New York State Common Retirement Fund Lowers Stock Holdings in Primo Brands Corporation (NYSE:PRMB)

New York State Common Retirement Fund lowered its holdings in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 32.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 577,610 shares of the company's stock after selling 279,886 shares during the quarter. New York State Common Retirement Fund owned 0.15% of Primo Brands worth $20,499,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. FMR LLC purchased a new stake in shares of Primo Brands in the 4th quarter worth $653,019,000. Vanguard Group Inc. purchased a new stake in shares of Primo Brands during the 4th quarter worth $471,249,000. Eminence Capital LP purchased a new stake in shares of Primo Brands during the 4th quarter worth $145,670,000. Fuller & Thaler Asset Management Inc. purchased a new stake in shares of Primo Brands during the 4th quarter worth $128,982,000. Finally, JPMorgan Chase & Co. purchased a new stake in shares of Primo Brands during the 4th quarter worth $122,757,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. 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. Barclays reduced their target price 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. Bank of America reduced their target price 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. Morgan Stanley assumed coverage on Primo Brands in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $38.00 target price on the stock. Finally, Mizuho assumed coverage on Primo Brands in a research report on Monday, May 12th. They set an "outperform" rating and a $43.00 target price on the stock. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $40.70.

Primo Brands Stock Performance

Shares of PRMB stock traded up $0.09 during mid-day trading on Thursday, reaching $28.73. The stock had a trading volume of 1,166,440 shares, compared to its average volume of 4,551,890. The business's fifty day moving average is $30.67 and its 200-day moving average is $32.05. The company has a current ratio of 1.07, a quick ratio of 0.87 and a debt-to-equity ratio of 1.49. The firm has a market cap of $10.81 billion, a price-to-earnings ratio of -358.96, a PEG ratio of 0.54 and a beta of 0.73. Primo Brands Corporation has a 1-year low of $24.41 and a 1-year high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.29 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 the consensus estimate of $1.63 billion. The company's revenue was up 42.1% compared to the same quarter last year. On average, research analysts forecast that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th were paid a $0.10 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.39%. Primo Brands's payout ratio is -500.00%.

Insider Activity at Primo Brands

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

Primo Brands Company 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.