Suncoast Equity Management Acquires Shares of 20,149 Primo Brands Corporation (NYSE:PRMB)

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

Several other large investors also recently added to or reduced their stakes in the business. GAMMA Investing LLC lifted its position in shares of Primo Brands by 34.5% during the 1st quarter. GAMMA Investing LLC now owns 1,942 shares of the company's stock valued at $69,000 after buying an additional 498 shares in the last quarter. Parallel Advisors LLC raised its stake in Primo Brands by 225.5% during the 1st quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock worth $46,000 after acquiring an additional 902 shares during the period. Versant Capital Management Inc boosted its position in shares of Primo Brands by 286.7% in the first 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 period. SRS Capital Advisors Inc. bought a new position in shares of Primo Brands in the fourth quarter worth approximately $30,000. Finally, EverSource Wealth Advisors LLC purchased a new stake in shares of Primo Brands in the fourth quarter worth $30,000. 87.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Mizuho started coverage on shares of Primo Brands in a research note on Monday, May 12th. They set an "outperform" rating and a $43.00 target price on the stock. Bank of America started coverage on Primo Brands in a research report on Wednesday, May 28th. They issued a "buy" rating and a $42.00 price objective on the stock. Deutsche Bank Aktiengesellschaft upped 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. Barclays decreased 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, Truist Financial began coverage on Primo Brands in a report on Friday, April 4th. They issued a "buy" rating and a $42.00 price target on the stock. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $41.33.

Primo Brands Price Performance

Shares of NYSE:PRMB traded down $0.51 during mid-day trading on Tuesday, reaching $29.58. The stock had a trading volume of 8,542,285 shares, compared to its average volume of 4,125,103. The business's 50 day moving average price is $31.80 and its 200 day moving average price is $32.25. Primo Brands Corporation has a 1 year low of $24.41 and a 1 year high of $35.85. The company has a market cap of $11.13 billion, a P/E ratio of -369.64, a price-to-earnings-growth ratio of 0.55 and a beta of 0.78. The company has a current ratio of 1.07, a quick ratio of 0.87 and a debt-to-equity ratio of 1.49.

Primo Brands (NYSE:PRMB - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) 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 the consensus estimate of $1.63 billion. Primo Brands had a positive return on equity of 8.35% and a negative net margin of 1.86%. The company's revenue was up 42.1% on a year-over-year basis. Research analysts expect that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Friday, June 6th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.40 annualized dividend and a yield of 1.35%. Primo Brands's dividend payout ratio (DPR) is currently -500.00%.

Insider Buying and Selling at Primo Brands

In other Primo Brands news, Director Tony W. Lee sold 50,657,562 shares of the company's stock in a transaction that occurred 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 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 58.40% of the stock is owned by company insiders.

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.