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

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

A number of other large investors have also recently bought and sold shares of PRMB. FMR LLC acquired a new stake in shares of Primo Brands in the 4th quarter valued at approximately $653,019,000. Vanguard Group Inc. acquired a new position in shares of Primo Brands in the fourth quarter worth $471,249,000. William Blair Investment Management LLC acquired a new position in shares of Primo Brands in the fourth quarter worth $343,451,000. Eminence Capital LP acquired a new position in shares of Primo Brands in the fourth quarter worth $145,670,000. Finally, Fuller & Thaler Asset Management Inc. acquired a new position in Primo Brands in the 4th quarter valued at about $128,982,000. Institutional investors and hedge funds own 87.71% of the company's stock.

Insiders Place Their Bets

In other news, Director Tony W. Lee sold 50,657,562 shares of the company's stock in a transaction on Monday, May 12th. The stock was 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 $3,680,396,226.02. This represents a 30.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 58.40% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

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

Primo Brands Stock Performance

Shares of NYSE PRMB traded up $0.26 during midday trading on Friday, hitting $33.09. The company's stock had a trading volume of 7,417,747 shares, compared to its average volume of 3,709,905. Primo Brands Co. has a 1-year low of $24.41 and a 1-year high of $35.85. The firm's fifty day moving average price is $33.04 and its 200-day moving average price is $32.11. 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 firm has a market cap of $12.46 billion, a P/E ratio of -413.63, a P/E/G ratio of 0.78 and a beta of 0.83.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its earnings results 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 positive return on equity of 10.27% and a negative net margin of 2.74%. The company had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.63 billion. The firm's revenue was up 42.1% on a year-over-year basis. On average, sell-side analysts forecast that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Friday, June 6th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date is Friday, June 6th. Primo Brands's payout ratio is -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.