Intact Investment Management Inc. Increases Holdings in Primo Brands Corporation (NYSE:PRMB)

Intact Investment Management Inc. grew its holdings in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 164.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 375,510 shares of the company's stock after buying an additional 233,510 shares during the period. Intact Investment Management Inc. owned 0.10% of Primo Brands worth $13,327,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of PRMB. Ritholtz Wealth Management acquired a new stake in shares of Primo Brands during the first quarter worth about $608,000. PNC Financial Services Group Inc. acquired a new stake in shares of Primo Brands during the fourth quarter worth about $252,000. Sei Investments Co. acquired a new stake in shares of Primo Brands during the fourth quarter worth about $10,548,000. Quantinno Capital Management LP acquired a new stake in shares of Primo Brands during the fourth quarter worth about $277,000. Finally, Principal Financial Group Inc. acquired a new stake in shares of Primo Brands during the fourth quarter worth about $2,272,000. 87.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Primo Brands news, Director Tony W. Lee sold 50,657,562 shares of the firm's stock in a transaction that occurred on 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 sale, the director now owns 116,210,806 shares in the company, valued at approximately $3,680,396,226.02. This trade 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 can be accessed through this link. 58.40% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. TD Securities assumed coverage on Primo Brands in a research report on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price target 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 report on Friday, February 21st. Deutsche Bank Aktiengesellschaft boosted their price target on Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research report on Friday, February 28th. Mizuho assumed coverage on Primo Brands in a research report on Monday, May 12th. They issued an "outperform" rating and a $43.00 price target on the stock. Finally, Bank of America assumed coverage on Primo Brands in a research report on Wednesday, May 28th. They issued a "buy" rating and a $42.00 price target on the stock. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $41.33.

Primo Brands Trading Up 1.1%

PRMB stock opened at $30.35 on Friday. The company has a market cap of $11.42 billion, a price-to-earnings ratio of -379.27, a PEG ratio of 0.55 and a beta of 0.77. 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 business has a fifty day simple moving average of $31.89 and a 200-day simple moving average of $32.22. Primo Brands Corporation has a 52 week low of $24.41 and a 52 week high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.29 earnings per share 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 company had revenue of $1.61 billion during the quarter, compared to analysts' expectations of $1.63 billion. The firm's revenue was up 42.1% on a year-over-year basis. On average, equities research analysts expect that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Investors of record on Friday, June 6th were paid a dividend of $0.10 per share. The ex-dividend date was Friday, June 6th. This represents a $0.40 annualized dividend and a yield of 1.32%. Primo Brands's dividend payout ratio (DPR) is -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.

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