Squarepoint Ops LLC Acquires Shares of 115,368 Primo Brands Co. (NYSE:PRMB)

Squarepoint Ops LLC acquired a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 115,368 shares of the company's stock, valued at approximately $3,550,000.

Several other institutional investors have also added to or reduced their stakes in PRMB. SRS Capital Advisors Inc. acquired a new position in Primo Brands during the fourth quarter worth $30,000. EverSource Wealth Advisors LLC acquired a new position in shares of Primo Brands in the fourth quarter valued at approximately $30,000. Blue Trust Inc. bought a new stake in shares of Primo Brands in the 4th quarter valued at about $33,000. R Squared Ltd bought a new stake in Primo Brands during the fourth quarter valued at $42,000. Finally, Federated Hermes Inc. acquired a new position in shares of Primo Brands during the 4th quarter valued at $55,000. 87.71% of the stock is owned by institutional investors.

Insider Transactions at Primo Brands

In related news, Director Tony W. Lee sold 50,657,562 shares of Primo Brands stock in a transaction 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 transaction, the director now owns 116,210,806 shares in the company, valued at approximately $3,680,396,226.02. The trade was a 30.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 58.40% of the company's stock.

Primo Brands Trading Up 0.3%

Shares of PRMB stock traded up $0.09 during trading hours on Thursday, reaching $32.80. The company's stock had a trading volume of 2,838,886 shares, compared to its average volume of 3,682,642. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. Primo Brands Co. has a one year low of $24.41 and a one year high of $35.85. The company has a market capitalization of $12.35 billion, a PE ratio of -410.05, a P/E/G ratio of 0.78 and a beta of 0.83. The business's fifty day moving average is $33.03.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.29 earnings per share for the quarter, topping analysts' consensus estimates of $0.24 by $0.05. The business had revenue of $1.61 billion for the quarter, compared to analysts' expectations of $1.63 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. The company's revenue for the quarter was up 42.1% on a year-over-year basis. As a group, equities research analysts forecast that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $0.40 annualized dividend and a dividend yield of 1.22%. Primo Brands's payout ratio is -500.00%.

Analysts Set New Price Targets

PRMB has been the subject of several recent research reports. 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 for the company. JPMorgan Chase & Co. raised 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. Bank of America initiated coverage on shares of Primo Brands in a report on Wednesday. They set a "buy" rating and a $42.00 price objective on the stock. Mizuho initiated coverage on shares of Primo Brands in a research note on Monday, May 12th. They set an "outperform" rating and a $43.00 price objective for the company. Finally, TD Securities started coverage on shares of Primo Brands in a research note on Tuesday, April 8th. They issued a "buy" rating and a $48.00 target price on the stock. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $41.75.

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.