SG Americas Securities LLC Acquires New Shares in Primo Brands Corporation (NYSE:PRMB)

SG Americas Securities LLC purchased a new position in Primo Brands Corporation (NYSE:PRMB - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 45,650 shares of the company's stock, valued at approximately $1,620,000.

A number of other large investors have also added to or reduced their stakes in PRMB. PNC Financial Services Group Inc. purchased a new stake in shares of Primo Brands during the fourth quarter worth about $252,000. Sei Investments Co. purchased a new stake in Primo Brands in the 4th quarter worth approximately $10,548,000. Quantinno Capital Management LP purchased a new stake in Primo Brands in the 4th quarter worth approximately $277,000. Principal Financial Group Inc. bought a new stake in shares of Primo Brands in the 4th quarter worth approximately $2,272,000. Finally, Millennium Management LLC purchased a new position in shares of Primo Brands during the fourth quarter valued at approximately $7,837,000. Institutional investors own 87.71% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. TD Securities assumed coverage on shares of Primo Brands in a report on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price target on the stock. Deutsche Bank Aktiengesellschaft raised their target price 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. JPMorgan Chase & Co. boosted their price target on shares of Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. Barclays lowered their price objective on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a report on Monday. Finally, Truist Financial started coverage on Primo Brands in a research report on Friday, April 4th. They set a "buy" rating and a $42.00 price objective on the stock. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $41.33.

Insider Activity

In related news, Director Tony W. Lee sold 50,657,562 shares of the firm'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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 58.40% of the company's stock.

Primo Brands Stock Down 0.3%

PRMB traded down $0.08 during midday trading on Thursday, reaching $29.98. The company's stock had a trading volume of 7,922,374 shares, compared to its average volume of 4,059,537. Primo Brands Corporation has a 1 year low of $24.41 and a 1 year high of $35.85. The stock's 50-day moving average is $32.03 and its 200-day moving average is $32.20. The firm has a market capitalization of $11.28 billion, a price-to-earnings ratio of -374.68, a PEG ratio of 0.55 and a beta of 0.77. The company has a current ratio of 1.07, a quick ratio of 0.87 and a debt-to-equity ratio of 1.49.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.29 EPS for the quarter, topping analysts' consensus estimates of $0.24 by $0.05. Primo Brands had a positive return on equity of 8.35% and a negative net margin of 1.86%. The firm had revenue of $1.61 billion for the quarter, compared to analysts' expectations of $1.63 billion. The firm's quarterly revenue was up 42.1% on a year-over-year basis. As a group, research analysts expect that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th were paid a $0.10 dividend. The ex-dividend date was Friday, June 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.33%. Primo Brands's dividend payout ratio is currently -500.00%.

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.