Allspring Global Investments Holdings LLC Has $22.82 Million Stake in Premier, Inc. (NASDAQ:PINC)

Allspring Global Investments Holdings LLC decreased its position in shares of Premier, Inc. (NASDAQ:PINC) by 8.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,222,333 shares of the company’s stock after selling 111,755 shares during the period. Allspring Global Investments Holdings LLC owned 1.17% of Premier worth $22,821,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in PINC. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Premier by 13.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,169 shares of the company’s stock worth $652,000 after buying an additional 3,412 shares during the last quarter. State of New Jersey Common Pension Fund D boosted its stake in Premier by 7.8% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 120,953 shares of the company’s stock valued at $2,705,000 after acquiring an additional 8,716 shares during the last quarter. Van ECK Associates Corp boosted its stake in Premier by 22.4% in the fourth quarter. Van ECK Associates Corp now owns 3,289 shares of the company’s stock valued at $74,000 after acquiring an additional 601 shares during the last quarter. Hexagon Capital Partners LLC boosted its position in shares of Premier by 71.7% during the fourth quarter. Hexagon Capital Partners LLC now owns 1,660 shares of the company’s stock worth $37,000 after purchasing an additional 693 shares in the last quarter. Finally, Victory Capital Management Inc. raised its holdings in shares of Premier by 2.4% during the fourth quarter. Victory Capital Management Inc. now owns 531,327 shares of the company’s stock worth $11,880,000 after acquiring an additional 12,363 shares during the period. Institutional investors own 74.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PINC. Canaccord Genuity Group downgraded shares of Premier from a “buy” rating to a “hold” rating and reduced their target price for the stock from $27.00 to $21.00 in a report on Wednesday, May 8th. Piper Sandler reduced their target price on shares of Premier from $24.00 to $22.00 and set a “neutral” rating for the company in a report on Wednesday, May 8th. Robert W. Baird reduced their target price on shares of Premier from $22.00 to $19.00 and set a “neutral” rating for the company in a report on Wednesday, August 21st. Canaccord Genuity Group cut their price objective on shares of Premier from $21.00 to $20.00 and set a “hold” rating for the company in a report on Wednesday, August 21st. Finally, Benchmark downgraded shares of Premier from a “buy” rating to a “hold” rating in a report on Monday. Nine investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $22.19.

Premier Price Performance

PINC stock opened at $19.79 on Wednesday. The company has a 50 day simple moving average of $19.49 and a 200 day simple moving average of $20.15. The stock has a market cap of $2.07 billion, a price-to-earnings ratio of 30.92, a P/E/G ratio of 6.62 and a beta of 0.42. Premier, Inc. has a 1 year low of $17.95 and a 1 year high of $24.27. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.93 and a quick ratio of 0.82.

Premier (NASDAQ:PINC) last released its quarterly earnings data on Tuesday, August 20th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.25. Premier had a net margin of 6.01% and a return on equity of 11.71%. The business had revenue of $350.30 million during the quarter, compared to analysts’ expectations of $308.88 million. During the same period in the prior year, the company earned $0.70 EPS. The firm’s quarterly revenue was up 2.9% compared to the same quarter last year. Research analysts anticipate that Premier, Inc. will post 1.96 EPS for the current fiscal year.

Premier Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Sunday, September 15th. Shareholders of record on Sunday, September 1st will be given a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 4.24%. The ex-dividend date is Friday, August 30th. Premier’s dividend payout ratio (DPR) is currently 131.25%.

Insider Buying and Selling at Premier

In other Premier news, General Counsel David L. Klatsky sold 13,339 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $18.55, for a total value of $247,438.45. Following the completion of the transaction, the general counsel now directly owns 92,001 shares in the company, valued at approximately $1,706,618.55. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, COO Leigh Anderson sold 20,000 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $18.63, for a total transaction of $372,600.00. Following the transaction, the chief operating officer now directly owns 163,928 shares of the company’s stock, valued at $3,053,978.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel David L. Klatsky sold 13,339 shares of the firm’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $18.55, for a total transaction of $247,438.45. Following the completion of the transaction, the general counsel now directly owns 92,001 shares in the company, valued at $1,706,618.55. The disclosure for this sale can be found here. In the last ninety days, insiders sold 113,429 shares of company stock worth $2,245,068. 0.85% of the stock is currently owned by company insiders.

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.