2.7% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 453,332 shares of the company's stock after selling 12,677 shares during the period. Principal Financial Group Inc. owned about 0.50% of Premier worth $8,740,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. American Century Companies Inc. increased its holdings in shares of Premier by 4.2% in the 4th quarter. American Century Companies Inc. now owns 2,598,731 shares of the company's stock valued at $55,093,000 after acquiring an additional 104,452 shares during the period. Bridgeway Capital Management LLC grew its stake in Premier by 3.0% during the 4th 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 last quarter. Northern Trust Corp grew its stake in Premier by 20.5% during the 4th 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 last quarter. Invesco Ltd. lifted its holdings in shares of 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 buying an additional 137,306 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Premier by 2.4% in the 4th quarter. JPMorgan Chase & Co. now owns 489,428 shares of the company's stock valued at $10,376,000 after buying an additional 11,599 shares during the period. 74.41% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Robert W. Baird upped their price target on Premier from $19.00 to $22.00 and gave the stock 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 stock a "hold" rating in a research note on Thursday, May 8th. Finally, Piper Sandler upped 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. Seven equities research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $22.20.

Premier Price Performance

Shares of NASDAQ PINC traded down $0.09 during mid-day trading on Friday, hitting $20.98. The company had a trading volume of 381,588 shares, compared to its average volume of 1,301,124. The company has a market capitalization of $1.73 billion, a PE ratio of 36.82 and a beta of 0.56. Premier, Inc. has a 1-year low of $17.23 and a 1-year high of $23.56. The business's 50-day simple moving average is $22.37 and its 200 day simple moving average is $20.72.

Premier Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, June 15th. Stockholders of record on Sunday, June 1st were paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 4.00%. The ex-dividend date of this dividend was Friday, May 30th. Premier's payout ratio is currently 147.37%.

Insider Activity

In other Premier news, Director John T. Bigalke sold 1,137 shares of the firm's stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $23.03, for a total value of $26,185.11. Following the sale, the director directly owned 28,673 shares in the company, valued at $660,339.19. This trade represents a 3.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Helen M. Boudreau sold 2,000 shares of the company's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $22.88, for a total value of $45,760.00. Following the completion of the sale, the director directly owned 18,668 shares of the company's stock, valued at approximately $427,123.84. This trade represents a 9.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 14,119 shares of company stock worth $321,676. 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.