Primo Brands Corporation (NYSE:PRMB) is Palisade Capital Management LP's Largest Position

Palisade Capital Management LP decreased its stake in Primo Brands Corporation (NYSE:PRMB - Free Report) by 9.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,763,585 shares of the company's stock after selling 184,391 shares during the quarter. Primo Brands makes up about 1.8% of Palisade Capital Management LP's investment portfolio, making the stock its largest position. Palisade Capital Management LP owned 0.46% of Primo Brands worth $62,590,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently bought and sold shares of the business. SRS Capital Advisors Inc. acquired a new position in shares of Primo Brands during the fourth quarter valued at $30,000. EverSource Wealth Advisors LLC bought a new stake in shares of Primo Brands in the fourth quarter worth about $30,000. Versant Capital Management Inc increased its holdings in shares of Primo Brands by 286.7% in the first quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock worth $43,000 after acquiring an additional 906 shares in the last quarter. Parallel Advisors LLC increased its holdings in shares of Primo Brands by 225.5% in the first quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock worth $46,000 after acquiring an additional 902 shares in the last quarter. Finally, Federated Hermes Inc. bought a new position in shares of Primo Brands during the fourth quarter worth about $55,000. Institutional investors own 87.71% of the company's stock.

Analysts Set New Price Targets

PRMB has been the subject of a number of analyst reports. TD Securities initiated 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. Mizuho initiated coverage on Primo Brands in a report on Monday, May 12th. They set an "outperform" rating and a $43.00 price target for the company. Bank of America assumed coverage on Primo Brands in a research note on Wednesday, May 28th. They set a "buy" rating and a $42.00 price objective on the stock. Barclays decreased their price target on Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a research note on Monday, June 16th. Finally, Truist Financial initiated coverage on Primo Brands in a report on Friday, April 4th. They set a "buy" rating and a $42.00 price target for the company. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Primo Brands has an average rating of "Buy" and a consensus price target of $41.00.

Insiders Place Their Bets

In other Primo Brands 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 value of $1,604,324,988.54. Following the transaction, the director owned 116,210,806 shares in the company, valued at approximately $3,680,396,226.02. This represents a 30.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 58.40% of the company's stock.

Primo Brands Stock Down 0.4%

Shares of Primo Brands stock traded down $0.14 during trading on Friday, reaching $29.97. 4,293,903 shares of the company traded hands, compared to its average volume of 4,502,556. The firm has a market capitalization of $11.28 billion, a PE ratio of -374.52, a P/E/G ratio of 0.56 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. The company has a 50 day moving average price of $31.19 and a 200-day moving average price of $32.14. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.07 and a quick ratio of 0.87.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly 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. 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. As a group, equities research analysts expect that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Friday, June 6th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.33%. The ex-dividend date was Friday, June 6th. 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.