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

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

Other institutional investors have also modified their holdings of the company. FMR LLC acquired a new position in Primo Brands during the fourth quarter valued at approximately $653,019,000. Vanguard Group Inc. acquired a new position in Primo Brands during the 4th quarter worth $471,249,000. William Blair Investment Management LLC bought a new stake in shares of Primo Brands in the 4th quarter worth about $343,451,000. Eminence Capital LP acquired a new stake in shares of Primo Brands in the 4th quarter valued at about $145,670,000. Finally, Fuller & Thaler Asset Management Inc. acquired a new stake in shares of Primo Brands in the 4th quarter valued at about $128,982,000. Institutional investors and hedge funds own 87.71% of the company's stock.

Insider Transactions at Primo Brands

In related news, Director Tony W. Lee sold 50,657,562 shares of the firm's 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 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 58.40% of the company's stock.

Primo Brands Stock Performance

Shares of PRMB traded up $0.66 during midday trading on Friday, hitting $31.92. 5,467,784 shares of the stock traded hands, compared to its average volume of 3,661,886. The company's 50 day simple moving average is $33.03. The company has a market capitalization of $12.02 billion, a price-to-earnings ratio of -399.00, a PEG ratio of 0.78 and a beta of 0.83. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. Primo Brands Co. has a 1-year low of $24.41 and a 1-year high of $35.85.

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

Primo Brands Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Friday, June 6th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.25%. Primo Brands's dividend payout ratio (DPR) is -500.00%.

Analysts Set New Price Targets

Several analysts recently weighed in on PRMB shares. JPMorgan Chase & Co. boosted their price objective on Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a report on Friday, February 21st. Truist Financial began coverage on Primo Brands in a report on Friday, April 4th. They issued a "buy" rating and a $42.00 price target for the company. Mizuho initiated 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. TD Securities assumed coverage on shares of Primo Brands in a report on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research note on Friday, February 28th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $41.71.

About Primo Brands

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.