2,500,000 Shares in Primo Brands Co. (NYSE:PRMB) Acquired by Southpoint Capital Advisors LP

Southpoint Capital Advisors LP purchased a new stake in shares of Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 2,500,000 shares of the company's stock, valued at approximately $76,925,000. Primo Brands makes up approximately 1.8% of Southpoint Capital Advisors LP's investment portfolio, making the stock its 26th biggest position. Southpoint Capital Advisors LP owned 0.66% of Primo Brands as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. SRS Capital Advisors Inc. purchased a new stake in Primo Brands during the fourth quarter valued at $30,000. EverSource Wealth Advisors LLC purchased a new stake in Primo Brands during the fourth quarter valued at $30,000. Blue Trust Inc. purchased a new position in shares of Primo Brands during the 4th quarter worth $33,000. R Squared Ltd purchased a new position in shares of Primo Brands during the 4th quarter worth $42,000. Finally, Federated Hermes Inc. purchased a new position in shares of Primo Brands during the 4th quarter worth $55,000. Institutional investors own 87.71% of the company's stock.

Primo Brands Stock Performance

Shares of Primo Brands stock traded up $0.66 during trading hours on Friday, hitting $31.92. The company's stock had a trading volume of 5,467,784 shares, compared to its average volume of 3,661,886. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. Primo Brands Co. has a 12-month low of $24.41 and a 12-month high of $35.85. The stock has a 50 day moving average price of $33.03. The firm has a market cap of $12.02 billion, a P/E ratio of -399.00, a PEG ratio of 0.78 and a beta of 0.83.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.29 EPS for the quarter, topping analysts' consensus estimates of $0.24 by $0.05. The company had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.63 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. 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 Co. will post 1.13 earnings per share for the current year.

Primo Brands Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Friday, June 6th will be issued a dividend of $0.10 per share. The ex-dividend date is Friday, June 6th. This represents a $0.40 annualized dividend and a yield of 1.25%. Primo Brands's payout ratio is presently -500.00%.

Insider Activity at Primo Brands

In related news, Director Tony W. Lee sold 50,657,562 shares of the company's 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 sale, the director now directly owns 116,210,806 shares in the company, valued at $3,680,396,226.02. This represents a 30.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 58.40% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. lifted 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. TD Securities assumed coverage on shares of Primo Brands in a research note on Tuesday, April 8th. They set a "buy" rating and a $48.00 price target on the stock. Truist Financial assumed coverage on shares of Primo Brands in a research note on Friday, April 4th. They set a "buy" rating and a $42.00 price target on the stock. Deutsche Bank Aktiengesellschaft increased their target price on shares of Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a report on Friday, February 28th. Finally, Mizuho assumed coverage on shares of Primo Brands in a report on Monday, May 12th. They issued an "outperform" rating and a $43.00 target price for the company. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $41.71.

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.