Primo Brands Corporation (NYSE:PRMB) Shares Bought by Harvest Fund Management Co. Ltd

Key Points

• Harvest Fund Management Co. Ltd increased its holdings in Primo Brands Corporation by 46.5% during the first quarter, now owning shares worth $1.25 million.
• Primo Brands has garnered a consensus rating of "Buy" from ten research analysts, with an average price target of $40.70.
• The company recently announced a quarterly dividend of $0.10, yielding 1.42%, despite a payout ratio currently at -500.00%.

Harvest Fund Management Co. Ltd boosted its holdings in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 46.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 35,211 shares of the company's stock after buying an additional 11,172 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in Primo Brands were worth $1,250,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. IFP Advisors Inc acquired a new stake in shares of Primo Brands during the 1st quarter valued at about $40,000. Versant Capital Management Inc boosted its holdings in shares of Primo Brands by 286.7% during the 1st quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock worth $43,000 after purchasing an additional 906 shares during the last quarter. Parallel Advisors LLC raised its stake in Primo Brands by 225.5% during the first quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock worth $46,000 after purchasing an additional 902 shares during the period. Millstone Evans Group LLC purchased a new stake in Primo Brands in the first quarter valued at $54,000. Finally, Federated Hermes Inc. purchased a new stake in shares of Primo Brands in the 4th quarter valued at approximately $55,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Insider Transactions at Primo Brands

In other Primo Brands news, Director Tony W. Lee sold 50,657,562 shares of the stock in a transaction on 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 sale, the director directly owned 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 58.40% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

PRMB has been the topic of several recent research reports. Bank of America cut their target price on shares of Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a research note on Friday, July 11th. Barclays decreased their price target on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a research note on Monday, June 16th. Morgan Stanley initiated coverage on shares of Primo Brands in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $38.00 target price for the company. 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 price target on the stock. Finally, TD Securities started coverage on Primo Brands in a research report on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price target for the company. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $40.70.

Primo Brands Trading Down 2.0%

NYSE:PRMB traded down $0.56 on Friday, hitting $27.05. 5,842,946 shares of the stock were exchanged, compared to its average volume of 4,651,352. The company has a current ratio of 1.07, a quick ratio of 0.87 and a debt-to-equity ratio of 1.49. Primo Brands Corporation has a fifty-two week low of $20.16 and a fifty-two week high of $35.85. The stock has a fifty day moving average of $29.81 and a 200-day moving average of $31.84. The stock has a market cap of $10.18 billion, a PE ratio of -338.08, a PEG ratio of 0.52 and a beta of 0.73.

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 1.86% and a positive return on equity of 8.35%. The business had revenue of $1.61 billion for the quarter, compared to analysts' expectations of $1.63 billion. Primo Brands's revenue was up 42.1% on a year-over-year basis. As a group, equities analysts expect that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

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.