Primo Brands Corporation (NYSE:PRMB) Shares Sold by Knights of Columbus Asset Advisors LLC

Key Points

• Knights of Columbus Asset Advisors LLC reduced its stake in Primo Brands by 23.3% in Q1, now holding 89,200 shares valued at approximately $3.17 million.
• Primo Brands recently reported $1.61 billion in quarterly revenue, exceeding expectations slightly, and had a positive return on equity of 8.35%.
• Director Tony W. Lee sold over 50 million shares in a single transaction, resulting in a significant decrease of 30.36% in his holdings.

Knights of Columbus Asset Advisors LLC trimmed its holdings in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 23.3% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 89,200 shares of the company's stock after selling 27,142 shares during the period. Knights of Columbus Asset Advisors LLC's holdings in Primo Brands were worth $3,166,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. IFP Advisors Inc bought a new stake in Primo Brands during the first quarter worth approximately $40,000. Versant Capital Management Inc boosted its holdings in Primo Brands by 286.7% during the first quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock worth $43,000 after buying an additional 906 shares in the last quarter. Parallel Advisors LLC boosted its holdings in Primo Brands by 225.5% during the first quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock worth $46,000 after buying an additional 902 shares in the last quarter. Millstone Evans Group LLC bought a new stake in Primo Brands during the first quarter worth approximately $54,000. Finally, Federated Hermes Inc. bought a new stake in Primo Brands during the fourth quarter worth approximately $55,000. 87.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Bank of America decreased their price objective on shares of Primo Brands from $42.00 to $39.00 and set a "buy" rating for the company in a research note on Friday, July 11th. 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 price objective for the company. Mizuho assumed coverage on shares of Primo Brands in a research note on Monday, May 12th. They issued an "outperform" rating and a $43.00 price objective for the company. 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 price objective for the company. Finally, Barclays decreased their price objective on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a research note on Monday, June 16th. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $40.70.

Insider Buying and Selling at Primo Brands

In other 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 transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 58.40% of the company's stock.

Primo Brands Stock Up 0.4%

PRMB stock opened at $28.74 on Friday. Primo Brands Corporation has a 12-month low of $20.16 and a 12-month high of $35.85. The company has a quick ratio of 0.87, a current ratio of 1.07 and a debt-to-equity ratio of 1.49. The company has a market cap of $10.82 billion, a price-to-earnings ratio of -359.16, a PEG ratio of 0.54 and a beta of 0.73. The company has a 50 day moving average of $30.28 and a two-hundred day moving average of $31.97.

Primo Brands (NYSE:PRMB - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.29 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.05. The business had revenue of $1.61 billion for the quarter, compared to the consensus estimate 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 quarterly revenue was up 42.1% compared to the same quarter last year. On average, equities analysts anticipate that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.39%. Primo Brands's dividend payout ratio 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.

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