45,650 Shares in Primo Brands Co. (NYSE:PRMB) Purchased by SG Americas Securities LLC

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

Other institutional investors and hedge funds have also made changes to their positions in the company. SRS Capital Advisors Inc. acquired a new stake in Primo Brands in the fourth quarter worth $30,000. EverSource Wealth Advisors LLC bought a new position in shares of Primo Brands during the fourth quarter worth about $30,000. Blue Trust Inc. acquired a new stake in shares of Primo Brands in the 4th quarter worth about $33,000. Versant Capital Management Inc lifted its position in Primo Brands by 286.7% in the 1st quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock valued at $43,000 after purchasing an additional 906 shares during the last quarter. Finally, Parallel Advisors LLC lifted its position in Primo Brands by 225.5% in the 1st quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock valued at $46,000 after purchasing an additional 902 shares during the last quarter. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Primo Brands Stock Performance

NYSE:PRMB opened at $29.57 on Monday. The company has a 50-day moving average of $32.24 and a 200-day moving average of $32.23. The firm has a market cap of $11.13 billion, a price-to-earnings ratio of -369.65, a price-to-earnings-growth ratio of 0.78 and a beta of 0.77. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. Primo Brands Co. has a twelve month low of $24.41 and a twelve month 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 firm had revenue of $1.61 billion during the quarter, compared to analysts' expectations of $1.63 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. The firm's revenue was up 42.1% compared to the same quarter last year. Analysts forecast that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.35%. The ex-dividend date is Friday, June 6th. Primo Brands's dividend payout ratio (DPR) is presently -500.00%.

Insider Activity

In related news, Director Tony W. Lee sold 50,657,562 shares of the company'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 value of $1,604,324,988.54. Following the completion of the sale, the director now owns 116,210,806 shares in the company, valued at approximately $3,680,396,226.02. This represents a 30.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 58.40% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PRMB. TD Securities started coverage on shares of Primo Brands in a research note on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price target on the stock. Truist Financial started coverage on Primo Brands in a research report on Friday, April 4th. They issued a "buy" rating and a $42.00 target price on the stock. Mizuho started coverage on Primo Brands in a research note on Monday, May 12th. They set an "outperform" rating and a $43.00 target price on the stock. JPMorgan Chase & Co. increased their price target on Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research note on Friday, February 21st. Finally, Barclays started coverage on Primo Brands in a report on Wednesday, June 4th. They set an "overweight" rating and a $40.00 price target on the stock. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $41.56.

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.

Want to see what other hedge funds are holding PRMB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Primo Brands Co. (NYSE:PRMB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.