Strategic Wealth Partners Ltd. Invests $2.05 Million in Primo Brands Co. (NYSE:PRMB)

Strategic Wealth Partners Ltd. acquired a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 61,044 shares of the company's stock, valued at approximately $2,048,000.

A number of other institutional investors also recently bought and sold shares of PRMB. SRS Capital Advisors Inc. acquired a new stake in shares of Primo Brands during the fourth quarter valued at about $30,000. EverSource Wealth Advisors LLC acquired a new stake in Primo Brands in the 4th quarter valued at approximately $30,000. Blue Trust Inc. purchased a new stake in Primo Brands in the fourth quarter valued at approximately $33,000. R Squared Ltd acquired a new position in Primo Brands during the fourth quarter worth $42,000. Finally, Federated Hermes Inc. acquired a new position in Primo Brands during the fourth quarter worth $55,000. 87.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Tony W. Lee sold 50,657,562 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $31.67, for a total value of $1,604,324,988.54. Following the completion of the sale, the director now directly owns 116,210,806 shares of the company's stock, 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 58.40% of the stock is owned by company insiders.

Primo Brands Stock Up 1.8%

Primo Brands stock traded up $0.57 during trading on Friday, reaching $31.83. The stock had a trading volume of 2,072,836 shares, compared to its average volume of 3,981,738. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18. Primo Brands Co. has a 52-week low of $20.16 and a 52-week high of $35.85. The stock has a market capitalization of $11.98 billion, a PE ratio of -397.81, a PEG ratio of 0.78 and a beta of 0.83. The firm has a 50 day moving average of $33.03.

Primo Brands (NYSE:PRMB - Get Free Report) last issued 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. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. The firm had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.63 billion. The company's revenue was up 42.1% on a year-over-year basis. On average, equities analysts predict that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.26%. The ex-dividend date of this dividend is Friday, June 6th. Primo Brands's dividend payout ratio (DPR) is presently -500.00%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Truist Financial initiated coverage on Primo Brands in a research note on Friday, April 4th. They issued a "buy" rating and a $42.00 price objective for the company. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. JPMorgan Chase & Co. raised their price objective on shares of Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. Mizuho began coverage on shares of Primo Brands in a report on Monday, May 12th. They issued an "outperform" rating and a $43.00 price objective for the company. Finally, TD Securities initiated coverage on shares of Primo Brands in a report on Tuesday, April 8th. They set a "buy" rating and a $48.00 target price on the stock. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $41.71.

Primo Brands Company 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.