Primo Brands Corporation (NYSE:PRMB) Stock Holdings Decreased by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp reduced its stake in Primo Brands Corporation by 44.6%, owning 69,429 shares after selling 55,960 shares during the first quarter, with holdings valued at approximately $2.46 million.
• Multiple institutional investors have increased their positions in Primo Brands, with LPL Financial LLC boosting its stake by an impressive 1,735.6% to now own 328,209 shares valued at about $11.65 million.
• Primo Brands has a current consensus rating of "Buy" from analysts, with an average price target of $40.70, despite a decrease in some price targets from major firms.

Mackenzie Financial Corp reduced its holdings in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 44.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 69,429 shares of the company's stock after selling 55,960 shares during the period. Mackenzie Financial Corp's holdings in Primo Brands were worth $2,464,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of PRMB. FMR LLC purchased a new position in shares of Primo Brands during the fourth quarter worth about $653,019,000. Victory Capital Management Inc. acquired a new stake in Primo Brands in the first quarter valued at about $184,225,000. Eminence Capital LP purchased a new position in Primo Brands in the fourth quarter worth $145,670,000. Fuller & Thaler Asset Management Inc. purchased a new stake in Primo Brands during the fourth quarter worth about $128,982,000. Finally, Geode Capital Management LLC purchased a new stake in Primo Brands during the fourth quarter worth $107,020,000. 87.71% of the stock is owned by institutional investors and hedge funds.

Primo Brands Trading Down 0.6%

Shares of Primo Brands stock traded down $0.16 during trading hours on Monday, hitting $26.89. The company's stock had a trading volume of 7,352,132 shares, compared to its average volume of 5,022,836. Primo Brands Corporation has a 1-year low of $20.16 and a 1-year high of $35.85. The business has a fifty day moving average of $29.71 and a 200 day moving average of $31.80. The company has a market capitalization of $10.12 billion, a PE ratio of -336.13, a P/E/G ratio of 0.51 and a beta of 0.73. The company has a quick ratio of 0.87, a current ratio of 1.07 and a debt-to-equity ratio of 1.49.

Primo Brands (NYSE:PRMB - Get Free Report) last released its quarterly earnings data 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. The company had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.63 billion. Primo Brands had a negative net margin of 1.86% and a positive return on equity of 8.35%. The business's revenue was up 42.1% compared to the same quarter last year. As a group, equities analysts forecast that Primo Brands Corporation will post 1.13 EPS for the current year.

Insider Transactions at Primo Brands

In other Primo Brands news, Director Tony W. Lee sold 50,657,562 shares of the business's stock in a transaction 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 transaction, the director owned 116,210,806 shares in the company, valued at $3,680,396,226.02. The trade was a 30.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 58.40% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

PRMB has been the subject of a number of analyst reports. Mizuho started coverage on Primo Brands in a report on Monday, May 12th. They issued an "outperform" rating and a $43.00 price target for the company. Bank of America cut their price target on shares of Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a research note on Friday, July 11th. Barclays lowered their price objective on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a research note on Monday, June 16th. TD Securities assumed coverage on Primo Brands in a research report on Tuesday, April 8th. They issued a "buy" rating and a $48.00 target price on the stock. Finally, Morgan Stanley initiated coverage on 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 investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Primo Brands currently has a consensus rating of "Buy" and an average price target 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.