Ritholtz Wealth Management Invests $608,000 in Primo Brands Corporation (NYSE:PRMB)

Ritholtz Wealth Management acquired a new position in Primo Brands Corporation (NYSE:PRMB - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 17,142 shares of the company's stock, valued at approximately $608,000.

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

Analyst Ratings Changes

Several research firms recently commented on PRMB. Deutsche Bank Aktiengesellschaft increased their price objective on Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a research note on Friday, February 28th. Bank of America began coverage on Primo Brands in a research note on Wednesday, May 28th. They issued a "buy" rating and a $42.00 price objective for the company. Barclays reduced their price objective on Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a research note on Monday, June 16th. TD Securities began coverage on Primo Brands in a research note on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price objective for the company. Finally, Mizuho began coverage on Primo Brands in a research note on Monday, May 12th. They issued an "outperform" rating and a $43.00 price objective for the company. Nine research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $41.33.

Primo Brands Trading Up 1.1%

Shares of PRMB traded up $0.34 during midday trading on Friday, reaching $30.35. The company had a trading volume of 6,813,174 shares, compared to its average volume of 4,077,773. Primo Brands Corporation has a 1-year low of $24.41 and a 1-year high of $35.85. The stock has a market cap of $11.42 billion, a PE ratio of -379.27, a price-to-earnings-growth ratio of 0.55 and a beta of 0.77. The firm has a 50 day simple moving average of $31.89 and a 200-day simple moving average of $32.23. The company has a quick ratio of 0.87, a current ratio of 1.07 and a debt-to-equity ratio of 1.49.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.29 earnings per share (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 the consensus estimate of $1.63 billion. Primo Brands's revenue for the quarter was up 42.1% compared to the same quarter last year. Research analysts forecast that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands Dividend Announcement

The business 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. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date was Friday, June 6th. Primo Brands's dividend payout ratio (DPR) is presently -500.00%.

Insiders Place Their Bets

In other news, Director Tony W. Lee sold 50,657,562 shares of the stock in a transaction 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 now directly 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 SEC, which can be accessed through this hyperlink. Corporate insiders own 58.40% of the company's stock.

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.