Millennium Management LLC Acquires Shares of 254,689 Primo Brands Co. (NYSE:PRMB)

Millennium Management LLC purchased a new stake in shares of Primo Brands Co. (NYSE:PRMB - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 254,689 shares of the company's stock, valued at approximately $7,837,000. Millennium Management LLC owned about 0.07% of Primo Brands as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. acquired a new stake in Primo Brands in the 4th quarter valued at about $252,000. Allspring Global Investments Holdings LLC acquired a new stake in Primo Brands in the 4th quarter valued at about $111,169,000. Sei Investments Co. acquired a new stake in Primo Brands in the 4th quarter valued at about $10,548,000. Robeco Institutional Asset Management B.V. acquired a new stake in Primo Brands in the 4th quarter valued at about $4,350,000. Finally, Principal Financial Group Inc. acquired a new stake in shares of Primo Brands during the 4th quarter worth approximately $2,272,000. Institutional investors and hedge funds own 87.71% of the company's stock.

Insider Buying and Selling

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 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 now directly owns 116,210,806 shares in the company, valued at $3,680,396,226.02. The trade was a 30.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 58.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on PRMB shares. Mizuho started coverage on shares of Primo Brands in a research report on Monday, May 12th. They set an "outperform" rating and a $43.00 price target for the company. TD Securities started coverage on shares of Primo Brands in a research report on Tuesday, April 8th. They set a "buy" rating and a $48.00 price target for the company. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. Bank of America began coverage on shares of Primo Brands in a research report on Wednesday. They set a "buy" rating and a $42.00 price target for the company. Finally, Truist Financial began coverage on shares of Primo Brands in a research note on Friday, April 4th. They set a "buy" rating and a $42.00 price objective on the stock. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $41.75.

Primo Brands Stock Up 1.5%

Shares of PRMB stock traded up $0.48 during trading on Wednesday, reaching $32.70. The company's stock had a trading volume of 5,724,737 shares, compared to its average volume of 3,689,628. The firm's fifty day moving average is $33.03. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. The stock has a market capitalization of $12.31 billion, a P/E ratio of -408.75, a price-to-earnings-growth ratio of 0.78 and a beta of 0.83. Primo Brands Co. has a one year low of $24.41 and a one year high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last issued 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 the consensus estimate of $1.63 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. Primo Brands's revenue was up 42.1% on a year-over-year basis. Research analysts anticipate that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Friday, June 6th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $0.40 dividend on an annualized basis and a yield of 1.22%. Primo Brands's payout ratio is -500.00%.

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.