Bank of New York Mellon Corp Has $50.21 Million Stake in Primo Brands Corporation (NYSE:PRMB)

Bank of New York Mellon Corp boosted its stake in Primo Brands Corporation (NYSE:PRMB - Free Report) by 7.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,414,616 shares of the company's stock after acquiring an additional 96,366 shares during the quarter. Bank of New York Mellon Corp owned 0.37% of Primo Brands worth $50,205,000 as of its most recent SEC filing.

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

Insider Activity at Primo Brands

In related news, Director Tony W. Lee sold 50,657,562 shares of the business's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $31.67, for a total transaction of $1,604,324,988.54. Following the sale, the director 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 58.40% of the company's stock.

Primo Brands Price Performance

NYSE PRMB traded up $0.10 on Wednesday, hitting $28.60. 4,495,709 shares of the company's stock were exchanged, compared to its average volume of 4,571,035. Primo Brands Corporation has a 52 week low of $24.41 and a 52 week high of $35.85. The stock has a 50-day moving average of $30.75 and a 200-day moving average of $32.08. The company has a current ratio of 1.07, a quick ratio of 0.87 and a debt-to-equity ratio of 1.49. The stock has a market cap of $10.77 billion, a price-to-earnings ratio of -357.46, a P/E/G ratio of 0.54 and a beta of 0.73.

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, topping the consensus estimate of $0.24 by $0.05. The firm had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.63 billion. Primo Brands had a positive return on equity of 8.35% and a negative net margin of 1.86%. The business's revenue was up 42.1% on a year-over-year basis. Analysts expect that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th were issued 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 (DPR) is presently -500.00%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Barclays decreased their price objective on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a research report on Monday, June 16th. TD Securities assumed coverage on shares of Primo Brands in a report on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price objective on the stock. 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 for the company. Mizuho assumed coverage on Primo Brands in a research note on Monday, May 12th. They set an "outperform" rating and a $43.00 target price on the stock. Finally, Morgan Stanley initiated coverage on Primo Brands in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $38.00 price target for the company. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat, Primo Brands presently has a consensus rating of "Buy" and an average target price of $40.70.

About Primo Brands

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.