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

Cetera Investment Advisers purchased a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 12,992 shares of the company's stock, valued at approximately $400,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. PNC Financial Services Group Inc. purchased a new stake in shares of Primo Brands in the fourth quarter valued at approximately $252,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Primo Brands in the fourth quarter valued at approximately $111,169,000. Sei Investments Co. purchased a new stake in shares of Primo Brands in the fourth quarter valued at approximately $10,548,000. Robeco Institutional Asset Management B.V. purchased a new stake in shares of Primo Brands in the fourth quarter valued at approximately $4,350,000. Finally, Principal Financial Group Inc. purchased a new stake in shares of Primo Brands in the fourth quarter valued at approximately $2,272,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Primo Brands Stock Performance

PRMB traded down $0.92 during trading on Monday, reaching $32.15. The company's stock had a trading volume of 6,271,025 shares, compared to its average volume of 3,727,558. The company's fifty day moving average price is $33.00 and its 200-day moving average price is $32.11. Primo Brands Co. has a 52-week low of $24.41 and a 52-week high of $35.85. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18. The company has a market capitalization of $12.10 billion, a price-to-earnings ratio of -401.88, a price-to-earnings-growth ratio of 0.78 and a beta of 0.83.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.29 earnings per share (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 10.27% and a negative net margin of 2.74%. The firm's quarterly revenue was up 42.1% compared to the same quarter last year. On average, equities analysts forecast that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The firm also recently declared 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 is Friday, June 6th. This represents a $0.40 dividend on an annualized basis and a yield of 1.24%. Primo Brands's dividend payout ratio (DPR) is -500.00%.

Insider Buying and Selling

In other news, Director Tony W. Lee sold 50,657,562 shares of the 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 now owns 116,210,806 shares of the company's stock, valued at approximately $3,680,396,226.02. This trade represents a 30.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 58.40% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

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