MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Acquires Shares of 89,896 Primo Brands Co. (NYSE:PRMB)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Primo Brands Co. (NYSE:PRMB - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 89,896 shares of the company's stock, valued at approximately $2,766,000.

A number of other large investors also recently bought and sold shares of the stock. FMR LLC acquired a new stake in shares of Primo Brands during the 4th quarter worth $653,019,000. Vanguard Group Inc. purchased a new stake in Primo Brands during the fourth quarter valued at about $471,249,000. William Blair Investment Management LLC purchased a new stake in Primo Brands during the fourth quarter valued at about $343,451,000. Eminence Capital LP acquired a new stake in Primo Brands during the fourth quarter worth about $145,670,000. Finally, Fuller & Thaler Asset Management Inc. acquired a new stake in Primo Brands during the fourth quarter worth about $128,982,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Primo Brands Price Performance

NYSE PRMB traded up $0.66 on Monday, reaching $31.92. The company had a trading volume of 5,467,784 shares, compared to its average volume of 3,661,886. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. Primo Brands Co. has a 1 year low of $24.41 and a 1 year high of $35.85. The firm's 50-day moving average is $33.03. The firm has a market capitalization of $12.02 billion, a price-to-earnings ratio of -399.00, a PEG ratio of 0.78 and a beta of 0.83.

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

Primo Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Friday, June 6th will be given a $0.10 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $0.40 dividend on an annualized basis and a yield of 1.25%. Primo Brands's payout ratio is currently -500.00%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on PRMB shares. JPMorgan Chase & Co. boosted their target price on 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 lifted their price target 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. Truist Financial began coverage on shares of Primo Brands in a research report on Friday, April 4th. They issued a "buy" rating and a $42.00 price objective for the company. Mizuho began coverage on shares of Primo Brands in a report on Monday, May 12th. They set an "outperform" rating and a $43.00 target price on the stock. Finally, 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. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $41.71.

Insider Activity

In other Primo Brands news, Director Tony W. Lee sold 50,657,562 shares of the company'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 value of $1,604,324,988.54. Following the transaction, the director now directly owns 116,210,806 shares of the company's stock, valued at $3,680,396,226.02. This represents a 30.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 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.