Arizona State Retirement System Buys Shares of 59,286 Primo Brands Corporation (NYSE:PRMB)

Arizona State Retirement System purchased a new stake in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 59,286 shares of the company's stock, valued at approximately $2,104,000.

Several other institutional investors have also modified their holdings of the stock. Xponance Inc. grew its position in shares of Primo Brands by 33.0% in the first quarter. Xponance Inc. now owns 15,076 shares of the company's stock valued at $535,000 after purchasing an additional 3,744 shares during the period. Callan Capital LLC purchased a new position in shares of Primo Brands in the first quarter worth about $5,168,000. Bank of New York Mellon Corp boosted its position in Primo Brands by 7.3% during the first quarter. Bank of New York Mellon Corp now owns 1,414,616 shares of the company's stock worth $50,205,000 after acquiring an additional 96,366 shares during the last quarter. Principal Financial Group Inc. boosted its position in Primo Brands by 7.3% during the first quarter. Principal Financial Group Inc. now owns 79,224 shares of the company's stock worth $2,812,000 after acquiring an additional 5,383 shares during the last quarter. Finally, Amalgamated Bank boosted its position in Primo Brands by 27.6% during the first quarter. Amalgamated Bank now owns 6,872 shares of the company's stock worth $244,000 after acquiring an additional 1,488 shares during the last quarter. Institutional investors and hedge funds own 87.71% of the company's stock.

Primo Brands Stock Down 0.0%

Shares of Primo Brands stock traded down $0.01 during trading hours on Monday, hitting $29.01. The company had a trading volume of 4,332,681 shares, compared to its average volume of 4,568,589. The company's 50-day moving average is $30.53 and its two-hundred day moving average is $32.05. Primo Brands Corporation has a twelve month low of $24.41 and a twelve month 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 company has a market cap of $10.92 billion, a P/E ratio of -362.54, a price-to-earnings-growth ratio of 0.55 and a beta of 0.73.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.05. Primo Brands had a negative net margin of 1.86% and a positive return on equity of 8.35%. The business had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.63 billion. The company's revenue for the quarter was up 42.1% compared to the same quarter last year. Analysts anticipate that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.38%. The ex-dividend date was Friday, June 6th. Primo Brands's dividend payout ratio (DPR) is presently -500.00%.

Analyst Ratings Changes

A number of research firms recently weighed in on PRMB. Barclays lowered their price target on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a research report on Monday, June 16th. Truist Financial initiated coverage on shares of Primo Brands in a research note on Friday, April 4th. They set a "buy" rating and a $42.00 target price on the stock. Morgan Stanley initiated coverage on shares of Primo Brands in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $38.00 target price on the stock. Bank of America reduced their target price on shares of Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a research note on Friday, July 11th. Finally, TD Securities initiated coverage on shares of Primo Brands in a research note on Tuesday, April 8th. They set a "buy" rating and a $48.00 target price on the stock. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $40.70.

Insider Activity at Primo Brands

In other news, Director Tony W. Lee sold 50,657,562 shares of the firm's stock in a transaction 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 owned 116,210,806 shares in the company, valued at approximately $3,680,396,226.02. This trade represents a 30.36% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 58.40% of the company's stock.

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.