Massachusetts Financial Services Co. MA lifted its position in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 62.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund 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 and Exchange Commission.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. FMR LLC bought a new stake in Primo Brands in the fourth quarter valued at approximately $653,019,000. Vanguard Group Inc. bought a new stake in Primo Brands in the fourth quarter valued at approximately $471,249,000. Eminence Capital LP bought a new stake in Primo Brands in the fourth quarter valued at approximately $145,670,000. Fuller & Thaler Asset Management Inc. bought a new stake in Primo Brands in the fourth quarter valued at approximately $128,982,000. Finally, JPMorgan Chase & Co. bought a new stake in Primo Brands in the fourth quarter valued at approximately $122,757,000. 87.71% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
Several equities analysts have issued reports on PRMB shares. Truist Financial started coverage on Primo Brands in a research note on Friday, April 4th. They issued a "buy" rating and a $42.00 price target on the stock. Morgan Stanley started coverage on Primo Brands in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $38.00 target price on the stock. Bank of America cut their target price on Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a report on Friday, July 11th. Barclays cut their target price on Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a report on Monday, June 16th. Finally, Mizuho started coverage on Primo Brands in a report on Monday, May 12th. They issued an "outperform" rating and a $43.00 target price on the stock. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $40.70.
Get Our Latest Stock Report on Primo Brands
Insider Buying and Selling 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 transaction of $1,604,324,988.54. Following the transaction, the director directly owned 116,210,806 shares of the company's stock, valued at approximately $3,680,396,226.02. This trade represents a 30.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 58.40% of the stock is currently owned by insiders.
Primo Brands Stock Performance
NYSE:PRMB traded down $0.28 during trading on Wednesday, reaching $28.72. The company's stock had a trading volume of 4,208,436 shares, compared to its average volume of 4,560,406. The firm has a market cap of $10.81 billion, a price-to-earnings ratio of -358.91, a price-to-earnings-growth ratio of 0.55 and a beta of 0.73. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.87 and a current ratio of 1.07. The firm has a 50 day moving average of $30.35 and a 200-day moving average of $31.99. Primo Brands Corporation has a 12 month low of $24.41 and a 12 month high of $35.85.
Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly 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 positive return on equity of 8.35% and a negative net margin of 1.86%. The business's revenue was up 42.1% compared to the same quarter last year. Research analysts expect that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.
Primo Brands Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Friday, June 6th were issued a $0.10 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.40 annualized dividend and a dividend yield of 1.39%. Primo Brands's payout ratio is currently -500.00%.
About Primo Brands
(
Free Report)
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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