Two Sigma Advisers LP Invests $2.54 Million in Primo Brands Co. (NYSE:PRMB)

Two Sigma Advisers LP bought a new position in Primo Brands Co. (NYSE:PRMB - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 82,400 shares of the company's stock, valued at approximately $2,535,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. SRS Capital Advisors Inc. acquired a new stake in shares of Primo Brands in the 4th quarter worth $30,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Primo Brands in the 4th quarter worth $30,000. Blue Trust Inc. acquired a new stake in shares of Primo Brands in the 4th quarter worth $33,000. R Squared Ltd acquired a new stake in shares of Primo Brands in the 4th quarter worth $42,000. Finally, Federated Hermes Inc. acquired a new stake in shares of Primo Brands in the 4th quarter worth $55,000. 87.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Primo Brands

In other news, Director Tony W. Lee sold 50,657,562 shares of the business's stock in a transaction dated 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 completion of the transaction, the director now directly owns 116,210,806 shares of the company's stock, 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 filing with the SEC, which can be accessed through the SEC website. 58.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Truist Financial assumed coverage on Primo Brands in a research report on Friday, April 4th. They set a "buy" rating and a $42.00 price objective for the company. Bank of America assumed coverage on Primo Brands in a research report on Wednesday. They set a "buy" rating and a $42.00 price objective for the company. Mizuho assumed coverage on Primo Brands in a research report on Monday, May 12th. They set an "outperform" rating and a $43.00 price objective for the company. TD Securities assumed coverage on Primo Brands in a research report on Tuesday, April 8th. They set a "buy" rating and a $48.00 price objective for the company. Finally, 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 report on Friday, February 28th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Primo Brands currently has a consensus rating of "Buy" and an average target price of $41.75.

Primo Brands Trading Up 0.8%

NYSE PRMB traded up $0.26 during trading on Friday, hitting $33.09. The stock had a trading volume of 7,417,747 shares, compared to its average volume of 3,709,905. The company has a market capitalization of $12.46 billion, a PE ratio of -413.63, a PEG ratio of 0.78 and a beta of 0.83. 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 firm has a 50 day moving average price of $33.04 and a 200 day moving average price of $32.11. 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. As a group, equities research analysts forecast that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

The company also recently announced 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 annualized dividend and a yield of 1.21%. The ex-dividend date of this dividend is Friday, June 6th. Primo Brands's dividend payout ratio is currently -500.00%.

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.