Bank of New York Mellon Corp Purchases 96,366 Shares of Primo Brands Corporation (NYSE:PRMB)

Bank of New York Mellon Corp lifted its position in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 7.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,414,616 shares of the company's stock after purchasing an additional 96,366 shares during the quarter. Bank of New York Mellon Corp owned 0.37% of Primo Brands worth $50,205,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. FMR LLC bought a new position in shares of Primo Brands during the fourth quarter worth $653,019,000. Vanguard Group Inc. bought a new position in shares of Primo Brands during the fourth quarter worth $471,249,000. William Blair Investment Management LLC bought a new position in shares of Primo Brands during the fourth quarter worth $343,451,000. Eminence Capital LP bought a new stake in Primo Brands in the 4th quarter valued at $145,670,000. Finally, Fuller & Thaler Asset Management Inc. bought a new stake in Primo Brands in the 4th quarter valued at $128,982,000. 87.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on PRMB. Morgan Stanley began coverage on shares of Primo Brands in a research report on Wednesday, July 2nd. They issued an "overweight" rating and a $38.00 price objective on the stock. TD Securities began coverage on shares of Primo Brands in a research report on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price objective on the stock. Mizuho began coverage on shares of Primo Brands in a research report on Monday, May 12th. They issued an "outperform" rating and a $43.00 price objective on the stock. Truist Financial began coverage on shares of Primo Brands in a research report on Friday, April 4th. They issued a "buy" rating and a $42.00 price objective on the stock. Finally, Bank of America cut their price objective on shares of Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a research report on Friday. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Primo Brands has an average rating of "Buy" and an average price target of $40.70.

Insider Buying and Selling at Primo Brands

In other news, Director Tony W. Lee sold 50,657,562 shares of the business's 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 transaction, the director directly owned 116,210,806 shares in the company, valued at $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 available at this link. 58.40% of the stock is owned by corporate insiders.

Primo Brands Stock Down 6.2%

Shares of PRMB stock opened at $28.65 on Friday. The company has a current ratio of 1.07, a quick ratio of 0.87 and a debt-to-equity ratio of 1.49. Primo Brands Corporation 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 $30.93 and its two-hundred day moving average price is $32.11. The firm has a market capitalization of $10.78 billion, a P/E ratio of -358.08, a PEG ratio of 0.54 and a beta of 0.73.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.63 billion. Primo Brands's revenue was up 42.1% compared to the same quarter last year. On average, equities analysts predict that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th were paid a dividend of $0.10 per share. The ex-dividend date was Friday, June 6th. This represents a $0.40 annualized dividend and a dividend yield of 1.40%. 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.

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