Focus Partners Wealth Purchases Shares of 9,413 Primo Brands Co. (NYSE:PRMB)

Focus Partners Wealth 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. The institutional investor purchased 9,413 shares of the company's stock, valued at approximately $290,000.

Several other institutional investors have also recently made changes to their positions in the company. FMR LLC bought a new position in Primo Brands during the 4th quarter worth about $653,019,000. Vanguard Group Inc. bought a new position in shares of Primo Brands during the fourth quarter valued at approximately $471,249,000. William Blair Investment Management LLC purchased a new position in Primo Brands during the fourth quarter valued at approximately $343,451,000. Eminence Capital LP purchased a new position in Primo Brands during the fourth quarter valued at approximately $145,670,000. Finally, Fuller & Thaler Asset Management Inc. bought a new position in Primo Brands in the fourth quarter worth approximately $128,982,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Primo Brands Price Performance

NYSE PRMB traded up $0.84 during trading on Wednesday, hitting $33.06. The company's stock had a trading volume of 1,060,951 shares, compared to its average volume of 3,656,419. Primo Brands Co. has a fifty-two week low of $24.41 and a fifty-two week high of $35.85. The company has a market capitalization of $12.44 billion, a P/E ratio of -414.25, a PEG ratio of 0.78 and a beta of 0.83. 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 $33.02.

Primo Brands (NYSE:PRMB - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.29 EPS for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $1.63 billion. Primo Brands's revenue for the quarter was up 42.1% compared to the same quarter last year. Analysts expect that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Announces Dividend

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

Insider Activity at Primo Brands

In related news, Director Tony W. Lee sold 50,657,562 shares of the company's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $31.67, for a total value of $1,604,324,988.54. Following the sale, the director now 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 58.40% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. TD Securities started coverage on Primo Brands in a report on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price target on the stock. Bank of America assumed coverage on Primo Brands in a research report on Wednesday. They set a "buy" rating and a $42.00 price objective on the stock. 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 for the company. JPMorgan Chase & Co. raised their price target 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. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company 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.