GAMMA Investing LLC Boosts Holdings in Primo Brands Co. (NYSE:PRMB)

GAMMA Investing LLC boosted its holdings in shares of Primo Brands Co. (NYSE:PRMB - Free Report) by 4,673.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 68,922 shares of the company's stock after purchasing an additional 67,478 shares during the period. GAMMA Investing LLC's holdings in Primo Brands were worth $2,446,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. acquired a new position in Primo Brands during the fourth quarter valued at $252,000. Allspring Global Investments Holdings LLC acquired a new position in Primo Brands during the fourth quarter valued at $111,169,000. Sei Investments Co. acquired a new position in Primo Brands during the fourth quarter valued at $10,548,000. Quantinno Capital Management LP acquired a new position in Primo Brands during the fourth quarter valued at $277,000. Finally, Principal Financial Group Inc. acquired a new position in Primo Brands during the fourth quarter valued at $2,272,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

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 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 completion of the sale, the director now owns 116,210,806 shares of the company's stock, valued at approximately $3,680,396,226.02. This represents a 30.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 58.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. 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 objective for the company. Deutsche Bank Aktiengesellschaft upped 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. JPMorgan Chase & Co. upped their price objective on shares of Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research report on Friday, February 21st. TD Securities assumed coverage on shares of Primo Brands in a research report on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price objective for the company. Finally, Mizuho assumed coverage on shares of Primo Brands in a research report on Monday, May 12th. They issued an "outperform" rating and a $43.00 price objective for the company. Nine research analysts have rated the stock with a buy rating, According to MarketBeat.com, Primo Brands presently has an average rating of "Buy" and a consensus price target of $41.33.

Primo Brands Price Performance

Shares of PRMB traded up $0.11 during mid-day trading on Monday, hitting $29.73. 6,346,956 shares of the company were exchanged, compared to its average volume of 4,027,510. 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 company has a 50 day moving average of $32.18 and a 200-day moving average of $32.23. The stock has a market cap of $11.19 billion, a price-to-earnings ratio of -371.56, a price-to-earnings-growth ratio of 0.78 and a beta of 0.77.

Primo Brands (NYSE:PRMB - Get Free Report) last released its quarterly 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 firm had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.63 billion. The business's revenue for the quarter was up 42.1% on a year-over-year basis. Analysts expect that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Friday, June 6th will be paid a dividend of $0.10 per share. The ex-dividend date is Friday, June 6th. This represents a $0.40 annualized dividend and a yield of 1.35%. Primo Brands's dividend payout ratio is presently -500.00%.

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.