Callan Capital LLC Purchases Shares of 145,607 Primo Brands Corporation (NYSE:PRMB)

Callan Capital LLC bought a new stake in Primo Brands Corporation (NYSE:PRMB - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 145,607 shares of the company's stock, valued at approximately $5,168,000.

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

Insider Transactions at Primo Brands

In related news, Director Tony W. Lee sold 50,657,562 shares of the firm's stock in a transaction on 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 trade represents a 30.36% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 58.40% of the company's stock.

Primo Brands Stock Down 2.0%

Shares of PRMB traded down $0.63 during mid-day trading on Tuesday, hitting $30.07. 826,982 shares of the company's stock were exchanged, compared to its average volume of 4,514,049. The firm has a fifty day moving average of $31.16 and a two-hundred day moving average of $32.15. Primo Brands Corporation has a twelve month low of $24.41 and a twelve month high of $35.85. The stock has a market cap of $11.32 billion, a price-to-earnings ratio of -375.27, a P/E/G ratio of 0.56 and a beta of 0.73. The company has a quick ratio of 0.87, a current ratio of 1.07 and a debt-to-equity ratio of 1.49.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.29 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 company had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.63 billion. The business's revenue for the quarter was up 42.1% on a year-over-year basis. On average, sell-side analysts forecast that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Investors of record on Friday, June 6th were paid a $0.10 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.40 dividend on an annualized basis and a yield of 1.33%. Primo Brands's payout ratio is presently -500.00%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on PRMB shares. TD Securities initiated coverage on Primo Brands in a research report on Tuesday, April 8th. They set a "buy" rating and a $48.00 price objective for the company. Bank of America assumed coverage on shares of Primo Brands in a research report on Wednesday, May 28th. They issued a "buy" rating and a $42.00 target price on the stock. Barclays decreased 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. Mizuho started coverage on Primo Brands in a research report on Monday, May 12th. They issued an "outperform" rating and a $43.00 target price for the company. Finally, Morgan Stanley initiated coverage on Primo Brands in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $38.00 price target on the stock. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $41.00.

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.