Cambridge Investment Research Advisors Inc. Buys 9,235 Shares of Primo Brands Corporation (NYSE:PRMB)

Cambridge Investment Research Advisors Inc. raised its stake in Primo Brands Corporation (NYSE:PRMB - Free Report) by 12.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 82,557 shares of the company's stock after acquiring an additional 9,235 shares during the period. Cambridge Investment Research Advisors Inc.'s holdings in Primo Brands were worth $2,930,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of PRMB. Principal Financial Group Inc. bought a new stake in shares of Primo Brands in the fourth quarter worth about $2,272,000. Bank of New York Mellon Corp purchased a new position in Primo Brands during the 4th quarter valued at approximately $40,563,000. Amalgamated Bank purchased a new position in Primo Brands during the 4th quarter valued at approximately $166,000. Los Angeles Capital Management LLC bought a new stake in Primo Brands in the 4th quarter worth approximately $241,000. Finally, Oppenheimer Asset Management Inc. purchased a new stake in shares of Primo Brands during the 4th quarter worth approximately $452,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on PRMB shares. TD Securities started coverage on shares of Primo Brands in a report on Tuesday, April 8th. They issued a "buy" rating and a $48.00 target price for the company. Bank of America initiated coverage on shares of Primo Brands in a research note on Wednesday, May 28th. They issued a "buy" rating and a $42.00 price objective for the company. Mizuho started coverage on shares of Primo Brands in a research report on Monday, May 12th. They set an "outperform" rating and a $43.00 target price on the stock. Truist Financial initiated coverage on shares of Primo Brands in a report on Friday, April 4th. They issued a "buy" rating and a $42.00 price target for the company. Finally, Barclays reduced their price objective 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. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat, Primo Brands presently has an average rating of "Buy" and a consensus target price of $41.33.

Insider Buying and Selling at Primo Brands

In other news, Director Tony W. Lee sold 50,657,562 shares of Primo Brands stock in a transaction that occurred on 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 sale, the director now 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 58.40% of the stock is currently owned by corporate insiders.

Primo Brands Price Performance

PRMB stock opened at $29.35 on Monday. The stock has a market cap of $11.05 billion, a PE ratio of -366.79, a P/E/G ratio of 0.56 and a beta of 0.78. Primo Brands Corporation has a 12 month low of $24.41 and a 12 month high of $35.85. The company has a 50-day moving average price of $31.47 and a 200 day moving average price of $32.19. 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 (NYSE:PRMB - Get Free Report) last announced its 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 positive return on equity of 8.35% and a negative net margin of 1.86%. The business had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.63 billion. The business's revenue for the quarter was up 42.1% compared to the same quarter last year. Equities research analysts anticipate that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Friday, June 6th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.36%. The ex-dividend date was Friday, June 6th. Primo Brands's dividend payout ratio (DPR) 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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