Redwood Investment Management LLC Raises Stock Holdings in Premier, Inc. $PINC

Key Points

• Redwood Investment Management LLC increased its holdings in Premier, Inc. by 11.0%, acquiring an additional 19,016 shares, bringing its total to 191,742 shares valued at approximately $3.7 million.
• Major financial institutions, including Vestcor Inc and Atlas Capital Advisors Inc, have recently established new positions in Premier during the first quarter, demonstrating growing institutional interest.
• Piper Sandler and Canaccord Genuity Group raised their price targets for Premier stock to $28.00 and $25.00, respectively, reflecting a generally optimistic outlook despite seven analysts rating the stock as a hold.

Redwood Investment Management LLC lifted its holdings in shares of Premier, Inc. (NASDAQ:PINC - Free Report) by 11.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 191,742 shares of the company's stock after acquiring an additional 19,016 shares during the quarter. Redwood Investment Management LLC owned 0.21% of Premier worth $3,697,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Vestcor Inc purchased a new stake in shares of Premier during the first quarter valued at approximately $125,000. Atlas Capital Advisors Inc. bought a new position in Premier during the first quarter valued at $125,000. Versant Capital Management Inc grew its holdings in Premier by 97.6% during the first quarter. Versant Capital Management Inc now owns 7,719 shares of the company's stock valued at $149,000 after purchasing an additional 3,813 shares during the period. Neuberger Berman Group LLC grew its holdings in Premier by 16.7% during the first quarter. Neuberger Berman Group LLC now owns 11,183 shares of the company's stock valued at $216,000 after purchasing an additional 1,604 shares during the period. Finally, Cooper Financial Group bought a new position in Premier during the first quarter valued at $221,000. 74.41% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on PINC shares. Bank of America increased their price objective on Premier from $19.00 to $21.00 and gave the company an "underperform" rating in a report on Tuesday, August 19th. Canaccord Genuity Group increased their price objective on Premier from $22.00 to $25.00 and gave the company a "hold" rating in a report on Wednesday, August 20th. Piper Sandler increased their price objective on Premier from $24.00 to $28.00 and gave the company a "neutral" rating in a report on Monday. Leerink Partners increased their price objective on Premier from $24.00 to $26.00 and gave the company a "market perform" rating in a report on Tuesday, August 19th. Finally, UBS Group raised their price target on Premier from $23.00 to $26.00 and gave the stock a "neutral" rating in a report on Wednesday, August 20th. Seven investment 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 a consensus price target of $24.50.

Premier Price Performance

Premier stock opened at $25.70 on Tuesday. The firm has a market capitalization of $2.12 billion, a P/E ratio of 116.82 and a beta of 0.56. Premier, Inc. has a one year low of $17.23 and a one year high of $27.26. The business has a fifty day moving average price of $22.36 and a 200-day moving average price of $20.97.

Premier Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors 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 3.3%. Premier's dividend payout ratio (DPR) is currently 381.82%.

Insider Buying and Selling at Premier

In other Premier news, Director Helen M. Boudreau sold 2,000 shares of the firm's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $22.88, for a total transaction of $45,760.00. Following the sale, the director owned 18,668 shares in the company, valued at $427,123.84. This trade represents a 9.68% decrease in their ownership of the stock. 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 dated Wednesday, June 4th. The shares were sold at an average price of $23.03, for a total value of $26,185.11. Following the sale, the director owned 28,673 shares in the company, valued at $660,339.19. The trade was a 3.81% decrease in their position. The disclosure for this sale can be found here. 0.96% of the stock is currently owned by company insiders.

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.

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