Millennium Management LLC Purchases New Stake in Primo Brands Co. (NYSE:PRMB)

Millennium Management LLC bought a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 254,689 shares of the company's stock, valued at approximately $7,837,000. Millennium Management LLC owned approximately 0.07% of Primo Brands as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in PRMB. PNC Financial Services Group Inc. bought a new position in Primo Brands during the 4th quarter worth $252,000. Allspring Global Investments Holdings LLC bought a new position in Primo Brands during the 4th quarter worth $111,169,000. Sei Investments Co. bought a new position in Primo Brands during the 4th quarter worth $10,548,000. Robeco Institutional Asset Management B.V. bought a new position in Primo Brands during the 4th quarter worth $4,350,000. Finally, Principal Financial Group Inc. bought a new position in Primo Brands during the 4th quarter worth $2,272,000. 87.71% of the stock is currently owned by institutional investors.

Insider Activity

In other 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 transaction of $1,604,324,988.54. Following the completion of the sale, the director now directly owns 116,210,806 shares of the company's stock, valued at $3,680,396,226.02. This represents a 30.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 58.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on PRMB shares. JPMorgan Chase & Co. upped their price objective on Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research note on Friday, February 21st. Truist Financial started coverage on Primo Brands in a research note on Friday, April 4th. They set a "buy" rating and a $42.00 price objective for the company. TD Securities began coverage on Primo Brands in a research note on Tuesday, April 8th. They set a "buy" rating and a $48.00 price objective for the company. Bank of America began coverage on Primo Brands in a research note on Wednesday. They issued a "buy" rating and a $42.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft increased their price target on Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Primo Brands currently has an average rating of "Buy" and a consensus target price of $41.75.

Primo Brands Price Performance

Shares of Primo Brands stock traded up $0.26 during trading on Friday, hitting $33.09. The stock had a trading volume of 7,417,747 shares, compared to its average volume of 3,709,905. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. The firm has a market cap of $12.46 billion, a P/E ratio of -413.63, a PEG ratio of 0.78 and a beta of 0.83. The business has a fifty day moving average of $33.04 and a two-hundred day moving average of $32.11. Primo Brands Co. has a fifty-two week low of $24.41 and a fifty-two week high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.05. The business had revenue of $1.61 billion during 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 business's revenue for the quarter was up 42.1% on a year-over-year basis. On average, sell-side analysts expect that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th will be issued a $0.10 dividend. The ex-dividend date is Friday, June 6th. This represents a $0.40 annualized dividend and a dividend yield of 1.21%. Primo Brands's dividend payout ratio (DPR) 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.