Deprince Race & Zollo Inc. Purchases Shares of 1,633,050 Primo Brands Co. (NYSE:PRMB)

Deprince Race & Zollo Inc. bought a new stake in shares of Primo Brands Co. (NYSE:PRMB - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 1,633,050 shares of the company's stock, valued at approximately $50,249,000. Primo Brands comprises about 1.0% of Deprince Race & Zollo Inc.'s investment portfolio, making the stock its 23rd biggest holding. Deprince Race & Zollo Inc. owned approximately 0.43% of Primo Brands at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Fulton Bank N.A. purchased a new stake in Primo Brands in the fourth quarter worth approximately $669,000. Green Alpha Advisors LLC purchased a new position in shares of Primo Brands during the fourth quarter valued at approximately $835,000. Procyon Advisors LLC bought a new position in Primo Brands in the 4th quarter worth $553,000. Nisa Investment Advisors LLC purchased a new stake in Primo Brands in the fourth quarter worth about $176,000. Finally, Dynamic Advisor Solutions LLC bought a new stake in shares of Primo Brands during the fourth quarter valued at approximately $1,887,000. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

Primo Brands Price Performance

Primo Brands stock traded up $0.67 during mid-day trading on Tuesday, reaching $32.47. 3,888,152 shares of the company traded hands, compared to its average volume of 3,457,605. The firm has a market capitalization of $12.34 billion, a P/E ratio of 39.82, a price-to-earnings-growth ratio of 0.78 and a beta of 0.83. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. The company has a fifty day moving average price of $32.93. Primo Brands Co. has a fifty-two week low of $24.41 and a fifty-two week high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.24 by $0.05. The company had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.63 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The business's quarterly revenue was up 42.1% compared to the same quarter last year. As a group, equities research analysts predict that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Friday, June 6th will be given a $0.10 dividend. The ex-dividend date is Friday, June 6th. This represents a $0.40 dividend on an annualized basis and a yield of 1.23%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PRMB. Mizuho initiated coverage on shares of Primo Brands in a research note on Monday. They set an "outperform" rating and a $43.00 target price for the company. JPMorgan Chase & Co. raised their price target on shares of Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a report on Friday, February 21st. Truist Financial initiated coverage on Primo Brands in a report on Friday, April 4th. They issued a "buy" rating and a $42.00 price objective for the company. Deutsche Bank Aktiengesellschaft upped their target price on shares of Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a report on Friday, February 28th. Finally, TD Securities assumed coverage on shares of Primo Brands in a research note on Tuesday, April 8th. They set a "buy" rating and a $48.00 price target on the stock. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $41.71.

Insider Transactions at Primo Brands

In other Primo Brands news, Director Tony W. Lee sold 50,657,562 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $31.67, for a total transaction of $1,604,324,988.54. Following the completion of the sale, the director now directly owns 116,210,806 shares of the company's stock, valued at approximately $3,680,396,226.02. This trade represents a 30.36% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 58.40% of the company's stock.

Primo Brands Profile

Primo Brands Corp. is a branded beverage company, which focuses on healthy hydration. It delivers sustainably and domestically sourced diversified offerings across products, formats, channels, price points and consumer occasions, distributed in the United States and Canada. The company provides water filtration units for home and business consumers across North America.