Premier (NASDAQ:PINC) Reaches New 12-Month High Following Dividend Announcement

Key Points

Error: Response status code does not indicate success: 429 (Too Many Requests).

Premier, Inc. (NASDAQ:PINC - Get Free Report)'s stock price reached a new 52-week high during trading on Tuesday following a dividend announcement from the company. The stock traded as high as $26.19 and last traded at $26.51, with a volume of 236136 shares traded. The stock had previously closed at $24.43.The newly announced dividend which will be paid on Monday, September 15th. Investors of record on Monday, September 1st will be issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 3.2%. Premier's payout ratio is currently 147.37%.

Analyst Ratings Changes

A number of research analysts recently commented on PINC shares. Canaccord Genuity Group increased their price target on shares of Premier from $19.00 to $22.00 and gave the company a "hold" rating in a report on Thursday, May 8th. Piper Sandler lifted their price objective on shares of Premier from $19.00 to $24.00 and gave the company a "neutral" rating in a report on Wednesday, May 21st. Finally, Robert W. Baird lifted their price target on shares of Premier from $19.00 to $22.00 and gave the stock a "neutral" rating in a report on Thursday, May 15th. Seven equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, Premier presently has an average rating of "Hold" and a consensus price target of $22.20.

Premier Stock Performance

The company's fifty day simple moving average is $22.06 and its two-hundred day simple moving average is $20.77. The company has a market capitalization of $2.19 billion, a price-to-earnings ratio of 46.93 and a beta of 0.56.

Insider Activity at Premier

In other news, Director John T. Bigalke sold 1,137 shares of the business's stock in a transaction 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 sale, the director directly owned 28,673 shares in the company, valued at approximately $660,339.19. The trade was a 3.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Helen M. Boudreau sold 2,000 shares of the company's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $22.88, for a total transaction of $45,760.00. Following the transaction, the director owned 18,668 shares of the company's stock, valued at approximately $427,123.84. The trade was a 9.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.96% of the company's stock.

Hedge Funds Weigh In On Premier

Several hedge funds and other institutional investors have recently made changes to their positions in PINC. State Street Corp grew its holdings in shares of Premier by 17.6% during the second quarter. State Street Corp now owns 4,259,088 shares of the company's stock worth $93,402,000 after purchasing an additional 638,498 shares during the last quarter. American Century Companies Inc. lifted its stake in Premier by 7.2% in the second quarter. American Century Companies Inc. now owns 3,100,474 shares of the company's stock valued at $67,993,000 after buying an additional 208,764 shares during the period. Geode Capital Management LLC raised its position in shares of Premier by 33.3% during the second quarter. Geode Capital Management LLC now owns 2,247,171 shares of the company's stock worth $49,285,000 after purchasing an additional 561,262 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Premier by 4.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,897,424 shares of the company's stock worth $36,582,000 after purchasing an additional 84,016 shares during the period. Finally, 8 Knots Management LLC bought a new stake in Premier during the second quarter worth $37,151,000. 74.41% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.