Premier, Inc. (PINC) Position Raised by Bank of New York Mellon Corp
Bank of New York Mellon Corp increased its stake in shares of Premier, Inc. (NASDAQ:PINC) by 49.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 640,226 shares of the company’s stock after buying an additional 212,235 shares during the period. Bank of New York Mellon Corp owned 1.26% of Premier worth $20,378,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Advisors Asset Management Inc. increased its position in Premier by 49.8% in the first quarter. Advisors Asset Management Inc. now owns 4,389 shares of the company’s stock valued at $140,000 after buying an additional 1,459 shares during the last quarter. Investment Counselors of Maryland LLC bought a new position in Premier during the first quarter valued at about $166,000. Quantitative Systematic Strategies LLC bought a new position in Premier during the first quarter valued at about $257,000. Dynamic Technology Lab Private Ltd bought a new position in Premier during the fourth quarter valued at about $266,000. Finally, Cipher Capital LP bought a new position in Premier during the fourth quarter valued at about $346,000.
Premier, Inc. (NASDAQ:PINC) opened at 35.32 on Friday. The stock has a 50 day moving average of $34.63 and a 200 day moving average of $32.24. Premier, Inc. has a 1-year low of $28.27 and a 1-year high of $35.84. The stock has a market capitalization of $1.83 billion, a P/E ratio of 16.65 and a beta of 0.48.
Premier (NASDAQ:PINC) last announced its earnings results on Monday, May 8th. The company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.05. The firm had revenue of $379.80 million for the quarter, compared to analysts’ expectations of $401.71 million. Premier had a negative return on equity of 13.95% and a net margin of 31.41%. Premier’s quarterly revenue was up 27.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.44 EPS. On average, analysts expect that Premier, Inc. will post $1.91 earnings per share for the current year.
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Several equities analysts have issued reports on the stock. Evercore ISI downgraded shares of Premier from a “hold” rating to an “underperform” rating in a report on Friday, March 3rd. Zacks Investment Research downgraded shares of Premier from a “buy” rating to a “hold” rating in a research note on Friday, May 12th. Jefferies Group LLC reissued a “buy” rating and issued a $40.00 price target on shares of Premier in a research note on Thursday, April 13th. Finally, Bank of America Corporation raised shares of Premier from an “underperform” rating to a “buy” rating and set a $37.00 price target on the stock in a research note on Tuesday, March 28th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $38.55.
In other Premier news, insider Craig S. Mckasson sold 10,750 shares of the stock in a transaction on Monday, May 15th. The stock was sold at an average price of $34.84, for a total transaction of $374,530.00. Following the sale, the insider now owns 74,505 shares in the company, valued at approximately $2,595,754.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Susan D. Devore sold 40,000 shares of the stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $35.24, for a total value of $1,409,600.00. Following the sale, the chief executive officer now owns 391,589 shares in the company, valued at approximately $13,799,596.36. The disclosure for this sale can be found here. In the last quarter, insiders have sold 183,611 shares of company stock worth $6,451,880. 17.14% of the stock is owned by insiders.
Premier, Inc is a healthcare improvement company. The Company is uniting an alliance of approximately 3,750 United States hospitals and more than 130,000 other provider organizations to transform healthcare. The Company operates healthcare group purchasing organizations and also provides integrated data and analytics, supply chain solutions, advisory services, performance improvement collaborative and other services.
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