Tidal Investments LLC Invests $3.02 Million in Primo Brands Co. (NYSE:PRMB)

Tidal Investments LLC bought a new stake in shares of Primo Brands Co. (NYSE:PRMB - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 98,267 shares of the company's stock, valued at approximately $3,024,000.

Other institutional investors have also recently made changes to their positions in the company. SRS Capital Advisors Inc. bought a new position in shares of Primo Brands in the 4th quarter worth approximately $30,000. EverSource Wealth Advisors LLC purchased a new stake in Primo Brands during the 4th quarter valued at approximately $30,000. Blue Trust Inc. bought a new position in shares of Primo Brands during the 4th quarter valued at approximately $33,000. R Squared Ltd bought a new position in shares of Primo Brands during the 4th quarter valued at approximately $42,000. Finally, Federated Hermes Inc. bought a new position in shares of Primo Brands during the 4th quarter valued at approximately $55,000. Institutional investors own 87.71% of the company's stock.

Wall Street Analysts Forecast Growth

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

Primo Brands Stock Up 2.1%

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

Primo Brands (NYSE:PRMB - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.05. The company had revenue of $1.61 billion during 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% on a year-over-year basis. On average, sell-side analysts anticipate that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

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

Insider Buying and Selling at Primo Brands

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 corporate insiders.

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.