Mackenzie Financial Corp Acquires New Shares in Primo Brands Co. (NYSE:PRMB)

Mackenzie Financial Corp purchased a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 125,389 shares of the company's stock, valued at approximately $3,858,000.

A number of other large investors have also added to or reduced their stakes in PRMB. FMR LLC bought a new stake in Primo Brands in the 4th quarter valued at $653,019,000. Vanguard Group Inc. bought a new stake in Primo Brands in the 4th quarter valued at $471,249,000. William Blair Investment Management LLC bought a new stake in Primo Brands in the 4th quarter valued at $343,451,000. Eminence Capital LP bought a new position in Primo Brands during the 4th quarter worth $145,670,000. Finally, Fuller & Thaler Asset Management Inc. bought a new position in Primo Brands during the 4th quarter worth $128,982,000. Institutional investors own 87.71% of the company's stock.

Analysts Set New Price Targets

PRMB has been the topic of several recent research reports. TD Securities initiated coverage on Primo Brands in a research report on Tuesday, April 8th. They set a "buy" rating and a $48.00 price objective on the stock. Deutsche Bank Aktiengesellschaft increased their price objective on Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. Truist Financial initiated coverage on Primo Brands in a research report on Friday, April 4th. They set a "buy" rating and a $42.00 price objective on the stock. Bank of America initiated coverage on Primo Brands in a research report on Wednesday. They set a "buy" rating and a $42.00 price objective on the stock. Finally, Mizuho initiated coverage on Primo Brands in a research report on Monday, May 12th. They set an "outperform" rating and a $43.00 price objective on the stock. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Primo Brands currently has an average rating of "Buy" and an average price target of $41.75.

Primo Brands Price Performance

Shares of NYSE PRMB traded up $0.26 during mid-day trading on Friday, reaching $33.09. The company had a trading volume of 7,417,747 shares, compared to its average volume of 3,710,003. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18. Primo Brands Co. has a one year low of $24.41 and a one year high of $35.85. The firm has a market cap of $12.46 billion, a price-to-earnings ratio of -413.63, a PEG ratio of 0.78 and a beta of 0.83. The business's 50-day simple moving average is $33.04 and its 200 day simple moving average is $32.11.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.29 EPS for the quarter, topping analysts' consensus estimates of $0.24 by $0.05. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The company had revenue of $1.61 billion for the quarter, compared to analysts' expectations of $1.63 billion. The company's revenue was up 42.1% compared to the same quarter last year. On average, research analysts predict that Primo Brands Co. will post 1.13 earnings per share for the current fiscal 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 paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.21%. The ex-dividend date is Friday, June 6th. Primo Brands's dividend payout ratio (DPR) is presently -500.00%.

Insider Activity at Primo Brands

In related news, Director Tony W. Lee sold 50,657,562 shares of the firm's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $31.67, for a total value of $1,604,324,988.54. Following the sale, the director now directly owns 116,210,806 shares of the company's stock, valued at $3,680,396,226.02. This trade represents a 30.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 58.40% of the stock is currently owned by insiders.

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.