MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Takes Position in Primo Brands Co. (NYSE:PRMB)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 89,896 shares of the company's stock, valued at approximately $2,766,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PRMB. SRS Capital Advisors Inc. purchased a new stake in shares of Primo Brands during the fourth quarter valued at $30,000. EverSource Wealth Advisors LLC acquired a new stake in Primo Brands during the 4th quarter worth about $30,000. Blue Trust Inc. purchased a new stake in Primo Brands during the 4th quarter valued at about $33,000. R Squared Ltd acquired a new position in shares of Primo Brands in the fourth quarter valued at about $42,000. Finally, Federated Hermes Inc. purchased a new position in shares of Primo Brands in the fourth quarter worth about $55,000. 87.71% of the stock is currently owned by institutional investors.

Primo Brands Price Performance

NYSE PRMB opened at $32.38 on Wednesday. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. The firm has a market capitalization of $12.19 billion, a PE ratio of -404.75, a P/E/G ratio of 0.78 and a beta of 0.83. The firm has a 50-day moving average of $33.04. Primo Brands Co. has a 12 month low of $24.41 and a 12 month high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.29 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.05. The business had revenue of $1.61 billion during the quarter, compared to analysts' expectations of $1.63 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The firm's revenue was up 42.1% compared to the same quarter last year. As a group, analysts anticipate that Primo Brands Co. will post 1.13 EPS for the current year.

Primo Brands Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Friday, June 6th will be paid a $0.10 dividend. The ex-dividend date is Friday, June 6th. This represents a $0.40 annualized dividend and a yield of 1.24%. Primo Brands's dividend payout ratio is currently -500.00%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. TD Securities began coverage on shares of Primo Brands in a research report on Tuesday, April 8th. They set a "buy" rating and a $48.00 price target for the company. JPMorgan Chase & Co. raised their target price on shares of Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a report on Friday, February 21st. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research report on Friday, February 28th. Mizuho initiated coverage on shares of Primo Brands in a report on Monday, May 12th. They issued an "outperform" rating and a $43.00 price target on the stock. Finally, Truist Financial assumed coverage on Primo Brands in a research note on Friday, April 4th. They set a "buy" rating and a $42.00 price objective for the company. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $41.71.

Insider Transactions 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 now 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. Insiders own 58.40% of the company's stock.

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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