Readystate Asset Management LP Acquires New Stake in Primo Brands Corporation (NYSE:PRMB)

Readystate Asset Management LP purchased a new position in Primo Brands Corporation (NYSE:PRMB - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 357,700 shares of the company's stock, valued at approximately $12,695,000. Readystate Asset Management LP owned 0.09% of Primo Brands as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. HighTower Advisors LLC purchased a new position in Primo Brands in the fourth quarter worth about $211,000. Natixis Advisors LLC purchased a new position in Primo Brands in the 4th quarter worth approximately $770,000. Cibc World Markets Corp purchased a new position in Primo Brands in the 4th quarter worth approximately $455,000. Signaturefd LLC bought a new position in Primo Brands in the 4th quarter valued at approximately $83,000. Finally, Thrivent Financial for Lutherans purchased a new stake in Primo Brands during the 4th quarter valued at $6,778,000. Institutional investors own 87.71% of the company's stock.

Insiders Place Their Bets

In other Primo Brands news, Director Tony W. Lee sold 50,657,562 shares of Primo Brands stock in a transaction on Monday, May 12th. The shares were sold at an average price of $31.67, for a total transaction of $1,604,324,988.54. Following the sale, the director owned 116,210,806 shares of the company's stock, valued at $3,680,396,226.02. The trade was a 30.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 58.40% of the company's stock.

Primo Brands Stock Up 0.4%

PRMB stock traded up $0.12 on Thursday, hitting $28.74. 3,522,178 shares of the company's stock were exchanged, compared to its average volume of 7,581,819. The firm has a 50 day moving average price of $30.35 and a two-hundred day moving average price of $31.99. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.87 and a current ratio of 1.07. Primo Brands Corporation has a 12-month low of $20.16 and a 12-month high of $35.85. The stock has a market cap of $10.82 billion, a P/E ratio of 31.11, a price-to-earnings-growth ratio of 0.54 and a beta of 0.73.

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 for the quarter, beating 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 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. As a group, equities research analysts expect that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands Announces Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 1.39%. The ex-dividend date was Friday, June 6th. Primo Brands's dividend payout ratio (DPR) is presently -500.00%.

Analyst Ratings Changes

Several equities research analysts recently commented on PRMB shares. Morgan Stanley began coverage on Primo Brands in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $38.00 price objective for the company. Mizuho started coverage on shares of Primo Brands in a research note on Monday, May 12th. They issued an "outperform" rating and a $43.00 price target for the company. Truist Financial began coverage on shares of Primo Brands in a report on Friday, April 4th. They set a "buy" rating and a $42.00 price objective for the company. Barclays dropped their target price on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a report on Monday, June 16th. Finally, TD Securities began coverage on shares of Primo Brands in a research report on Tuesday, April 8th. They issued a "buy" rating and a $48.00 target price for the company. Ten analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $40.70.

Primo Brands Company 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.