Elevation Point Wealth Partners LLC Invests $385,000 in Primo Brands Co. (NYSE:PRMB)

Elevation Point Wealth Partners LLC purchased a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 10,842 shares of the company's stock, valued at approximately $385,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PRMB. SRS Capital Advisors Inc. purchased a new stake in shares of Primo Brands in the fourth quarter valued at about $30,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Primo Brands in the fourth quarter valued at about $30,000. Blue Trust Inc. purchased a new stake in shares of Primo Brands in the fourth quarter valued at about $33,000. Versant Capital Management Inc raised its holdings in shares of Primo Brands by 286.7% in the first quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock valued at $43,000 after buying an additional 906 shares during the last quarter. Finally, Parallel Advisors LLC raised its holdings 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 valued at $46,000 after buying an additional 902 shares during the last quarter. 87.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Barclays reduced their target price on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a report on Monday. JPMorgan Chase & Co. upped their target price on shares of Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a report on Friday, February 21st. Truist Financial started coverage on shares of Primo Brands in a report on Friday, April 4th. They set a "buy" rating and a $42.00 price target for the company. Bank of America started coverage on shares of Primo Brands in a report on Wednesday, May 28th. They set a "buy" rating and a $42.00 price target for the company. Finally, Mizuho started coverage on shares of Primo Brands in a report on Monday, May 12th. They set an "outperform" rating and a $43.00 price target for the company. Nine analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $41.33.

Insider Activity

In other news, Director Tony W. Lee sold 50,657,562 shares of the 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 sale, the director now directly owns 116,210,806 shares in the company, valued at $3,680,396,226.02. This represents a 30.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 58.40% of the company's stock.

Primo Brands Trading Up 0.4%

Shares of PRMB opened at $29.73 on Tuesday. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. The firm's 50-day moving average is $32.18 and its two-hundred day moving average is $32.23. Primo Brands Co. has a twelve month low of $24.41 and a twelve month high of $35.85. The firm has a market capitalization of $11.19 billion, a P/E ratio of -371.56, a PEG ratio of 0.78 and a beta of 0.77.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.05. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. The company had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.63 billion. Primo Brands's revenue was up 42.1% compared to the same quarter last year. On average, research analysts predict 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. Stockholders of record on Friday, June 6th will be given a $0.10 dividend. The ex-dividend date is Friday, June 6th. This represents a $0.40 annualized dividend and a dividend yield of 1.35%. Primo Brands's dividend payout ratio is presently -500.00%.

About Primo Brands

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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