Picton Mahoney Asset Management Trims Holdings in Primo Brands Corporation (NYSE:PRMB)

Key Points

• Picton Mahoney Asset Management significantly reduced its stake in Primo Brands Corporation by 96.8% during Q1, resulting in ownership of only 1,303 shares worth approximately $46,000.
• Director Tony W. Lee sold over 50 million shares of Primo Brands stock, reducing his ownership by 30.36% and receiving around $1.6 billion from the transaction.
• Despite recent stock performance dips, analysts maintain a generally positive outlook with several firms projecting price targets as high as $48.00 for Primo Brands, with a consensus rating of "Buy."

Picton Mahoney Asset Management cut its holdings in Primo Brands Corporation (NYSE:PRMB - Free Report) by 96.8% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,303 shares of the company's stock after selling 38,979 shares during the period. Picton Mahoney Asset Management's holdings in Primo Brands were worth $46,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. IFP Advisors Inc bought a new position in Primo Brands during the 1st quarter valued at about $40,000. Versant Capital Management Inc grew its holdings in Primo Brands by 286.7% during the 1st quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock valued at $43,000 after purchasing an additional 906 shares during the last quarter. Parallel Advisors LLC grew its holdings in Primo Brands by 225.5% during the 1st quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock valued at $46,000 after purchasing an additional 902 shares during the last quarter. Millstone Evans Group LLC bought a new position in Primo Brands during the 1st quarter valued at about $54,000. Finally, Federated Hermes Inc. bought a new position in Primo Brands during the 4th quarter valued at about $55,000. 87.71% of the stock is currently owned by institutional investors.

Primo Brands Stock Performance

Shares of NYSE PRMB traded down $0.56 during midday trading on Friday, reaching $27.05. The company had a trading volume of 5,842,946 shares, compared to its average volume of 4,651,352. The business's 50-day simple moving average is $29.81 and its 200 day simple moving average is $31.84. The stock has a market cap of $10.18 billion, a P/E ratio of -338.08, a P/E/G ratio of 0.51 and a beta of 0.73. Primo Brands Corporation has a 1 year low of $20.16 and a 1 year high of $35.85. The company has a current ratio of 1.07, a quick ratio of 0.87 and a debt-to-equity ratio of 1.49.

Primo Brands (NYSE:PRMB - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.29 earnings per share for the quarter, topping analysts' consensus estimates of $0.24 by $0.05. The firm had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.63 billion. Primo Brands had a negative net margin of 1.86% and a positive return on equity of 8.35%. The business's revenue was up 42.1% compared to the same quarter last year. On average, analysts forecast that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Bank of America dropped their target price on shares of Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a research note on Friday, July 11th. Barclays dropped their target price on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a research note on Monday, June 16th. Morgan Stanley assumed coverage on shares of Primo Brands in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $38.00 target price on the stock. TD Securities assumed coverage on shares of Primo Brands in a research note on Tuesday, April 8th. They issued a "buy" rating and a $48.00 target price on the stock. Finally, Truist Financial assumed coverage on shares of Primo Brands in a research note on Friday, April 4th. They issued a "buy" rating and a $42.00 target price on the stock. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $40.70.

Insider Buying and Selling

In related news, Director Tony W. Lee sold 50,657,562 shares of the firm's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $31.67, for a total transaction of $1,604,324,988.54. Following the sale, the director owned 116,210,806 shares in the company, valued at approximately $3,680,396,226.02. This trade represents a 30.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 58.40% of the company's stock.

About Primo Brands

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.