Cresset Asset Management LLC Takes $269,000 Position in Primo Brands Co. (NYSE:PRMB)

Cresset Asset Management LLC acquired a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 8,751 shares of the company's stock, valued at approximately $269,000.

A number of other large investors have also recently bought and sold shares of the business. FMR LLC acquired a new stake in shares of Primo Brands in the fourth quarter worth about $653,019,000. Vanguard Group Inc. bought a new position in shares of Primo Brands in the 4th quarter valued at approximately $471,249,000. William Blair Investment Management LLC acquired a new stake in Primo Brands in the 4th quarter worth approximately $343,451,000. Fuller & Thaler Asset Management Inc. bought a new stake in Primo Brands during the fourth quarter worth approximately $128,982,000. Finally, JPMorgan Chase & Co. acquired a new position in Primo Brands during the fourth quarter valued at approximately $122,757,000. 87.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. TD Securities started coverage on shares of Primo Brands in a research note on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price objective for the company. 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 target price on the stock. JPMorgan Chase & Co. boosted their target price on shares of Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research report on Friday, February 21st. Deutsche Bank Aktiengesellschaft raised their price target on Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research report on Friday, February 28th. Finally, Mizuho started coverage on Primo Brands in a research note on Monday, May 12th. They issued an "outperform" rating and a $43.00 price objective on the stock. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $41.71.

Primo Brands Price Performance

NYSE PRMB opened at $32.32 on Friday. The stock has a fifty day moving average of $33.01. Primo Brands Co. has a 52-week low of $24.41 and a 52-week high of $35.85. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. The firm has a market cap of $12.17 billion, a price-to-earnings ratio of -404.00, a price-to-earnings-growth ratio of 0.78 and a beta of 0.83.

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, topping analysts' consensus estimates of $0.24 by $0.05. The business had revenue of $1.61 billion for 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 for the quarter was up 42.1% on a year-over-year basis. As a group, sell-side analysts expect that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date is Friday, June 6th. Primo Brands's dividend payout ratio is presently -500.00%.

Insider Activity at Primo Brands

In other 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 transaction of $1,604,324,988.54. Following the sale, the director now directly owns 116,210,806 shares in the company, valued at approximately $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 Securities & Exchange Commission, which is accessible through the SEC website. 58.40% of the stock is currently owned by corporate insiders.

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.

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