Callan Capital LLC Acquires New Shares in Primo Brands Corporation (NYSE:PRMB)

Callan Capital LLC purchased a new stake in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 145,607 shares of the company's stock, valued at approximately $5,168,000.

Other hedge funds also recently modified their holdings of the company. Bank of New York Mellon Corp raised its position in shares of Primo Brands by 7.3% during the first quarter. Bank of New York Mellon Corp now owns 1,414,616 shares of the company's stock worth $50,205,000 after purchasing an additional 96,366 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Primo Brands by 7.3% in the first quarter. Principal Financial Group Inc. now owns 79,224 shares of the company's stock worth $2,812,000 after buying an additional 5,383 shares in the last quarter. Amalgamated Bank grew its holdings in shares of Primo Brands by 27.6% during the first quarter. Amalgamated Bank now owns 6,872 shares of the company's stock worth $244,000 after purchasing an additional 1,488 shares in the last quarter. KBC Group NV boosted its holdings in shares of Primo Brands by 27.3% in the 1st quarter. KBC Group NV now owns 2,051,228 shares of the company's stock worth $72,798,000 after purchasing an additional 439,744 shares in the last quarter. Finally, Jag Capital Management LLC purchased a new stake in Primo Brands during the first quarter valued at about $220,000. Institutional investors and hedge funds own 87.71% of the company's stock.

Primo Brands Trading Up 1.5%

Shares of Primo Brands stock traded up $0.45 during trading on Thursday, hitting $30.50. The stock had a trading volume of 4,578,304 shares, compared to its average volume of 4,532,779. The firm's fifty day simple moving average is $31.07 and its 200-day simple moving average is $32.13. The stock has a market cap of $11.48 billion, a PE ratio of -381.14, a PEG ratio of 0.57 and a beta of 0.73. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.07 and a quick ratio of 0.87. Primo Brands Corporation has a 12 month low of $24.41 and a 12 month high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last announced 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. Primo Brands had a negative net margin of 1.86% and a positive return on equity of 8.35%. The business had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.63 billion. The business's revenue was up 42.1% on a year-over-year basis. As a group, sell-side analysts expect that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.40 annualized dividend and a dividend yield of 1.31%. Primo Brands's dividend payout ratio (DPR) is -500.00%.

Insider Buying and Selling at Primo Brands

In other news, Director Tony W. Lee sold 50,657,562 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $31.67, for a total value of $1,604,324,988.54. Following the transaction, the director directly owned 116,210,806 shares in the company, valued at approximately $3,680,396,226.02. This represents a 30.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 58.40% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Morgan Stanley assumed coverage on Primo Brands in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $38.00 price target for the company. Truist Financial began coverage on Primo Brands in a research note on Friday, April 4th. They issued a "buy" rating and a $42.00 price target for the company. Bank of America began coverage on Primo Brands in a research report on Wednesday, May 28th. They set a "buy" rating and a $42.00 price objective for the company. Barclays reduced their price objective on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a research note on Monday, June 16th. Finally, TD Securities assumed coverage on Primo Brands in a research note on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price objective on the stock. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $41.00.

About Primo Brands

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.