D. E. Shaw & Co. Inc. Acquires New Position in Primo Brands Co. (NYSE:PRMB)

D. E. Shaw & Co. Inc. purchased a new position in shares of Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 25,900 shares of the company's stock, valued at approximately $797,000.

Other large investors also recently added to or reduced their stakes in the company. SRS Capital Advisors Inc. acquired a new position in Primo Brands during the fourth quarter worth $30,000. EverSource Wealth Advisors LLC acquired a new position in Primo Brands during the fourth quarter worth $30,000. Blue Trust Inc. acquired a new position in Primo Brands during the fourth quarter worth $33,000. R Squared Ltd acquired a new position in Primo Brands during the fourth quarter worth $42,000. Finally, Federated Hermes Inc. acquired a new position in Primo Brands during the fourth quarter worth $55,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Primo Brands Stock Performance

Shares of PRMB stock traded up $0.35 during mid-day trading on Tuesday, hitting $32.22. 5,244,696 shares of the stock were exchanged, compared to its average volume of 3,673,698. The firm's fifty day moving average price is $33.03. The company has a market capitalization of $12.13 billion, a PE ratio of -402.75, a price-to-earnings-growth ratio of 0.78 and a beta of 0.83. Primo Brands Co. has a 12-month low of $24.41 and a 12-month 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 issued its quarterly earnings data on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.05. The company 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 business's revenue was up 42.1% on a year-over-year basis. On average, research 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. Shareholders of record on Friday, June 6th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.24%. The ex-dividend date is Friday, June 6th. Primo Brands's payout ratio is -500.00%.

Insiders Place Their Bets

In related news, Director Tony W. Lee sold 50,657,562 shares of the firm's stock in a transaction dated 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 transaction, the director now owns 116,210,806 shares of the company's stock, valued at $3,680,396,226.02. This trade represents a 30.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 58.40% of the company's stock.

Analyst Ratings Changes

PRMB has been the topic of a number of research reports. Truist Financial initiated coverage on Primo Brands in a research note on Friday, April 4th. They set a "buy" rating and a $42.00 price target on the stock. Mizuho initiated coverage on Primo Brands in a research note on Monday, May 12th. They issued an "outperform" rating and a $43.00 price objective on the stock. JPMorgan Chase & Co. increased their price objective on Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. TD Securities initiated 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. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research note on Friday, February 28th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Primo Brands currently has an average rating of "Buy" and a consensus target price of $41.71.

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.