Janus Henderson Group PLC Invests $2.22 Million in Primo Brands Co. (NYSE:PRMB)

Janus Henderson Group PLC acquired a new position in shares of Primo Brands Co. (NYSE:PRMB - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 72,000 shares of the company's stock, valued at approximately $2,216,000.

Several other institutional investors also recently modified their holdings of the stock. FMR LLC bought a new stake in Primo Brands in the fourth quarter valued at $653,019,000. Vanguard Group Inc. purchased a new stake in shares of Primo Brands during the fourth quarter valued at approximately $471,249,000. William Blair Investment Management LLC bought a new stake in shares of Primo Brands during the 4th quarter worth $343,451,000. Eminence Capital LP bought a new stake in Primo Brands in the fourth quarter worth about $145,670,000. Finally, Fuller & Thaler Asset Management Inc. bought a new stake in shares of Primo Brands in the 4th quarter worth approximately $128,982,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Primo Brands Stock Performance

PRMB stock opened at $32.38 on Wednesday. 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 market capitalization of $12.19 billion, a P/E ratio of -404.75, a price-to-earnings-growth ratio of 0.78 and a beta of 0.83. The firm has a 50-day moving average price of $33.04. Primo Brands Co. has a fifty-two week low of $24.41 and a fifty-two week high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its 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. The company had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.63 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. The company's quarterly revenue was up 42.1% compared to the same quarter last year. Equities analysts predict that Primo Brands Co. will post 1.13 earnings per share for the current 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 issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.24%. The ex-dividend date of this dividend is Friday, June 6th. Primo Brands's payout ratio is currently -500.00%.

Analysts Set New Price Targets

Several equities research analysts have commented on PRMB shares. TD Securities began coverage on shares of Primo Brands in a report on Tuesday, April 8th. They set a "buy" rating and a $48.00 price objective on the stock. Truist Financial started coverage on Primo Brands in a research report on Friday, April 4th. They issued a "buy" rating and a $42.00 price objective on the stock. JPMorgan Chase & Co. lifted their target price on shares of Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. Mizuho initiated coverage on Primo Brands in a research report on Monday, May 12th. They set an "outperform" rating and a $43.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a report on Friday, February 28th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, Primo Brands currently has a consensus rating of "Buy" and a consensus price target of $41.71.

Insider Transactions at Primo Brands

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 completion of the sale, the director now directly owns 116,210,806 shares in the company, valued at $3,680,396,226.02. This trade represents a 30.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 58.40% of the company's stock.

Primo Brands 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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