Elevation Point Wealth Partners LLC Takes Position in Primo Brands Corporation (NYSE:PRMB)

Elevation Point Wealth Partners LLC purchased a new stake in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The fund purchased 10,842 shares of the company's stock, valued at approximately $385,000.

Other institutional investors have also added to or reduced their stakes in the company. SRS Capital Advisors Inc. bought a new position in Primo Brands in the 4th quarter valued at approximately $30,000. EverSource Wealth Advisors LLC acquired a new position in Primo Brands in the 4th quarter valued at approximately $30,000. Blue Trust Inc. bought a new position in shares of Primo Brands during the fourth quarter valued at $33,000. Versant Capital Management Inc lifted its holdings in shares of Primo Brands by 286.7% during the first quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock worth $43,000 after purchasing an additional 906 shares during the period. Finally, Parallel Advisors LLC grew its stake in shares of Primo Brands by 225.5% in the first quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock worth $46,000 after purchasing an additional 902 shares during the last quarter. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PRMB. TD Securities began coverage on Primo Brands in a research report on Tuesday, April 8th. They set a "buy" rating and a $48.00 target price for the company. Bank of America started coverage on Primo Brands in a research note on Wednesday, May 28th. They issued a "buy" rating and a $42.00 price objective on the stock. Barclays decreased their target price on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a research report on Monday. Truist Financial assumed coverage on shares of Primo Brands in a research report on Friday, April 4th. They issued a "buy" rating and a $42.00 price target on the stock. Finally, JPMorgan Chase & Co. upped their price objective on shares of Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $41.33.

Primo Brands Trading Up 1.1%

Shares of NYSE:PRMB traded up $0.34 during mid-day trading on Friday, hitting $30.35. The company had a trading volume of 4,259,195 shares, compared to its average volume of 4,480,636. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.07 and a quick ratio of 0.87. Primo Brands Corporation has a one year low of $20.16 and a one year high of $35.85. The firm has a fifty day moving average price of $31.95 and a 200 day moving average price of $32.21. The company has a market capitalization of $11.42 billion, a PE ratio of -378.63, a price-to-earnings-growth ratio of 0.55 and a beta of 0.77.

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

Primo Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Friday, June 6th were paid a $0.10 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.40 dividend on an annualized basis and a yield of 1.32%. Primo Brands's dividend payout ratio (DPR) is presently -500.00%.

Insider Activity

In related news, Director Tony W. Lee sold 50,657,562 shares of the company's stock in a transaction on Monday, May 12th. The stock was 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 in the company, valued at approximately $3,680,396,226.02. This represents a 30.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 58.40% of the company's stock.

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.