DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main Buys Shares of 55,000 Primo Brands Co. (NYSE:PRMB)

DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new position in shares of Primo Brands Co. (NYSE:PRMB - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 55,000 shares of the company's stock, valued at approximately $1,692,000.

A number of other institutional investors also recently added to or reduced their stakes in the stock. FMR LLC bought a new position in shares of Primo Brands during the 4th quarter worth approximately $653,019,000. Vanguard Group Inc. bought a new position in shares of Primo Brands during the fourth quarter valued at $471,249,000. William Blair Investment Management LLC bought a new position in shares of Primo Brands during the fourth quarter valued at $343,451,000. Eminence Capital LP acquired a new stake in shares of Primo Brands in the 4th quarter valued at $145,670,000. Finally, Fuller & Thaler Asset Management Inc. bought a new stake in shares of Primo Brands in the 4th quarter worth about $128,982,000. 87.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Insider Buying and Selling

In other news, Director Tony W. Lee sold 50,657,562 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $31.67, for a total value of $1,604,324,988.54. Following the transaction, the director now directly owns 116,210,806 shares in the company, valued at $3,680,396,226.02. This trade represents a 30.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 58.40% of the company's stock.

Primo Brands Price Performance

Shares of PRMB stock traded up $0.39 during trading hours on Tuesday, reaching $32.19. 9,703,865 shares of the company were exchanged, compared to its average volume of 3,502,153. Primo Brands Co. has a fifty-two week low of $24.41 and a fifty-two week high of $35.85. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18. The business has a fifty day moving average price of $32.93. The firm has a market cap of $12.12 billion, a P/E ratio of -402.38, a price-to-earnings-growth ratio of 0.78 and a beta of 0.83.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.05. The firm 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 company's quarterly revenue was up 42.1% on a year-over-year basis. On average, research analysts anticipate that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Friday, June 6th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.24%. The ex-dividend date of this dividend is Friday, June 6th. Primo Brands's dividend payout ratio is -500.00%.

Primo Brands Company 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.