Rhumbline Advisers Acquires 39,471 Shares of Primo Brands Co. (NYSE:PRMB)

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

Several other hedge funds also recently bought and sold shares of the company. SRS Capital Advisors Inc. bought a new position in Primo Brands in the 4th quarter valued at $30,000. EverSource Wealth Advisors LLC purchased a new position in shares of Primo Brands during the 4th quarter valued at about $30,000. Blue Trust Inc. purchased a new position in Primo Brands during the fourth quarter valued at approximately $33,000. Versant Capital Management Inc grew its stake in shares of 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 purchasing an additional 906 shares during the period. Finally, Parallel Advisors LLC grew its holdings in Primo Brands by 225.5% in the first 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 period. Institutional investors own 87.71% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. JPMorgan Chase & Co. upped their price target on shares of Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research report on Friday, February 21st. Deutsche Bank Aktiengesellschaft upped their target price on shares of Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Barclays assumed coverage on Primo Brands in a research report on Wednesday, June 4th. They set an "overweight" rating and a $40.00 price objective for the company. Mizuho initiated coverage on shares of Primo Brands in a report on Monday, May 12th. They issued an "outperform" rating and a $43.00 target price for the company. Finally, Truist Financial began coverage on shares of 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 equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $41.56.

Primo Brands Trading Down 1.8%

PRMB traded down $0.52 during trading on Wednesday, hitting $28.75. 6,059,498 shares of the company's stock were exchanged, compared to its average volume of 3,975,511. Primo Brands Co. has a 1 year low of $24.41 and a 1 year high of $35.85. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. The firm has a market cap of $10.82 billion, a P/E ratio of -359.33, a price-to-earnings-growth ratio of 0.78 and a beta of 0.77. The stock has a 50 day moving average price of $32.38 and a 200 day moving average price of $32.16.

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 (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 analyst estimates of $1.63 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The business's quarterly revenue was up 42.1% compared to the same quarter last year. As a group, analysts expect that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Friday, June 6th will be given a $0.10 dividend. The ex-dividend date is Friday, June 6th. This represents a $0.40 annualized dividend and a yield of 1.39%. Primo Brands's dividend payout ratio (DPR) is -500.00%.

Insider Transactions at Primo Brands

In related news, Director Tony W. Lee sold 50,657,562 shares of Primo Brands stock in a transaction on 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 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 legal filing with the SEC, which is available through this link. 58.40% of the stock is currently owned by insiders.

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.