Primo Brands Corporation (NYSE:PRMB) Stock Position Increased by KBC Group NV

KBC Group NV boosted its position in Primo Brands Corporation (NYSE:PRMB - Free Report) by 27.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,051,228 shares of the company's stock after purchasing an additional 439,744 shares during the quarter. KBC Group NV owned about 0.54% of Primo Brands worth $72,798,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. FMR LLC bought a new stake in Primo Brands in the 4th quarter valued at about $653,019,000. Vanguard Group Inc. bought a new stake in Primo Brands in the 4th quarter valued at about $471,249,000. William Blair Investment Management LLC bought a new stake in Primo Brands in the 4th quarter valued at about $343,451,000. Eminence Capital LP bought a new stake in Primo Brands in the 4th quarter valued at about $145,670,000. Finally, Fuller & Thaler Asset Management Inc. acquired a new position in Primo Brands during the 4th quarter valued at about $128,982,000. 87.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PRMB has been the topic of several research analyst reports. Truist Financial initiated coverage on shares of Primo Brands in a research note on Friday, April 4th. They set a "buy" rating and a $42.00 target price on the stock. Barclays lowered 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. Mizuho initiated coverage on shares of Primo Brands in a research note on Monday, May 12th. They set an "outperform" rating and a $43.00 target price on the stock. Bank of America initiated coverage on shares of Primo Brands in a research note on Wednesday, May 28th. They set a "buy" rating and a $42.00 target price on the stock. Finally, TD Securities initiated coverage on shares of Primo Brands in a research note on Tuesday, April 8th. They set a "buy" rating and a $48.00 target price on the stock. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $41.33.

Primo Brands Stock Performance

Shares of PRMB opened at $29.35 on Friday. The firm's 50 day moving average is $31.47 and its 200-day moving average is $32.19. The stock has a market capitalization of $11.05 billion, a P/E ratio of -366.79, a P/E/G ratio of 0.56 and a beta of 0.77. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.07 and a quick ratio of 0.87. Primo Brands Corporation has a 12-month low of $24.41 and a 12-month high of $35.85.

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

Primo Brands Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.36%. The ex-dividend date was Friday, June 6th. Primo Brands's dividend payout ratio (DPR) is currently -500.00%.

Insider Transactions at Primo Brands

In other news, Director Tony W. Lee sold 50,657,562 shares of Primo Brands stock in a transaction that occurred 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 directly owns 116,210,806 shares of the company's stock, valued at $3,680,396,226.02. This trade represents a 30.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 58.40% of the stock is currently owned by insiders.

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.

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