15,868 Shares in Primo Brands Co. (NYSE:PRMB) Bought by State of Wyoming

State of Wyoming purchased a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The fund purchased 15,868 shares of the company's stock, valued at approximately $488,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of PRMB. SRS Capital Advisors Inc. purchased a new stake in shares of Primo Brands in the fourth quarter worth about $30,000. EverSource Wealth Advisors LLC bought a new stake in Primo Brands in the 4th quarter worth approximately $30,000. Blue Trust Inc. purchased a new stake in shares of Primo Brands during the 4th quarter worth approximately $33,000. R Squared Ltd bought a new position in shares of Primo Brands during the 4th quarter valued at approximately $42,000. Finally, Federated Hermes Inc. bought a new position in shares of Primo Brands during the 4th quarter valued at approximately $55,000. 87.71% of the stock is currently owned by institutional investors.

Primo Brands Stock Performance

Shares of NYSE PRMB opened at $31.69 on Tuesday. 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 stock has a market capitalization of $11.93 billion, a P/E ratio of -396.13, a price-to-earnings-growth ratio of 0.78 and a beta of 0.83. The business has a 50 day simple moving average of $33.02.

Primo Brands (NYSE:PRMB - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.29 earnings per share for the quarter, topping analysts' consensus estimates of $0.24 by $0.05. The business had revenue of $1.61 billion for the quarter, compared to analyst estimates 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 revenue was up 42.1% on a year-over-year basis. Sell-side analysts predict that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Dividend Announcement

The business also recently disclosed 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 annualized dividend and a yield of 1.26%. Primo Brands's dividend payout ratio (DPR) is -500.00%.

Analysts Set New Price Targets

A number of research firms recently issued reports on PRMB. Deutsche Bank Aktiengesellschaft upped their price target on shares of Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research note on Friday, February 28th. TD Securities assumed coverage on shares of Primo Brands in a research report on Tuesday, April 8th. They set a "buy" rating and a $48.00 target price on the stock. JPMorgan Chase & Co. lifted 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. Mizuho assumed coverage on Primo Brands in a research note on Monday, May 12th. They set an "outperform" rating and a $43.00 price objective on the stock. Finally, Truist Financial initiated coverage on Primo Brands in a research note on Friday, April 4th. They issued a "buy" rating and a $42.00 price objective for the company. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $41.71.

Insider Buying and Selling at Primo Brands

In other Primo Brands news, Director Tony W. Lee sold 50,657,562 shares of the company'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 completion of the sale, the director now directly owns 116,210,806 shares in the company, valued at approximately $3,680,396,226.02. This represents a 30.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 58.40% of the stock is owned by corporate insiders.

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.

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