State of Wyoming Purchases New Position in Primo Brands Co. (NYSE:PRMB)

State of Wyoming acquired a new position in shares of Primo Brands Co. (NYSE:PRMB - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 15,868 shares of the company's stock, valued at approximately $488,000.

Other large investors also recently made changes to their positions in the company. FMR LLC acquired a new position in Primo Brands during the fourth quarter worth $653,019,000. Vanguard Group Inc. acquired a new stake in Primo Brands in the fourth quarter valued at $471,249,000. William Blair Investment Management LLC acquired a new stake in Primo Brands in the fourth quarter valued at $343,451,000. Eminence Capital LP acquired a new stake in Primo Brands in the fourth quarter valued at $145,670,000. Finally, Fuller & Thaler Asset Management Inc. acquired a new stake in Primo Brands in the fourth quarter valued at $128,982,000. Institutional investors own 87.71% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on PRMB shares. Deutsche Bank Aktiengesellschaft increased 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 began coverage on shares of Primo Brands in a research note on Tuesday, April 8th. They set a "buy" rating and a $48.00 target price for the company. JPMorgan Chase & Co. raised their target price on shares of Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research note on Friday, February 21st. Mizuho started coverage on shares of Primo Brands in a research note on Monday, May 12th. They set an "outperform" rating and a $43.00 target price for the company. Finally, Truist Financial started coverage on shares of Primo Brands in a research report on Friday, April 4th. They set a "buy" rating and a $42.00 price target on the stock. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Primo Brands presently has an average rating of "Buy" and a consensus target price of $41.71.

Primo Brands Stock Performance

NYSE:PRMB traded up $0.66 during mid-day trading on Friday, reaching $31.92. 5,467,784 shares of the company's stock were exchanged, compared to its average volume of 3,661,886. Primo Brands Co. has a one year low of $24.41 and a one year high of $35.85. The stock has a market capitalization of $12.02 billion, a price-to-earnings ratio of -399.00, a PEG ratio of 0.78 and a beta of 0.83. The business's fifty day moving average is $33.03. 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 released its earnings results on Thursday, May 8th. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.24 by $0.05. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. The firm had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.63 billion. The firm's quarterly revenue was up 42.1% on a year-over-year basis. As a group, equities research analysts forecast that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Friday, June 6th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.25%. The ex-dividend date is Friday, June 6th. Primo Brands's dividend payout ratio is currently -500.00%.

Insider Buying and Selling at Primo Brands

In related news, Director Tony W. Lee sold 50,657,562 shares of Primo Brands stock in a transaction that occurred on 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 sale, the director now directly owns 116,210,806 shares of the company's stock, valued at approximately $3,680,396,226.02. The trade was a 30.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 58.40% of the company's stock.

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.