Polar Asset Management Partners Inc. Makes New $2.77 Million Investment in Primo Brands Co. (NYSE:PRMB)

Polar Asset Management Partners Inc. bought a new position in shares of Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 90,000 shares of the company's stock, valued at approximately $2,769,000.

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

Insiders Place Their Bets

In related news, Director Tony W. Lee sold 50,657,562 shares of Primo Brands stock in a transaction dated 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 transaction, the director now directly owns 116,210,806 shares of the company's stock, valued at approximately $3,680,396,226.02. The trade was a 30.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 58.40% of the company's stock.

Primo Brands Stock Up 0.8%

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

Primo Brands (NYSE:PRMB - Get Free Report) last released its quarterly 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. The firm had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.63 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. Primo Brands's revenue for the quarter was up 42.1% compared to the same quarter last year. Analysts predict that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Friday, June 6th will be issued a $0.10 dividend. 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 dividend payout ratio (DPR) is presently -500.00%.

Analysts Set New Price Targets

A number of brokerages have recently commented on PRMB. TD Securities began coverage on Primo Brands in a research report on Tuesday, April 8th. They set a "buy" rating and a $48.00 price objective for the company. Bank of America began coverage on shares of Primo Brands in a research note on Wednesday. They set a "buy" rating and a $42.00 price target for the company. Truist Financial began coverage on shares of Primo Brands in a report on Friday, April 4th. They set a "buy" rating and a $42.00 target price for the company. JPMorgan Chase & Co. boosted their price target on shares of Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research report on Friday, February 21st. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $41.75.

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.