GAMMA Investing LLC Grows Stake in Primo Brands Co. (NYSE:PRMB)

GAMMA Investing LLC boosted its position in shares of Primo Brands Co. (NYSE:PRMB - Free Report) by 4,673.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 68,922 shares of the company's stock after buying an additional 67,478 shares during the quarter. GAMMA Investing LLC's holdings in Primo Brands were worth $2,446,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. FMR LLC bought a new position in shares of Primo Brands during the fourth quarter worth $653,019,000. Vanguard Group Inc. acquired a new position in shares of Primo Brands during the 4th quarter worth about $471,249,000. William Blair Investment Management LLC bought a new stake in Primo Brands during the fourth quarter worth about $343,451,000. Eminence Capital LP acquired a new position in shares of Primo Brands during the 4th quarter worth approximately $145,670,000. Finally, Fuller & Thaler Asset Management Inc. acquired a new position in Primo Brands during the fourth quarter worth $128,982,000. Institutional investors own 87.71% of the company's stock.

Primo Brands Stock Up 1.2%

Shares of Primo Brands stock traded up $0.35 during midday trading on Friday, hitting $29.57. The company had a trading volume of 7,330,710 shares, compared to its average volume of 4,012,199. 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 company has a 50 day moving average of $32.30 and a 200 day moving average of $32.17. Primo Brands Co. has a 52-week low of $24.41 and a 52-week high of $35.85. The stock has a market capitalization of $11.13 billion, a P/E ratio of -369.65, a P/E/G ratio of 0.78 and a beta of 0.77.

Primo Brands (NYSE:PRMB - Get Free Report) last posted 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 business had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.63 billion. The company's revenue for the quarter was up 42.1% on a year-over-year basis. On average, equities 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 announced a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th will be issued a $0.10 dividend. The ex-dividend date is Friday, June 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.35%. Primo Brands's dividend payout ratio (DPR) is presently -500.00%.

Wall Street Analyst Weigh In

PRMB has been the subject of a number of recent analyst reports. Mizuho began coverage on Primo Brands in a research report on Monday, May 12th. They issued an "outperform" rating and a $43.00 price objective for the company. Truist Financial started coverage on shares of Primo Brands in a research report on Friday, April 4th. They set a "buy" rating and a $42.00 target price on the stock. JPMorgan Chase & Co. boosted their price target on Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. Deutsche Bank Aktiengesellschaft boosted their price target on Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a report on Friday, February 28th. Finally, Bank of America began coverage on shares of Primo Brands in a research report on Wednesday, May 28th. They issued a "buy" rating and a $42.00 target price on the stock. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $41.56.

Insider Activity at Primo Brands

In other Primo Brands news, Director Tony W. Lee sold 50,657,562 shares of the firm's 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 transaction, the director now owns 116,210,806 shares of the company's stock, valued at approximately $3,680,396,226.02. This trade represents a 30.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 58.40% of the stock is currently owned by insiders.

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.