Rice Hall James & Associates LLC Sells 36,829 Shares of Primo Brands Corporation (NYSE:PRMB)

Rice Hall James & Associates LLC cut its stake in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 25.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 105,868 shares of the company's stock after selling 36,829 shares during the period. Rice Hall James & Associates LLC's holdings in Primo Brands were worth $3,757,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of PRMB. EverSource Wealth Advisors LLC acquired a new stake in shares of Primo Brands during the fourth quarter worth $30,000. Versant Capital Management Inc raised its position in shares of Primo Brands by 286.7% during the first quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock worth $43,000 after purchasing an additional 906 shares during the period. Parallel Advisors LLC raised its position in shares of Primo Brands by 225.5% during the first quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock worth $46,000 after purchasing an additional 902 shares during the period. Federated Hermes Inc. acquired a new stake in shares of Primo Brands during the fourth quarter worth $55,000. Finally, TD Waterhouse Canada Inc. acquired a new stake in shares of Primo Brands during the fourth quarter worth $62,000. 87.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PRMB. Morgan Stanley began coverage on Primo Brands in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $38.00 target price on the stock. Mizuho started coverage on Primo Brands in a report on Monday, May 12th. They set an "outperform" rating and a $43.00 price target on the stock. Barclays lowered their price target on Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a report on Monday, June 16th. Bank of America lowered their price target on Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a report on Friday, July 11th. Finally, Truist Financial started coverage on Primo Brands in a report on Friday, April 4th. They set a "buy" rating and a $42.00 price target on the stock. Ten analysts have rated the stock with a buy rating, According to MarketBeat.com, Primo Brands has an average rating of "Buy" and an average target price of $40.70.

Insider Buying and Selling

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

Primo Brands Stock Up 0.1%

NYSE PRMB traded up $0.02 on Thursday, reaching $28.66. The stock had a trading volume of 3,288,964 shares, compared to its average volume of 4,563,450. The business has a 50 day moving average price of $30.59 and a 200 day moving average price of $32.04. The company has a current ratio of 1.07, a quick ratio of 0.87 and a debt-to-equity ratio of 1.49. Primo Brands Corporation has a 1 year low of $24.41 and a 1 year high of $35.85. The company has a market capitalization of $10.79 billion, a price-to-earnings ratio of -358.17, a P/E/G ratio of 0.54 and a beta of 0.73.

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 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 firm had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.63 billion. The business's revenue for the quarter was up 42.1% compared to the same quarter last year. On average, analysts forecast 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. Shareholders of record on Friday, June 6th were paid a $0.10 dividend. The ex-dividend date was Friday, June 6th. This represents a $0.40 dividend on an annualized basis and a yield of 1.40%. Primo Brands's dividend payout ratio (DPR) is currently -500.00%.

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.