Premier (NASDAQ:PINC) Reaches New 52-Week High - Should You Buy?

Key Points

• Premier, Inc. (NASDAQ:PINC) reached a new 52-week high of $23.64 during trading, indicating strong market performance with 709,323 shares traded.
• Analysts have raised their price targets for Premier, with Piper Sandler increasing its target to $24.00 and assigning a "neutral" rating, while others set targets of $22.00 with "hold" ratings.
• Insider selling activity was highlighted, with Director Helen M. Boudreau selling 2,000 shares at an average price of $22.88, indicating a 9.68% decrease in ownership by the director.

Premier, Inc. (NASDAQ:PINC - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $23.64 and last traded at $23.62, with a volume of 709323 shares traded. The stock had previously closed at $23.34.

Analyst Ratings Changes

PINC has been the subject of several research reports. Piper Sandler lifted their price target on Premier from $19.00 to $24.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 21st. Canaccord Genuity Group lifted their price target on Premier from $19.00 to $22.00 and gave the stock a "hold" rating in a research note on Thursday, May 8th. Finally, Robert W. Baird lifted their price target on Premier from $19.00 to $22.00 and gave the stock a "neutral" rating in a research note on Thursday, May 15th. Seven research analysts have rated the stock with a hold rating, According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $22.20.

Premier Price Performance

The stock's 50-day moving average is $21.91 and its 200-day moving average is $20.71. The stock has a market cap of $1.98 billion, a price-to-earnings ratio of 42.17 and a beta of 0.56.

Insider Buying and Selling

In related news, Director Helen M. Boudreau sold 2,000 shares of the company's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $22.88, for a total value of $45,760.00. Following the completion of the transaction, the director directly owned 18,668 shares in the company, valued at approximately $427,123.84. This represents a 9.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John T. Bigalke sold 1,137 shares of the company'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 transaction, the director 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. 0.96% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Premier

Several institutional investors have recently added to or reduced their stakes in the business. CW Advisors LLC increased its holdings in Premier by 1.8% in the 1st quarter. CW Advisors LLC now owns 26,166 shares of the company's stock valued at $504,000 after purchasing an additional 454 shares in the last quarter. First Horizon Advisors Inc. boosted its position in Premier by 198.2% in the 2nd quarter. First Horizon Advisors Inc. now owns 1,130 shares of the company's stock valued at $25,000 after buying an additional 751 shares during the last quarter. Huntington National Bank boosted its position in Premier by 24.4% in the 2nd quarter. Huntington National Bank now owns 3,844 shares of the company's stock valued at $84,000 after buying an additional 753 shares during the last quarter. Signaturefd LLC boosted its position in Premier by 72.2% in the 2nd quarter. Signaturefd LLC now owns 2,197 shares of the company's stock valued at $48,000 after buying an additional 921 shares during the last quarter. Finally, Baird Financial Group Inc. boosted its position in Premier by 1.7% in the 1st quarter. Baird Financial Group Inc. now owns 56,826 shares of the company's stock valued at $1,096,000 after buying an additional 972 shares during the last quarter. 74.41% of the stock is currently owned by institutional investors and hedge funds.

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.

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