Blair William & Co. IL Has $2.65 Million Stock Position in Primo Brands Corporation (NYSE:PRMB)

Key Points

• Blair William & Co. IL increased its stake in Primo Brands Corporation by 60.3% in Q1 2023, bringing its total holdings to $2.65 million.
• Primo Brands received an average rating of "Buy" from ten analysts, with a consensus price target of $40.70.
• Director Tony W. Lee sold over 50 million shares of Primo Brands, reducing his ownership by 30.36%, with the total sale reportedly valued at approximately $1.6 billion.

Blair William & Co. IL grew its position in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 60.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 74,791 shares of the company's stock after acquiring an additional 28,144 shares during the quarter. Blair William & Co. IL's holdings in Primo Brands were worth $2,654,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in PRMB. LPL Financial LLC purchased a new stake in shares of Primo Brands during the fourth quarter valued at approximately $550,000. Arrowstreet Capital Limited Partnership bought a new stake in Primo Brands during the fourth quarter valued at approximately $312,000. Alliancebernstein L.P. purchased a new position in shares of Primo Brands in the 4th quarter worth about $5,092,000. Franklin Resources Inc. purchased a new position in shares of Primo Brands during the fourth quarter worth approximately $290,000. Finally, National Bank of Canada FI purchased a new stake in Primo Brands during the fourth quarter valued at about $148,000. 87.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Mizuho initiated coverage on shares of Primo Brands in a research report on Monday, May 12th. They set an "outperform" rating and a $43.00 price target for the company. Morgan Stanley assumed coverage on Primo Brands in a research report on Wednesday, July 2nd. They issued an "overweight" rating and a $38.00 price objective on the stock. Barclays reduced their target price on Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a research note on Monday, June 16th. Finally, Bank of America cut their price target on shares of Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a report on Friday, July 11th. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $40.70.

Insider Buying and Selling

In other Primo Brands 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 value of $1,604,324,988.54. Following the completion of the transaction, the director directly owned 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 58.40% of the company's stock.

Primo Brands Price Performance

PRMB stock opened at $24.00 on Friday. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.87 and a current ratio of 1.07. The firm has a market capitalization of $9.03 billion, a price-to-earnings ratio of -299.93, a PEG ratio of 0.50 and a beta of 0.72. The firm has a 50 day moving average price of $29.30 and a 200-day moving average price of $31.66. Primo Brands Corporation has a 52-week low of $20.16 and a 52-week high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.29 EPS for the quarter, topping analysts' consensus estimates of $0.24 by $0.05. The firm had revenue of $1.61 billion for the quarter, compared to analysts' expectations of $1.63 billion. Primo Brands had a positive return on equity of 8.35% and a negative net margin of 1.86%. Primo Brands's quarterly revenue was up 42.1% on a year-over-year basis. Equities research analysts forecast that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

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.

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