Levin Capital Strategies L.P. Sells 479,296 Shares of Primo Brands Corporation (NYSE:PRMB)

Key Points

• Levin Capital Strategies L.P. reduced its stake in Primo Brands Corporation by 42.4% during the first quarter, now owning approximately 0.17% of the company, valued at about $23 million.
• Insider Director Tony W. Lee sold over 50 million shares of Primo Brands on May 12, significantly reducing his ownership by approximately 30.36%, while still holding shares worth $3.68 billion.
• Wall Street analysts maintain a consensus of "Buy" for Primo Brands, with target prices ranging from $38.00 to $48.00, indicating potential for growth despite a recent stock decline of 0.6%.

Levin Capital Strategies L.P. trimmed its holdings in Primo Brands Corporation (NYSE:PRMB - Free Report) by 42.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 650,474 shares of the company's stock after selling 479,296 shares during the period. Primo Brands comprises approximately 2.4% of Levin Capital Strategies L.P.'s holdings, making the stock its 10th largest holding. Levin Capital Strategies L.P. owned about 0.17% of Primo Brands worth $23,085,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. IFP Advisors Inc bought a new stake in Primo Brands during the first quarter valued at $40,000. Versant Capital Management Inc boosted its holdings in shares of Primo Brands by 286.7% in the 1st quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock valued at $43,000 after buying an additional 906 shares during the period. New Age Alpha Advisors LLC bought a new stake in shares of Primo Brands in the 1st quarter worth approximately $43,000. Parallel Advisors LLC lifted its position in Primo Brands by 225.5% in the 1st 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 last quarter. Finally, Millstone Evans Group LLC bought a new position in Primo Brands in the 1st quarter worth approximately $54,000. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Primo Brands news, Director Tony W. Lee sold 50,657,562 shares of the company's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $31.67, for a total transaction 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 $3,680,396,226.02. This represents a 30.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 58.40% of the company's stock.

Analyst Ratings Changes

Several analysts recently commented on PRMB shares. TD Securities began 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 for the company. Barclays decreased their price objective on Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a research report on Monday, June 16th. Mizuho started coverage on shares of Primo Brands in a research report on Monday, May 12th. They issued an "outperform" rating and a $43.00 price target for the company. Bank of America lowered their price objective on shares of Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a research report on Friday, July 11th. Finally, Morgan Stanley assumed coverage on shares of Primo Brands in a research report on Wednesday, July 2nd. They issued an "overweight" rating and a $38.00 target price for the company. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $40.70.

Primo Brands Trading Down 1.2%

Primo Brands stock traded down $0.33 during mid-day trading on Wednesday, hitting $26.32. The stock had a trading volume of 12,636,671 shares, compared to its average volume of 4,938,136. The stock has a market capitalization of $9.91 billion, a PE ratio of -328.90, a P/E/G ratio of 0.50 and a beta of 0.72. Primo Brands Corporation has a 12 month low of $20.16 and a 12 month high of $35.85. The company has a current ratio of 1.07, a quick ratio of 0.87 and a debt-to-equity ratio of 1.49. The stock has a 50-day simple moving average of $29.47 and a two-hundred day simple moving average of $31.73.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.29 EPS for the quarter, topping analysts' consensus estimates 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 business had revenue of $1.61 billion during the quarter, compared to analysts' expectations of $1.63 billion. Primo Brands's revenue for the quarter was up 42.1% on a year-over-year basis. As a group, sell-side analysts forecast that Primo Brands Corporation will post 1.13 EPS for the current year.

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.