Skandinaviska Enskilda Banken AB publ Buys 165,796 Shares of Primo Brands Corporation (NYSE:PRMB)

Key Points

• Skandinaviska Enskilda Banken AB publ significantly increased its holdings in Primo Brands Corporation by 3,115.9% in the 1st quarter, owning $6.07 million worth of the stock after acquiring an additional 165,796 shares.
• Director Tony W. Lee sold over 50 million shares of Primo Brands for approximately $1.6 billion, resulting in a 30.36% reduction in their ownership stake.
• Recent analyst reports indicate strong interest in Primo Brands, with ten analysts rating the stock as a "buy" and a consensus price target of $40.70.

Skandinaviska Enskilda Banken AB publ lifted its holdings in Primo Brands Corporation (NYSE:PRMB - Free Report) by 3,115.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 171,117 shares of the company's stock after purchasing an additional 165,796 shares during the quarter. Skandinaviska Enskilda Banken AB publ's holdings in Primo Brands were worth $6,073,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of PRMB. IFP Advisors Inc bought a new position in shares of Primo Brands in the first quarter valued at $40,000. Versant Capital Management Inc increased its stake in shares of Primo Brands by 286.7% during the 1st 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 last quarter. Parallel Advisors LLC raised its holdings in shares of Primo Brands by 225.5% in the 1st quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock valued at $46,000 after purchasing an additional 902 shares during the period. Millstone Evans Group LLC acquired a new stake in Primo Brands in the 1st quarter valued at about $54,000. Finally, Federated Hermes Inc. bought a new position in Primo Brands during the fourth quarter worth about $55,000. 87.71% of the stock is owned by institutional investors.

Primo Brands Stock Performance

Shares of PRMB stock traded down $0.13 during trading on Thursday, hitting $27.86. The company's stock had a trading volume of 1,297,879 shares, compared to its average volume of 4,970,363. The company has a current ratio of 1.07, a quick ratio of 0.87 and a debt-to-equity ratio of 1.49. The company has a market cap of $10.49 billion, a PE ratio of -348.08, a P/E/G ratio of 0.53 and a beta of 0.73. The business has a fifty day moving average of $29.98 and a 200-day moving average of $31.89. Primo Brands Corporation has a 52 week low of $20.16 and a 52 week high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last released its earnings results 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. The firm had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.63 billion. Primo Brands had a negative net margin of 1.86% and a positive return on equity of 8.35%. Primo Brands's quarterly revenue was up 42.1% compared to the same quarter last year. As a group, research analysts anticipate that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Insider Buying and Selling

In other Primo Brands news, Director Tony W. Lee sold 50,657,562 shares of Primo Brands stock in a transaction that occurred 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 completion of the sale, the director directly 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 this hyperlink. 58.40% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on PRMB shares. Morgan Stanley began coverage on Primo Brands in a report on Wednesday, July 2nd. They set an "overweight" rating and a $38.00 price target for the company. Mizuho started coverage on shares of Primo Brands in a report on Monday, May 12th. They set an "outperform" rating and a $43.00 target price for the company. 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 target on the stock. Bank of America reduced their price objective on Primo Brands from $42.00 to $39.00 and set a "buy" rating for the company in a report on Friday, July 11th. Finally, Barclays dropped their price target on Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a report on Monday, June 16th. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $40.70.

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.