Two Sigma Investments LP Makes New Investment in Primo Brands Co. (NYSE:PRMB)

Two Sigma Investments LP bought a new stake in shares of Primo Brands Co. (NYSE:PRMB - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 234,943 shares of the company's stock, valued at approximately $7,229,000. Two Sigma Investments LP owned approximately 0.06% of Primo Brands as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. SRS Capital Advisors Inc. purchased a new position in shares of Primo Brands during the 4th quarter valued at about $30,000. EverSource Wealth Advisors LLC purchased a new position in Primo Brands during the fourth quarter valued at approximately $30,000. Blue Trust Inc. bought a new position in shares of Primo Brands in the fourth quarter worth approximately $33,000. R Squared Ltd purchased a new stake in shares of Primo Brands in the fourth quarter worth $42,000. Finally, Federated Hermes Inc. bought a new stake in shares of Primo Brands during the 4th quarter valued at $55,000. Institutional investors own 87.71% of the company's stock.

Primo Brands Trading Up 0.8%

Shares of NYSE:PRMB traded up $0.26 during trading hours on Friday, hitting $33.09. 597,100 shares of the company's stock traded hands, compared to its average volume of 3,660,572. The firm has a market capitalization of $12.45 billion, a P/E ratio of -414.06, a price-to-earnings-growth ratio of 0.78 and a beta of 0.83. The business has a fifty day moving average price of $33.05 and a 200-day moving average price of $32.10. Primo Brands Co. has a 1 year low of $24.41 and a 1 year high of $35.85. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.24 by $0.05. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The company had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.63 billion. The company's revenue for the quarter was up 42.1% compared to the same quarter last year. Equities analysts expect that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.21%. The ex-dividend date is Friday, June 6th. Primo Brands's dividend payout ratio is currently -500.00%.

Insider Transactions at Primo Brands

In other Primo Brands news, Director Tony W. Lee sold 50,657,562 shares of Primo Brands stock in a transaction on Monday, May 12th. The stock was sold at an average price of $31.67, for a total value of $1,604,324,988.54. Following the sale, the director now owns 116,210,806 shares in the company, valued at $3,680,396,226.02. The trade was a 30.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 58.40% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on PRMB shares. TD Securities initiated coverage on shares of Primo Brands in a report on Tuesday, April 8th. They issued a "buy" rating and a $48.00 target price for 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 target price for the company. Bank of America started coverage on Primo Brands in a research note on Wednesday. They set a "buy" rating and a $42.00 target price on the stock. Mizuho assumed coverage on Primo Brands in a research note on Monday, May 12th. They issued an "outperform" rating and a $43.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Primo Brands from $38.00 to $40.00 and gave the company a "buy" rating in a report on Friday, February 28th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $41.75.

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.