LPL Financial LLC Acquires 310,329 Shares of Primo Brands Corporation (NYSE:PRMB)

Key Points

• LPL Financial LLC has significantly increased its stake in Primo Brands Corporation by 1,735.6%, acquiring an additional 310,329 shares, bringing its total holdings to 328,209 shares valued at approximately $11.65 million.
• Primo Brands' stock has seen a recent decrease of 9.1%, with its current trading price at $24.00 and a 52-week range between $20.16 and $35.85.
• In a high-profile insider transaction, Director Tony W. Lee sold over 50.6 million shares for approximately $1.6 billion, representing a significant reduction in his ownership stake.

LPL Financial LLC raised its holdings in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 1,735.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 328,209 shares of the company's stock after acquiring an additional 310,329 shares during the quarter. LPL Financial LLC owned about 0.09% of Primo Brands worth $11,648,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. IFP Advisors Inc purchased a new position in shares of Primo Brands during the 1st quarter valued at $40,000. Versant Capital Management Inc grew its position 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 valued at $43,000 after purchasing an additional 906 shares in the last quarter. Parallel Advisors LLC grew its position in shares of Primo Brands by 225.5% during the 1st quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock valued at $46,000 after purchasing an additional 902 shares in the last quarter. Millstone Evans Group LLC purchased a new position in shares of Primo Brands during the 1st quarter valued at $54,000. Finally, Federated Hermes Inc. purchased a new position in shares of Primo Brands during the 4th quarter valued at $55,000. Institutional investors own 87.71% of the company's stock.

Primo Brands Stock Down 9.1%

Shares of NYSE:PRMB opened at $24.00 on Friday. Primo Brands Corporation has a 52-week low of $20.16 and a 52-week high of $35.85. The firm has a fifty day moving average of $29.30 and a 200 day moving average of $31.66. The firm has a market capitalization of $9.03 billion, a PE ratio of -299.93, a price-to-earnings-growth ratio of 0.50 and a beta of 0.72. 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 earnings results on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $1.63 billion. The firm's revenue for the quarter was up 42.1% compared to the same quarter last year. As a group, research analysts anticipate that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Insider Transactions at Primo Brands

In other Primo Brands news, Director Tony W. Lee sold 50,657,562 shares of the company's stock in a transaction dated 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 completion of the sale, the director directly owned 116,210,806 shares in the company, valued at $3,680,396,226.02. This represents a 30.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 58.40% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Bank of America reduced their price target on shares of Primo Brands from $42.00 to $39.00 and set a "buy" rating for the company in a research report on Friday, July 11th. Mizuho assumed 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. Barclays reduced 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 report on Monday, June 16th. Finally, Morgan Stanley assumed coverage on shares of Primo Brands in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $38.00 price target for the company. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $40.70.

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.

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