Focus Partners Wealth Makes New Investment in Primo Brands Co. (NYSE:PRMB)

Focus Partners Wealth bought a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 9,413 shares of the company's stock, valued at approximately $290,000.

A number of other hedge funds have also made changes to their positions in PRMB. D. E. Shaw & Co. Inc. bought a new stake in shares of Primo Brands in the 4th quarter worth about $797,000. Deutsche Bank AG acquired a new stake in shares of Primo Brands during the 4th quarter valued at approximately $7,711,000. Deprince Race & Zollo Inc. acquired a new position in Primo Brands in the fourth quarter worth $50,249,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new stake in shares of Primo Brands during the fourth quarter worth $1,692,000. Finally, Eminence Capital LP acquired a new position in shares of Primo Brands in the 4th quarter valued at about $145,670,000. Institutional investors and hedge funds own 87.71% of the company's stock.

Primo Brands Trading Up 1.1%

PRMB stock traded up $0.35 on Tuesday, hitting $32.22. 2,250,923 shares of the company's stock traded hands, compared to its average volume of 3,652,171. The firm has a market cap of $12.13 billion, a PE ratio of -402.88, a price-to-earnings-growth ratio of 0.78 and a beta of 0.83. Primo Brands Co. has a 1-year low of $24.41 and a 1-year 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 stock's fifty day moving average is $33.03.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.29 EPS for the quarter, beating analysts' consensus estimates of $0.24 by $0.05. The company 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 business's revenue for the quarter was up 42.1% compared to the same quarter last year. On average, equities research analysts anticipate that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Friday, June 6th will be paid a $0.10 dividend. The ex-dividend date of this dividend 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 is currently -500.00%.

Insiders Place Their Bets

In other news, Director Tony W. Lee sold 50,657,562 shares of the firm's stock in a transaction 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 completion of the sale, the director now owns 116,210,806 shares of the company's stock, valued at $3,680,396,226.02. This trade represents a 30.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 58.40% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on PRMB shares. TD Securities began coverage on Primo Brands in a report on Tuesday, April 8th. They set a "buy" rating and a $48.00 target price for the company. JPMorgan Chase & Co. lifted their price target on Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a report on Friday, February 21st. Deutsche Bank Aktiengesellschaft increased their price target on Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Mizuho began coverage on shares of Primo Brands in a research note on Monday, May 12th. They set an "outperform" rating and a $43.00 target price on the stock. Finally, Truist Financial started coverage on shares of Primo Brands in a research note on Friday, April 4th. They issued a "buy" rating and a $42.00 price target for the company. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $41.71.

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.