D. E. Shaw & Co. Inc. Buys Shares of 25,900 Primo Brands Co. (NYSE:PRMB)

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

Other hedge funds have also recently bought and sold shares of the company. SRS Capital Advisors Inc. acquired a new position in Primo Brands during the 4th quarter worth $30,000. EverSource Wealth Advisors LLC bought a new position in Primo Brands in the 4th quarter worth about $30,000. Blue Trust Inc. acquired a new stake in Primo Brands in the 4th quarter valued at approximately $33,000. R Squared Ltd bought a new stake in shares of Primo Brands during the fourth quarter valued at about $42,000. Finally, Federated Hermes Inc. bought a new stake in shares of Primo Brands during the 4th quarter worth about $55,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Primo Brands Price Performance

Shares of PRMB stock traded up $0.09 during mid-day trading on Thursday, reaching $32.80. The company's stock had a trading volume of 2,838,886 shares, compared to its average volume of 3,682,642. Primo Brands Co. has a 1-year low of $24.41 and a 1-year 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 company has a market cap of $12.35 billion, a P/E ratio of -410.05, a PEG ratio of 0.78 and a beta of 0.83. The firm's 50-day moving average is $33.05 and its two-hundred day moving average is $32.10.

Primo Brands (NYSE:PRMB - Get Free Report) last released 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 firm 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%. Primo Brands's quarterly revenue was up 42.1% compared to the same quarter last year. On average, research analysts predict that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Investors 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 dividend on an annualized basis and a dividend yield of 1.22%. Primo Brands's dividend payout ratio is -500.00%.

Insiders Place Their Bets

In related news, Director Tony W. Lee sold 50,657,562 shares of the business's 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 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. The trade was a 30.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 58.40% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PRMB. Mizuho initiated coverage on shares of Primo Brands in a report on Monday, May 12th. They set an "outperform" rating and a $43.00 target price for the company. Truist Financial started coverage on Primo Brands in a report on Friday, April 4th. They set a "buy" rating and a $42.00 price target for the company. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a report on Friday, February 28th. JPMorgan Chase & Co. upped their target price on Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research report on Friday, February 21st. Finally, TD Securities assumed coverage on Primo Brands in a research report on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price target on the stock. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $41.75.

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.