Primo Brands Corporation (NYSE:PRMB) Stock Position Lessened by Teacher Retirement System of Texas

Teacher Retirement System of Texas lessened its stake in Primo Brands Corporation (NYSE:PRMB - Free Report) by 22.4% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 112,130 shares of the company's stock after selling 32,280 shares during the quarter. Teacher Retirement System of Texas' holdings in Primo Brands were worth $3,979,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. FMR LLC purchased a new position in Primo Brands in the 4th quarter worth approximately $653,019,000. Vanguard Group Inc. acquired a new position in shares of Primo Brands in the 4th quarter valued at approximately $471,249,000. William Blair Investment Management LLC acquired a new position in shares of Primo Brands in the 4th quarter valued at approximately $343,451,000. Eminence Capital LP acquired a new position in shares of Primo Brands in the 4th quarter valued at approximately $145,670,000. Finally, Fuller & Thaler Asset Management Inc. acquired a new position in shares of Primo Brands in the 4th quarter valued at approximately $128,982,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Insider Activity

In other news, Director Tony W. Lee sold 50,657,562 shares of the stock in a transaction 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 completion of the transaction, the director owned 116,210,806 shares of the company's stock, valued at approximately $3,680,396,226.02. This represents a 30.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 58.40% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PRMB. Bank of America cut their target price on Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a research report on Friday. Truist Financial began coverage on Primo Brands in a research report on Friday, April 4th. They issued a "buy" rating and a $42.00 target price on the stock. Morgan Stanley started coverage on Primo Brands in a research report on Wednesday, July 2nd. They issued an "overweight" rating and a $38.00 target price on the stock. Mizuho started coverage on Primo Brands in a research report on Monday, May 12th. They set an "outperform" rating and a $43.00 price target on the stock. Finally, Barclays dropped their price target on Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a research report on Monday, June 16th. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $40.70.

Primo Brands Stock Performance

NYSE PRMB traded down $1.88 during trading hours on Friday, hitting $28.65. The company had a trading volume of 9,012,386 shares, compared to its average volume of 4,559,928. Primo Brands Corporation has a fifty-two week low of $24.41 and a fifty-two week 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 business has a fifty day simple moving average of $31.02 and a 200-day simple moving average of $32.12. The firm has a market cap of $10.78 billion, a P/E ratio of -358.08, a price-to-earnings-growth ratio of 0.57 and a beta of 0.73.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its earnings results 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 positive return on equity of 8.35% and a negative net margin of 1.86%. The firm had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.63 billion. Primo Brands's quarterly revenue was up 42.1% compared to the same quarter last year. Equities analysts predict that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th were paid a $0.10 dividend. The ex-dividend date was Friday, June 6th. This represents a $0.40 annualized dividend and a dividend yield of 1.40%. Primo Brands's payout ratio is -500.00%.

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.