Massachusetts Financial Services Co. MA Purchases 64,922 Shares of Primo Brands Corporation (NYSE:PRMB)

Massachusetts Financial Services Co. MA raised its position in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 62.4% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 169,013 shares of the company's stock after purchasing an additional 64,922 shares during the period. Massachusetts Financial Services Co. MA's holdings in Primo Brands were worth $5,998,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently made changes to their positions in the stock. FMR LLC purchased a new stake in Primo Brands in the fourth quarter valued at approximately $653,019,000. Vanguard Group Inc. purchased a new stake in shares of Primo Brands in the fourth quarter worth about $471,249,000. Eminence Capital LP purchased a new stake in shares of Primo Brands in the fourth quarter worth about $145,670,000. Fuller & Thaler Asset Management Inc. purchased a new stake in shares of Primo Brands in the fourth quarter worth about $128,982,000. Finally, JPMorgan Chase & Co. purchased a new stake in shares of Primo Brands in the fourth quarter worth about $122,757,000. 87.71% of the stock is owned by institutional investors.

Primo Brands Stock Up 1.1%

PRMB opened at $28.98 on Friday. The business's 50-day simple moving average is $30.53 and its 200-day simple moving average is $32.04. 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 Corporation has a one year low of $24.41 and a one year high of $35.85. The stock has a market capitalization of $10.91 billion, a P/E ratio of -362.20, a price-to-earnings-growth ratio of 0.55 and a beta of 0.73.

Primo Brands (NYSE:PRMB - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.24 by $0.05. Primo Brands had a positive return on equity of 8.35% and a negative net margin of 1.86%. The firm had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.63 billion. The company's quarterly revenue was up 42.1% on a year-over-year basis. Analysts anticipate that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Friday, June 6th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.38%. The ex-dividend date of this dividend was Friday, June 6th. Primo Brands's dividend payout ratio is presently -500.00%.

Analysts Set New Price Targets

A number of brokerages have issued reports on PRMB. Bank of America lowered their price target on Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a research report on Friday, July 11th. Barclays lowered their price target on Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a research report on Monday, June 16th. Morgan Stanley assumed coverage on Primo Brands in a report on Wednesday, July 2nd. They set an "overweight" rating and a $38.00 target price for the company. Truist Financial assumed coverage on Primo Brands in a report on Friday, April 4th. They set a "buy" rating and a $42.00 target price for the company. Finally, TD Securities assumed coverage on Primo Brands in a report on Tuesday, April 8th. They set a "buy" rating and a $48.00 target price for the company. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $40.70.

Insiders Place Their Bets

In other news, Director Tony W. Lee sold 50,657,562 shares of the business's stock in a transaction that occurred 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 sale, the director owned 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.