Bank of New York Mellon Corp Has $26.55 Million Stock Position in Premier, Inc. (NASDAQ:PINC)

Bank of New York Mellon Corp lowered its stake in Premier, Inc. (NASDAQ:PINC - Free Report) by 7.9% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 1,421,992 shares of the company's stock after selling 122,344 shares during the period. Bank of New York Mellon Corp owned 1.36% of Premier worth $26,549,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Mitsubishi UFJ Trust & Banking Corp acquired a new position in shares of Premier during the first quarter valued at $27,000. Versant Capital Management Inc boosted its stake in Premier by 265.2% during the 2nd quarter. Versant Capital Management Inc now owns 2,140 shares of the company's stock valued at $40,000 after purchasing an additional 1,554 shares during the period. Abich Financial Wealth Management LLC grew its position in Premier by 50.0% in the 1st quarter. Abich Financial Wealth Management LLC now owns 1,951 shares of the company's stock worth $43,000 after purchasing an additional 650 shares during the last quarter. Parallel Advisors LLC increased its stake in shares of Premier by 141.2% in the fourth quarter. Parallel Advisors LLC now owns 1,980 shares of the company's stock valued at $44,000 after purchasing an additional 1,159 shares during the period. Finally, Gladius Capital Management LP acquired a new stake in shares of Premier in the second quarter valued at approximately $68,000. Institutional investors and hedge funds own 74.41% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Canaccord Genuity Group lowered shares of Premier from a "buy" rating to a "hold" rating and cut their target price for the company from $27.00 to $21.00 in a research note on Wednesday, May 8th. Benchmark lowered Premier from a "buy" rating to a "hold" rating in a research note on Monday, August 26th. Piper Sandler cut their target price on Premier from $24.00 to $22.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 8th. JPMorgan Chase & Co. reduced their target price on Premier from $23.00 to $21.00 and set a "neutral" rating for the company in a report on Tuesday, May 28th. Finally, Canaccord Genuity Group dropped their price target on Premier from $21.00 to $20.00 and set a "hold" rating on the stock in a research note on Wednesday, August 21st. Ten equities research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $22.19.

Premier Price Performance

PINC traded down $0.28 during midday trading on Thursday, hitting $20.46. 1,135,855 shares of the company's stock traded hands, compared to its average volume of 1,473,555. The company has a market cap of $2.05 billion, a PE ratio of 31.97, a price-to-earnings-growth ratio of 9.79 and a beta of 0.40. The stock's fifty day simple moving average is $19.76 and its 200-day simple moving average is $20.11. Premier, Inc. has a one year low of $17.95 and a one year high of $23.56.

Premier (NASDAQ:PINC - Get Free Report) last announced its quarterly earnings results on Tuesday, August 20th. The company reported $0.69 earnings per share for the quarter, topping analysts' consensus estimates of $0.44 by $0.25. The company had revenue of $350.30 million during the quarter, compared to analysts' expectations of $308.88 million. Premier had a return on equity of 11.69% and a net margin of 8.88%. The business's quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.70 earnings per share. On average, research analysts expect that Premier, Inc. will post 1.02 EPS for the current year.

Premier Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, September 15th. Stockholders of record on Sunday, September 1st will be given a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 4.11%. The ex-dividend date of this dividend is Friday, August 30th. Premier's dividend payout ratio is currently 131.25%.

Insider Transactions at Premier

In other Premier news, General Counsel David L. Klatsky sold 13,339 shares of Premier stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $18.55, for a total value of $247,438.45. Following the transaction, the general counsel now directly owns 92,001 shares of the company's stock, valued at approximately $1,706,618.55. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CEO Michael J. Alkire sold 19,362 shares of the company's stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $20.83, for a total transaction of $403,310.46. Following the completion of the transaction, the chief executive officer now owns 578,143 shares of the company's stock, valued at $12,042,718.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel David L. Klatsky sold 13,339 shares of the stock in a transaction dated 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 sale, the general counsel now owns 92,001 shares of the company's stock, valued at approximately $1,706,618.55. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 148,261 shares of company stock worth $2,964,830. Company insiders own 0.85% 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.