500,000 Shares in Primo Brands Corporation (NYSE:PRMB) Bought by Jefferies Financial Group Inc.

Key Points

• Jefferies Financial Group Inc. acquired 500,000 shares of Primo Brands Corporation (NYSE:PRMB) during Q1, totaling approximately $17.7 million and representing 0.13% ownership in the company.
• Analysts have issued a consensus "Buy" rating for the stock, with a target price averaging around $40.70, following coverage from several firms including Truist Financial and Mizuho.
• Insider activity included a notable sale by Director Tony W. Lee, who sold over 50 million shares, reducing his stake by 30.36% despite still owning a significant portion of the company.

Jefferies Financial Group Inc. acquired a new stake in Primo Brands Corporation (NYSE:PRMB - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 500,000 shares of the company's stock, valued at approximately $17,745,000. Jefferies Financial Group Inc. owned 0.13% of Primo Brands at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. Signaturefd LLC increased its stake in shares of Primo Brands by 12.1% in the first quarter. Signaturefd LLC now owns 3,013 shares of the company's stock valued at $107,000 after buying an additional 325 shares in the last quarter. GAMMA Investing LLC raised its holdings in Primo Brands by 34.5% during the 1st quarter. GAMMA Investing LLC now owns 1,942 shares of the company's stock worth $69,000 after purchasing an additional 498 shares during the last quarter. CWM LLC raised its holdings in Primo Brands by 20.5% during the 1st quarter. CWM LLC now owns 4,975 shares of the company's stock worth $177,000 after purchasing an additional 847 shares during the last quarter. Parallel Advisors LLC raised its holdings in Primo Brands by 225.5% during the 1st quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock worth $46,000 after purchasing an additional 902 shares during the last quarter. Finally, Versant Capital Management Inc raised its holdings in Primo Brands by 286.7% during the 1st quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock worth $43,000 after purchasing an additional 906 shares during the last quarter. 87.71% of the stock is owned by institutional investors.

Primo Brands Stock Performance

NYSE PRMB traded down $0.56 on Friday, reaching $27.05. The stock had a trading volume of 5,842,946 shares, compared to its average volume of 4,651,352. The company has a market cap of $10.18 billion, a P/E ratio of -338.08, a price-to-earnings-growth ratio of 0.51 and a beta of 0.73. Primo Brands Corporation has a 1-year low of $20.16 and a 1-year high of $35.85. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.07 and a quick ratio of 0.87. The firm has a fifty day moving average of $29.81 and a two-hundred day moving average of $31.84.

Primo Brands (NYSE:PRMB - Get Free Report) last released its earnings results 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 8.35% and a negative net margin of 1.86%. Primo Brands's revenue for the quarter was up 42.1% on a year-over-year basis. On average, equities research analysts anticipate that Primo Brands Corporation will post 1.13 EPS for the current year.

Insider Activity

In other news, Director Tony W. Lee sold 50,657,562 shares of the 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 sale, the director directly owned 116,210,806 shares of the company's stock, valued at approximately $3,680,396,226.02. This represents a 30.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 58.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Truist Financial assumed coverage on Primo Brands in a report on Friday, April 4th. They set a "buy" rating and a $42.00 price objective for the company. Morgan Stanley assumed coverage on Primo Brands in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $38.00 target price for the company. Barclays decreased their target price on Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a research report on Monday, June 16th. TD Securities assumed coverage on Primo Brands in a research report on Tuesday, April 8th. They set a "buy" rating and a $48.00 target price for the company. Finally, Bank of America decreased their price objective on Primo Brands from $42.00 to $39.00 and set a "buy" rating for the company in a research report on Friday, July 11th. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat, Primo Brands has an average rating of "Buy" and a consensus target price of $40.70.

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.