Cetera Investment Advisers Acquires New Shares in Primo Brands Co. (NYSE:PRMB)

Cetera Investment Advisers purchased a new position in shares of Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 12,992 shares of the company's stock, valued at approximately $400,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of PRMB. PNC Financial Services Group Inc. bought a new position in shares of Primo Brands in the fourth quarter valued at about $252,000. Allspring Global Investments Holdings LLC acquired a new position in Primo Brands in the 4th quarter valued at about $111,169,000. Sei Investments Co. bought a new position in Primo Brands in the 4th quarter valued at about $10,548,000. Robeco Institutional Asset Management B.V. bought a new position in Primo Brands in the 4th quarter valued at about $4,350,000. Finally, Principal Financial Group Inc. acquired a new stake in Primo Brands during the fourth quarter worth approximately $2,272,000. Institutional investors own 87.71% of the company's stock.

Primo Brands Price Performance

NYSE:PRMB traded up $0.26 during trading hours on Friday, reaching $33.09. 7,417,747 shares of the company were exchanged, compared to its average volume of 3,710,003. The company has a market capitalization of $12.46 billion, a P/E ratio of -413.63, a P/E/G ratio of 0.78 and a beta of 0.83. Primo Brands Co. has a 1-year low of $24.41 and a 1-year high of $35.85. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. The business has a 50 day moving average of $33.04 and a 200 day moving average of $32.11.

Primo Brands (NYSE:PRMB - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.29 earnings per share for the quarter, beating analysts' consensus estimates 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 10.27% and a negative net margin of 2.74%. Primo Brands's revenue was up 42.1% on a year-over-year basis. Research analysts forecast that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Friday, June 6th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $0.40 annualized dividend and a yield of 1.21%. Primo Brands's dividend payout ratio is -500.00%.

Insiders Place Their Bets

In related 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 value of $1,604,324,988.54. Following the transaction, the director now directly owns 116,210,806 shares of the company's stock, valued at $3,680,396,226.02. This trade represents a 30.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 58.40% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. TD Securities initiated coverage on Primo Brands in a research report on Tuesday, April 8th. They issued a "buy" rating and a $48.00 target price on the stock. Mizuho assumed coverage on Primo Brands in a research note on Monday, May 12th. They issued an "outperform" rating and a $43.00 price target for the company. Truist Financial assumed coverage on Primo Brands in a report on Friday, April 4th. They issued a "buy" rating and a $42.00 price objective on the stock. JPMorgan Chase & Co. lifted their target price on Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a report on Friday, February 21st. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research report on Friday, February 28th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $41.75.

Primo Brands 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.