Intact Investment Management Inc. Boosts Stake in Primo Brands Corporation (NYSE:PRMB)

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

A number of other large investors have also recently bought and sold shares of the company. Ritholtz Wealth Management acquired a new position in shares of Primo Brands in the first quarter worth about $608,000. PNC Financial Services Group Inc. acquired a new position in shares of Primo Brands during the 4th quarter worth approximately $252,000. Sei Investments Co. purchased a new position in shares of Primo Brands during the 4th quarter valued at approximately $10,548,000. Quantinno Capital Management LP purchased a new stake in Primo Brands in the 4th quarter worth $277,000. Finally, Principal Financial Group Inc. acquired a new position in Primo Brands during the fourth quarter worth $2,272,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Primo Brands Trading Down 1.7%

Shares of NYSE PRMB traded down $0.51 during midday trading on Tuesday, reaching $29.58. 8,542,285 shares of the stock were exchanged, compared to its average volume of 4,125,103. Primo Brands Corporation has a twelve month low of $24.41 and a twelve month high of $35.85. The stock has a market capitalization of $11.13 billion, a P/E ratio of -369.64, a PEG ratio of 0.55 and a beta of 0.77. The company has a 50 day simple moving average of $31.72 and a 200 day simple moving average of $32.23. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.87 and a current ratio of 1.07.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.24 by $0.05. The business had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.63 billion. Primo Brands had a positive return on equity of 8.35% and a negative net margin of 1.86%. The company's revenue for the quarter 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 year.

Primo Brands Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Friday, June 6th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date of this dividend was Friday, June 6th. Primo Brands's dividend payout ratio (DPR) is -500.00%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on PRMB shares. Mizuho started coverage on shares of Primo Brands in a research report on Monday, May 12th. They set an "outperform" rating and a $43.00 price target for the company. Truist Financial began coverage on Primo Brands in a research report on Friday, April 4th. They issued a "buy" rating and a $42.00 target price on the stock. Bank of America assumed coverage on Primo Brands in a research note on Wednesday, May 28th. They issued a "buy" rating and a $42.00 price objective for the company. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Finally, Barclays reduced their target price on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a research report on Monday, June 16th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $41.33.

Insider Activity at Primo Brands

In related news, Director Tony W. Lee sold 50,657,562 shares of the business's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $31.67, for a total transaction of $1,604,324,988.54. Following the completion of the transaction, the director now directly owns 116,210,806 shares of the company's stock, valued at $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 SEC, which is available through this hyperlink. Company 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.