NewGen Asset Management Ltd Buys 77,700 Shares of Primo Brands Co. (NYSE:PRMB)

NewGen Asset Management Ltd raised its holdings in Primo Brands Co. (NYSE:PRMB - Free Report) by 62.2% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 202,700 shares of the company's stock after acquiring an additional 77,700 shares during the quarter. Primo Brands makes up 4.7% of NewGen Asset Management Ltd's holdings, making the stock its 6th largest holding. NewGen Asset Management Ltd owned about 0.05% of Primo Brands worth $7,194,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Choreo LLC bought a new position in shares of Primo Brands during the 4th quarter worth $275,000. Entropy Technologies LP bought a new position in shares of Primo Brands during the 4th quarter worth $236,000. Allspring Global Investments Holdings LLC bought a new position in shares of Primo Brands during the 4th quarter worth $111,169,000. Vontobel Holding Ltd. bought a new position in shares of Primo Brands during the 4th quarter worth $236,000. Finally, New York State Teachers Retirement System bought a new position in shares of Primo Brands during the 4th quarter worth $441,000. Institutional investors own 87.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on PRMB shares. Barclays began coverage on Primo Brands in a research report on Wednesday, June 4th. They set an "overweight" rating and a $40.00 price target on the stock. Mizuho initiated coverage on Primo Brands in a research report on Monday, May 12th. They set an "outperform" rating and a $43.00 price objective on the stock. TD Securities assumed coverage on Primo Brands in a research note on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price target for the company. Bank of America assumed coverage on Primo Brands in a research note on Wednesday, May 28th. They issued a "buy" rating and a $42.00 price objective for the company. Finally, Truist Financial assumed coverage on Primo Brands in a research note on Friday, April 4th. They issued a "buy" rating and a $42.00 price objective for the company. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $41.56.

Primo Brands Stock Performance

PRMB stock traded up $0.35 during trading on Friday, hitting $29.57. 7,330,710 shares of the company traded hands, compared to its average volume of 4,011,733. The stock's 50-day simple moving average is $32.24 and its 200 day simple moving average is $32.23. 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 company has a market cap of $11.13 billion, a PE ratio of -369.65, a P/E/G ratio of 0.78 and a beta of 0.77. Primo Brands Co. has a 1 year low of $24.41 and a 1 year high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.29 EPS 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%. Primo Brands's revenue for the quarter was up 42.1% compared to the same quarter last year. On average, equities analysts expect that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Friday, June 6th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.35%. The ex-dividend date is Friday, June 6th. Primo Brands's payout ratio is -500.00%.

Insider Buying and Selling

In other Primo Brands news, Director Tony W. Lee sold 50,657,562 shares of the business's stock in a transaction on 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 approximately $3,680,396,226.02. The trade was a 30.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 58.40% of the stock is owned by company insiders.

Primo Brands 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.