Suncoast Equity Management Invests $715,000 in Primo Brands Corporation (NYSE:PRMB)

Suncoast Equity Management purchased a new position in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 20,149 shares of the company's stock, valued at approximately $715,000.

A number of other hedge funds have also made changes to their positions in the stock. Arkansas Financial Group Inc. bought a new position in Primo Brands during the first quarter worth $207,000. Ritholtz Wealth Management bought a new position in Primo Brands during the first quarter worth $608,000. Wealth Enhancement Advisory Services LLC lifted its stake in Primo Brands by 14.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,465 shares of the company's stock worth $478,000 after purchasing an additional 1,656 shares during the last quarter. Elevation Point Wealth Partners LLC bought a new position in Primo Brands during the first quarter worth $385,000. Finally, NewGen Asset Management Ltd lifted its stake in Primo Brands by 62.2% during the first quarter. NewGen Asset Management Ltd now owns 202,700 shares of the company's stock worth $7,194,000 after purchasing an additional 77,700 shares during the last quarter. Institutional investors and hedge funds own 87.71% of the company's stock.

Primo Brands Price Performance

Shares of NYSE PRMB opened at $30.35 on Friday. Primo Brands Corporation has a fifty-two week low of $24.41 and a fifty-two week high of $35.85. The firm's 50-day simple moving average is $31.89 and its 200 day simple moving average is $32.22. The company has a quick ratio of 0.87, a current ratio of 1.07 and a debt-to-equity ratio of 1.49. The stock has a market cap of $11.42 billion, a P/E ratio of -379.27, a P/E/G ratio of 0.55 and a beta of 0.77.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly earnings data 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. 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 analysts' expectations of $1.63 billion. The firm's quarterly revenue was up 42.1% on a year-over-year basis. Equities analysts expect that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Investors of record on Friday, June 6th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date of this dividend was Friday, June 6th. Primo Brands's dividend payout ratio is currently -500.00%.

Insider Activity at Primo Brands

In other Primo Brands news, Director Tony W. Lee sold 50,657,562 shares of the business's stock in a transaction dated 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 sale, the director now directly 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 58.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft raised their price objective on Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Mizuho assumed coverage on Primo Brands in a research note on Monday, May 12th. They issued an "outperform" rating and a $43.00 target price on the stock. Truist Financial assumed coverage on Primo Brands in a research note on Friday, April 4th. They issued a "buy" rating and a $42.00 target price on the stock. Barclays cut their target price on Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a research note on Monday, June 16th. Finally, JPMorgan Chase & Co. raised their target price on Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. Nine equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $41.33.

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.

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