Rhumbline Advisers Increases Holdings in Primo Brands Co. (NYSE:PRMB)

Rhumbline Advisers increased its position in Primo Brands Co. (NYSE:PRMB - Free Report) by 15.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 298,228 shares of the company's stock after buying an additional 39,471 shares during the quarter. Rhumbline Advisers owned 0.08% of Primo Brands worth $10,584,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. SRS Capital Advisors Inc. bought a new stake in shares of Primo Brands in the 4th quarter valued at $30,000. EverSource Wealth Advisors LLC acquired a new position in Primo Brands in the fourth quarter valued at $30,000. Blue Trust Inc. bought a new stake in Primo Brands during the fourth quarter valued at $33,000. 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 worth $43,000 after acquiring an additional 906 shares during the period. Finally, 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 worth $46,000 after acquiring an additional 902 shares during the period. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PRMB. Truist Financial began coverage on Primo Brands in a research note on Friday, April 4th. They issued a "buy" rating and a $42.00 price objective on the stock. TD Securities began coverage on Primo Brands in a research note on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price target on the stock. Bank of America initiated coverage on Primo Brands in a report on Wednesday, May 28th. They set a "buy" rating and a $42.00 price target on the stock. Barclays assumed coverage on shares of Primo Brands in a research report on Wednesday, June 4th. They set an "overweight" rating and a $40.00 price objective for the company. Finally, JPMorgan Chase & Co. boosted their target price on shares of Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat, Primo Brands presently has an average rating of "Buy" and an average target price of $41.56.

Primo Brands Stock Up 1.2%

Shares of NYSE:PRMB traded up $0.35 during trading on Friday, reaching $29.57. 7,330,710 shares of the stock were exchanged, compared to its average volume of 4,012,202. Primo Brands Co. has a 1-year low of $24.41 and a 1-year high of $35.85. The stock has a fifty day moving average of $32.24 and a two-hundred day moving average of $32.18. 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 firm has a market cap of $11.13 billion, a price-to-earnings ratio of -369.65, a price-to-earnings-growth ratio of 0.78 and a beta of 0.77.

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 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 was up 42.1% on a year-over-year basis. Research analysts anticipate that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.35%. Primo Brands's dividend payout ratio is presently -500.00%.

Insider Buying and Selling at Primo Brands

In other Primo Brands news, Director Tony W. Lee sold 50,657,562 shares of the stock in a transaction dated 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 completion of the sale, the director now owns 116,210,806 shares in the company, valued at approximately $3,680,396,226.02. This trade represents a 30.36% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 58.40% of the company's stock.

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.