New York State Common Retirement Fund Sells 279,886 Shares of Primo Brands Corporation (NYSE:PRMB)

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

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. PNC Financial Services Group Inc. acquired a new stake in Primo Brands during the 4th quarter valued at approximately $252,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Primo Brands in the fourth quarter worth $1,336,000. HighTower Advisors LLC acquired a new stake in Primo Brands in the fourth quarter valued at $211,000. EverSource Wealth Advisors LLC bought a new position in Primo Brands during the 4th quarter valued at $30,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in Primo Brands during the 4th quarter worth $2,586,000. 87.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PRMB has been the topic of a number of research reports. Mizuho started 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. Barclays cut their price target on Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a report on Monday, June 16th. Truist Financial started coverage on Primo Brands in a research report on Friday, April 4th. They issued a "buy" rating and a $42.00 target price on the stock. Morgan Stanley initiated coverage on Primo Brands in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $38.00 target price on the stock. Finally, TD Securities began coverage on shares of Primo Brands in a report on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price objective on the stock. Ten analysts have rated the stock with a buy rating, According to MarketBeat.com, Primo Brands currently has an average rating of "Buy" and an average price target of $40.70.

Primo Brands Stock Up 1.1%

Shares of NYSE:PRMB traded up $0.32 on Friday, reaching $28.98. The company had a trading volume of 5,673,248 shares, compared to its average volume of 4,569,978. The stock has a market capitalization of $10.91 billion, a P/E ratio of -362.20, a P/E/G ratio of 0.54 and a beta of 0.73. The company has a quick ratio of 0.87, a current ratio of 1.07 and a debt-to-equity ratio of 1.49. The stock has a 50-day moving average price of $30.53 and a 200 day moving average price of $32.03. Primo Brands Corporation has a twelve month low of $24.41 and a twelve month high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly earnings results 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. Primo Brands had a negative net margin of 1.86% and a positive return on equity of 8.35%. The firm had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.63 billion. The firm's revenue for the quarter was up 42.1% on a year-over-year basis. On average, equities analysts expect that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Announces Dividend

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

Insider Buying and Selling at Primo Brands

In other Primo Brands news, Director Tony W. Lee sold 50,657,562 shares of Primo Brands stock in a transaction on Monday, May 12th. The shares were sold at an average price of $31.67, for a total value of $1,604,324,988.54. Following the sale, the director directly owned 116,210,806 shares in the company, valued at approximately $3,680,396,226.02. The trade was a 30.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 58.40% of the stock is currently owned by company 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.