Primo Brands Co. (NYSE:PRMB) Stake Lifted by NewGen Asset Management Ltd

NewGen Asset Management Ltd grew its stake in shares of Primo Brands Co. (NYSE:PRMB - Free Report) by 62.2% during the first quarter, according to the company in its most recent 13F 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 comprises about 4.7% of NewGen Asset Management Ltd's investment portfolio, making the stock its 6th biggest holding. NewGen Asset Management Ltd owned 0.05% of Primo Brands worth $7,194,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in PRMB. SRS Capital Advisors Inc. bought a new position in shares of Primo Brands in the 4th quarter worth approximately $30,000. EverSource Wealth Advisors LLC bought a new position in shares of Primo Brands in the 4th quarter worth approximately $30,000. Blue Trust Inc. bought a new position in shares of Primo Brands in the 4th quarter worth approximately $33,000. Versant Capital Management Inc lifted its stake in shares of Primo Brands by 286.7% in the 1st quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock worth $43,000 after purchasing an additional 906 shares during the period. Finally, Parallel Advisors LLC lifted its stake in shares of Primo Brands by 225.5% in the 1st quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock worth $46,000 after purchasing an additional 902 shares during the period. Hedge funds and other institutional investors own 87.71% of the company's stock.

Insider Buying and Selling

In other news, Director Tony W. Lee sold 50,657,562 shares of the stock in a transaction that occurred 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 in the company, valued at $3,680,396,226.02. This trade represents a 30.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 58.40% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Mizuho assumed coverage on shares of Primo Brands in a research note on Monday, May 12th. They set an "outperform" rating and a $43.00 target price on the stock. Truist Financial assumed coverage on shares of Primo Brands in a research note on Friday, April 4th. They set a "buy" rating and a $42.00 target price on the stock. Bank of America assumed coverage on shares of Primo Brands in a research note on Wednesday, May 28th. They set a "buy" rating and a $42.00 target price on the stock. Barclays assumed coverage on shares of Primo Brands in a research note on Wednesday, June 4th. They set an "overweight" rating and a $40.00 target price on the stock. Finally, 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 research note on Friday, February 21st. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $41.56.

Primo Brands Stock Up 1.3%

Shares of PRMB stock traded up $0.38 during mid-day trading on Thursday, hitting $29.22. 5,944,142 shares of the stock traded hands, compared to its average volume of 3,988,996. The stock has a market cap of $11.00 billion, a P/E ratio of -365.25, a P/E/G ratio of 0.78 and a beta of 0.77. The stock's fifty day moving average is $32.30 and its two-hundred day moving average is $32.17. Primo Brands Co. has a 52-week low of $24.41 and a 52-week high of $35.85. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07.

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

Primo Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.10 per share. The ex-dividend date is Friday, June 6th. This represents a $0.40 annualized dividend and a dividend yield of 1.37%. Primo Brands's dividend payout ratio (DPR) is currently -500.00%.

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.