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

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

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Teza Capital Management LLC purchased a new position in shares of Primo Brands during the fourth quarter valued at about $276,000. State of Wyoming purchased a new position in shares of Primo Brands during the fourth quarter valued at about $488,000. Strategic Wealth Partners Ltd. purchased a new position in shares of Primo Brands during the fourth quarter valued at about $2,048,000. Skye Global Management LP purchased a new position in shares of Primo Brands during the fourth quarter valued at about $57,386,000. Finally, SIG North Trading ULC purchased a new position in shares of Primo Brands during the fourth quarter valued at about $1,513,000. 87.71% of the stock is owned by institutional investors.

Primo Brands Trading Up 0.9%

Shares of PRMB stock traded up $0.28 on Tuesday, reaching $32.15. 691,896 shares of the company's stock were exchanged, compared to its average volume of 3,983,347. Primo Brands Co. has a 52 week low of $20.16 and a 52 week high of $35.85. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. The company has a market cap of $12.10 billion, a PE ratio of -401.88, a PEG ratio of 0.78 and a beta of 0.83. The business has a fifty 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 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.05. The business had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.63 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The firm's revenue for the quarter was up 42.1% on a year-over-year basis. As a group, sell-side analysts predict that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Friday, June 6th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $0.40 dividend on an annualized basis and a yield of 1.24%. Primo Brands's payout ratio is -500.00%.

Insider Activity 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 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. This represents a 30.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 58.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a report on Friday, February 28th. TD Securities assumed coverage on shares of Primo Brands in a report on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price objective on the stock. Mizuho assumed coverage on shares of Primo Brands in a report on Monday, May 12th. They issued an "outperform" rating and a $43.00 price objective on the stock. Truist Financial assumed coverage on shares of Primo Brands in a report on Friday, April 4th. They issued a "buy" rating and a $42.00 price objective on the stock. Finally, JPMorgan Chase & Co. upped their price objective on shares of Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a report on Friday, February 21st. Seven 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 an average target price of $41.71.

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.