California State Teachers Retirement System Makes New $4.53 Million Investment in Primo Brands Co. (NYSE:PRMB)

California State Teachers Retirement System purchased a new stake in shares of Primo Brands Co. (NYSE:PRMB - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 147,043 shares of the company's stock, valued at approximately $4,525,000.

Other hedge funds have also modified their holdings of the company. Choreo LLC acquired a new position in Primo Brands in the fourth quarter worth approximately $275,000. Financial Advocates Investment Management bought a new stake in Primo Brands in the fourth quarter worth approximately $287,000. Entropy Technologies LP acquired a new position in shares of Primo Brands during the 4th quarter worth $236,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Primo Brands during the 4th quarter worth $111,169,000. Finally, Vontobel Holding Ltd. bought a new position in shares of Primo Brands during the 4th quarter valued at $236,000. 87.71% of the stock is owned by institutional investors and hedge funds.

Primo Brands Stock Performance

PRMB stock traded up $0.49 during mid-day trading on Friday, reaching $31.18. 5,535,179 shares of the stock traded hands, compared to its average volume of 3,807,254. The firm has a market capitalization of $11.74 billion, a PE ratio of -389.81, a P/E/G ratio of 0.78 and a beta of 0.83. The business has a 50-day moving average of $32.78 and a two-hundred day moving average of $32.12. Primo Brands Co. has a 52 week low of $24.41 and a 52 week high of $35.85. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86.

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 for the quarter, topping the consensus estimate of $0.24 by $0.05. The business had revenue of $1.61 billion during the quarter, compared to analysts' expectations 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 analysts predict that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.10 per share. The ex-dividend date is Friday, June 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.28%. Primo Brands's dividend payout ratio (DPR) is presently -500.00%.

Insider Activity

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

Analyst Ratings Changes

A number of brokerages recently issued reports on PRMB. Bank of America began coverage on shares of Primo Brands in a report on Wednesday, May 28th. They issued a "buy" rating and a $42.00 price objective for the company. JPMorgan Chase & Co. boosted their price target on Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research report on Friday, February 21st. Barclays started coverage on Primo Brands in a research note on Wednesday. They set an "overweight" rating and a $40.00 price target for the company. Mizuho assumed coverage on Primo Brands in a report on Monday, May 12th. They set an "outperform" rating and a $43.00 price objective on the stock. 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. Nine analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $41.56.

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.