Illinois Municipal Retirement Fund Takes Position in Primo Brands Corporation (NYSE:PRMB)

Illinois Municipal Retirement Fund acquired a new position in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 24,331 shares of the company's stock, valued at approximately $864,000.

Other hedge funds have also recently made changes to their positions in the company. SRS Capital Advisors Inc. purchased a new position in Primo Brands in the fourth quarter valued at about $30,000. EverSource Wealth Advisors LLC purchased a new position in Primo Brands during the 4th quarter valued at $30,000. Versant Capital Management Inc lifted its stake in shares of Primo Brands by 286.7% in the 1st quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock valued at $43,000 after purchasing an additional 906 shares during the period. Parallel Advisors LLC boosted 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 acquiring an additional 902 shares in the last quarter. Finally, Federated Hermes Inc. purchased a new stake in shares of Primo Brands in the fourth quarter worth $55,000. 87.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have weighed in on PRMB. TD Securities started coverage on shares of Primo Brands in a research report on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price target on the stock. Morgan Stanley started coverage on Primo Brands in a research report on Wednesday. They issued an "overweight" rating and a $38.00 price target for the company. Barclays reduced their price objective on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a research report on Monday, June 16th. Bank of America started coverage on shares of Primo Brands in a research note on Wednesday, May 28th. They set a "buy" rating and a $42.00 price target for the company. Finally, Mizuho started coverage on Primo Brands in a report on Monday, May 12th. They issued an "outperform" rating and a $43.00 target price for the company. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $41.00.

Primo Brands Stock Performance

Shares of NYSE PRMB traded down $0.14 during mid-day trading on Friday, hitting $29.97. 4,293,903 shares of the company were exchanged, compared to its average volume of 4,502,556. The stock has a 50 day simple moving average of $31.19 and a 200-day simple moving average of $32.14. Primo Brands Corporation has a 1-year low of $24.41 and a 1-year high of $35.85. The company has a quick ratio of 0.87, a current ratio of 1.07 and a debt-to-equity ratio of 1.49. The firm has a market cap of $11.28 billion, a price-to-earnings ratio of -374.52, a price-to-earnings-growth ratio of 0.56 and a beta of 0.73.

Primo Brands (NYSE:PRMB - Get Free Report) last issued 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. Primo Brands had a negative net margin of 1.86% and a positive return on equity of 8.35%. The firm 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. On average, sell-side analysts forecast that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 17th. Investors of record on Friday, June 6th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date was Friday, June 6th. Primo Brands's payout ratio is -500.00%.

Insiders Place Their Bets

In other news, Director Tony W. Lee sold 50,657,562 shares of the business's stock in a transaction dated Monday, May 12th. The shares were 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 owned 116,210,806 shares of the company's stock, valued at approximately $3,680,396,226.02. The trade was a 30.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 58.40% of the company's stock.

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.