Ritholtz Wealth Management Buys New Stake in Primo Brands Corporation (NYSE:PRMB)

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

A number of other institutional investors have also modified their holdings of the business. Wealth Enhancement Advisory Services LLC grew its stake in shares of Primo Brands by 14.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 13,465 shares of the company's stock valued at $478,000 after purchasing an additional 1,656 shares during the last quarter. Elevation Point Wealth Partners LLC purchased a new position in Primo Brands during the 1st quarter worth $385,000. NewGen Asset Management Ltd lifted its stake in shares of Primo Brands by 62.2% in the 1st quarter. NewGen Asset Management Ltd now owns 202,700 shares of the company's stock worth $7,194,000 after acquiring an additional 77,700 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Primo Brands in the first quarter valued at about $1,620,000. Finally, GAMMA Investing LLC increased its stake in shares of Primo Brands by 34.5% during the first quarter. GAMMA Investing LLC now owns 1,942 shares of the company's stock worth $69,000 after acquiring an additional 498 shares during the period. 87.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PRMB. Barclays reduced their price objective on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a research report on Monday. Mizuho assumed coverage on Primo Brands in a research note on Monday, May 12th. They issued an "outperform" rating and a $43.00 price target on the stock. Truist Financial started coverage on Primo Brands in a report on Friday, April 4th. They set a "buy" rating and a $42.00 price objective on the stock. Deutsche Bank Aktiengesellschaft raised their target price on Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a report on Friday, February 28th. Finally, JPMorgan Chase & Co. upped their price target on shares of Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research note on Friday, February 21st. Nine research analysts have rated the stock with a buy rating, According to MarketBeat.com, Primo Brands presently has a consensus rating of "Buy" and a consensus target price of $41.33.

Primo Brands Stock Down 0.3%

PRMB opened at $29.98 on Thursday. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.87 and a current ratio of 1.07. The company has a market cap of $11.28 billion, a price-to-earnings ratio of -374.68, a PEG ratio of 0.55 and a beta of 0.77. Primo Brands Corporation has a one year low of $24.41 and a one year high of $35.85. The business's fifty day moving average is $32.03 and its two-hundred day moving average is $32.20.

Primo Brands (NYSE:PRMB - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.24 by $0.05. Primo Brands had a negative net margin of 1.86% and a positive return on equity of 8.35%. 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. Analysts anticipate 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 paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.33%. Primo Brands's dividend payout ratio (DPR) is -500.00%.

Insider Buying and Selling

In related 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 sale, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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.

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