PNC Financial Services Group Inc. Decreases Stock Position in Premier, Inc. $PINC

PNC Financial Services Group Inc. trimmed its holdings in Premier, Inc. (NASDAQ:PINC) by 29.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,841 shares of the company’s stock after selling 1,987 shares during the period. PNC Financial Services Group Inc.’s holdings in Premier were worth $106,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. CW Advisors LLC lifted its holdings in shares of Premier by 1.8% in the first 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. lifted its stake 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 in the last quarter. Huntington National Bank grew its holdings in Premier by 24.4% during 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 grew its holdings in Premier by 72.2% during 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. increased its position in Premier by 1.7% during the first quarter. Baird Financial Group Inc. now owns 56,826 shares of the company’s stock worth $1,096,000 after buying an additional 972 shares in the last quarter. Institutional investors and hedge funds own 74.41% of the company’s stock.

Premier Price Performance

Shares of PINC stock opened at $28.26 on Monday. The firm’s 50-day simple moving average is $28.06 and its 200-day simple moving average is $24.99. Premier, Inc. has a 1-year low of $17.23 and a 1-year high of $28.79. The firm has a market cap of $2.33 billion, a P/E ratio of -104.67 and a beta of 0.64.

Premier (NASDAQ:PINC) last released its earnings results on Tuesday, January 14th. The company reported $0.67 earnings per share (EPS) for the quarter. The firm had revenue of ($713.06) million during the quarter. Premier had a negative net margin of 3.28% and a positive return on equity of 6.84%. Analysts expect that Premier, Inc. will post 1.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Andy Brailo sold 6,521 shares of the stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $25.79, for a total value of $168,176.59. Following the transaction, the insider directly owned 99,447 shares of the company’s stock, valued at approximately $2,564,738.13. This trade represents a 6.15% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John T. Bigalke sold 1,137 shares of Premier stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $25.79, for a total value of $29,323.23. Following the completion of the transaction, the director owned 27,536 shares in the company, valued at $710,153.44. The trade was a 3.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.96% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PINC. Leerink Partners upped their price objective on Premier from $24.00 to $26.00 and gave the company a “market perform” rating in a research report on Tuesday, August 19th. Robert W. Baird upped their target price on shares of Premier from $22.00 to $27.00 and gave the company a “neutral” rating in a report on Wednesday, August 20th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Premier in a report on Wednesday, October 8th. Piper Sandler boosted their price objective on shares of Premier from $28.00 to $28.25 and gave the company a “neutral” rating in a research report on Wednesday, November 5th. Finally, Canaccord Genuity Group raised their target price on shares of Premier from $25.00 to $28.25 and gave the stock a “hold” rating in a research report on Tuesday, September 23rd. Six equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $26.46.

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.