Premier, Inc. (NASDAQ:PINC) Sees Significant Growth in Short Interest

Premier, Inc. (NASDAQ:PINC) was the target of a large growth in short interest in February. As of February 28th, there was short interest totalling 18,930,000 shares, a growth of 89.9% from the February 13th total of 9,970,000 shares. Currently, 21.0% of the company’s stock are sold short. Based on an average daily trading volume, of 1,320,000 shares, the short-interest ratio is presently 14.3 days.

Insider Activity

In other news, Director Helen M. Boudreau sold 2,500 shares of the company’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $21.42, for a total transaction of $53,550.00. Following the transaction, the director now directly owns 20,668 shares of the company’s stock, valued at approximately $442,708.56. This represents a 10.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Leigh Anderson sold 20,000 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $21.88, for a total value of $437,600.00. Following the completion of the sale, the chief operating officer now directly owns 111,707 shares of the company’s stock, valued at $2,444,149.16. The trade was a 15.19 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 23,637 shares of company stock worth $511,093. Corporate insiders own 0.96% of the company’s stock.

Institutional Investors Weigh In On Premier

Hedge funds have recently added to or reduced their stakes in the business. Brandes Investment Partners LP grew its holdings in Premier by 123.1% during the fourth quarter. Brandes Investment Partners LP now owns 842,326 shares of the company’s stock worth $17,857,000 after acquiring an additional 464,710 shares during the period. Quantinno Capital Management LP grew its stake in shares of Premier by 249.8% during the 4th quarter. Quantinno Capital Management LP now owns 405,241 shares of the company’s stock worth $8,591,000 after purchasing an additional 289,408 shares during the period. Franklin Resources Inc. purchased a new position in shares of Premier during the 4th quarter valued at approximately $5,275,000. Assenagon Asset Management S.A. lifted its stake in shares of Premier by 109.8% in the 4th quarter. Assenagon Asset Management S.A. now owns 468,524 shares of the company’s stock valued at $9,933,000 after purchasing an additional 245,239 shares during the period. Finally, Millennium Management LLC boosted its holdings in Premier by 142.8% during the fourth quarter. Millennium Management LLC now owns 402,566 shares of the company’s stock worth $8,534,000 after buying an additional 236,787 shares in the last quarter. 74.41% of the stock is owned by hedge funds and other institutional investors.

Premier Trading Up 1.1 %

Shares of NASDAQ:PINC opened at $18.16 on Friday. The company’s 50 day moving average is $19.85 and its 200 day moving average is $20.57. The company has a market cap of $1.66 billion, a PE ratio of -181.58 and a beta of 0.39. Premier has a twelve month low of $17.23 and a twelve month high of $23.56.

Premier Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Saturday, March 15th. Investors of record on Saturday, March 1st were given a dividend of $0.21 per share. The ex-dividend date of this dividend was Friday, February 28th. This represents a $0.84 dividend on an annualized basis and a yield of 4.63%. Premier’s dividend payout ratio is presently -840.00%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on PINC shares. Robert W. Baird lowered their price target on Premier from $20.00 to $19.00 and set a “neutral” rating for the company in a report on Wednesday, February 5th. Piper Sandler cut their price target on shares of Premier from $21.00 to $19.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 5th. Finally, Canaccord Genuity Group decreased their price target on shares of Premier from $21.00 to $19.00 and set a “hold” rating for the company in a report on Wednesday, February 5th. Eight analysts have rated the stock with a hold rating, According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $20.17.

Premier Company Profile

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.