ProShare Advisors LLC Invests $1.37 Million in Primo Brands Co. (NYSE:PRMB)

ProShare Advisors LLC purchased a new stake in shares of Primo Brands Co. (NYSE:PRMB - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 44,467 shares of the company's stock, valued at approximately $1,368,000.

Several other hedge funds also recently modified their holdings of the company. SRS Capital Advisors Inc. acquired a new position in shares of Primo Brands during the 4th quarter valued at $30,000. EverSource Wealth Advisors LLC acquired a new position in shares of Primo Brands in the 4th quarter worth $30,000. Blue Trust Inc. acquired a new position in shares of Primo Brands in the 4th quarter worth $33,000. R Squared Ltd acquired a new position in shares of Primo Brands in the 4th quarter worth $42,000. Finally, Federated Hermes Inc. acquired a new position in shares of Primo Brands in the 4th quarter worth $55,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. JPMorgan Chase & Co. raised their target price on Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research report on Friday, February 21st. Truist Financial started coverage on Primo Brands in a research report on Friday, April 4th. They issued a "buy" rating and a $42.00 target price for the company. Mizuho started coverage on Primo Brands in a research report on Monday, May 12th. They set an "outperform" rating and a $43.00 price objective for the company. TD Securities started coverage on Primo Brands in a research report on Tuesday, April 8th. They set a "buy" rating and a $48.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research report on Friday, February 28th. Seven investment 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 target price of $41.71.

Primo Brands Price Performance

Shares of Primo Brands stock traded up $0.24 on Tuesday, hitting $32.11. 661,318 shares of the company's stock traded hands, compared to its average volume of 3,640,171. The firm has a 50-day moving average price of $33.03. The company has a market cap of $12.09 billion, a PE ratio of -401.43, a PEG ratio of 0.78 and a beta of 0.83. Primo Brands Co. has a one year low of $24.41 and a one year high of $35.85. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.24 by $0.05. The company had revenue of $1.61 billion during the quarter, compared to analysts' expectations of $1.63 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. The business's revenue was up 42.1% compared to the same quarter last year. On average, analysts forecast that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Friday, June 6th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.25%. The ex-dividend date of this dividend is Friday, June 6th. Primo Brands's payout ratio is presently -500.00%.

Insider Buying and Selling

In other Primo Brands news, Director Tony W. Lee sold 50,657,562 shares of the stock in a transaction dated 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 now owns 116,210,806 shares in the company, valued at approximately $3,680,396,226.02. This represents a 30.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 58.40% of the stock is currently owned by company 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.