Quantinno Capital Management LP Acquires Shares of 8,995 Primo Brands Co. (NYSE:PRMB)

Quantinno Capital Management LP acquired a new position in Primo Brands Co. (NYSE:PRMB - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 8,995 shares of the company's stock, valued at approximately $277,000.

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

Insider Buying and Selling

In related news, Director Tony W. Lee sold 50,657,562 shares of the stock in a transaction 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 transaction, the director now directly owns 116,210,806 shares of the company's stock, valued at $3,680,396,226.02. This 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 can be accessed through the SEC website. 58.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

PRMB has been the subject of several research reports. Mizuho initiated coverage on shares of Primo Brands in a research note on Monday, May 12th. They issued an "outperform" rating and a $43.00 price objective for the company. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research note on Friday, February 28th. TD Securities assumed coverage on shares of Primo Brands in a research report on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price target for the company. Bank of America assumed coverage on shares of Primo Brands in a research report on Wednesday. They issued a "buy" rating and a $42.00 price target for the company. Finally, JPMorgan Chase & Co. upped 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. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $41.75.

Primo Brands Stock Performance

Shares of NYSE:PRMB traded up $0.48 during trading on Wednesday, reaching $32.70. The stock had a trading volume of 5,724,737 shares, compared to its average volume of 3,689,628. The business's fifty day moving average is $33.03. 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 52 week low of $24.41 and a 52 week high of $35.85. The stock has a market capitalization of $12.31 billion, a PE ratio of -408.75, a price-to-earnings-growth ratio of 0.78 and a beta of 0.83.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.29 EPS for the quarter, beating analysts' consensus estimates of $0.24 by $0.05. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. The company had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.63 billion. Primo Brands's quarterly revenue was up 42.1% on a year-over-year basis. On average, research analysts forecast that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Friday, June 6th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.22%. The ex-dividend date is Friday, June 6th. Primo Brands's dividend payout ratio is presently -500.00%.

Primo Brands Company 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.