Universal Beteiligungs und Servicegesellschaft mbH Acquires 47,359 Shares of Primo Brands Corporation (NYSE:PRMB)

Key Points

• Universal Beteiligungs und Servicegesellschaft mbH significantly increased its stake in Primo Brands Corporation by 122.5%, acquiring 47,359 additional shares, bringing their total holdings to 86,027 shares worth approximately $3,053,000.
• Insider trading revealed that Director Tony W. Lee sold over 50 million shares, resulting in a 30.36% decrease in his ownership, while still retaining about 116 million shares valued at approximately $3.68 billion.
• Analysts maintain a consensus "Buy" rating for Primo Brands, with price targets ranging from $38.00 to $43.00, following a positive earnings report that exceeded expectations with a net revenue increase of 42.1% year-over-year.

Universal Beteiligungs und Servicegesellschaft mbH lifted its stake in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 122.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 86,027 shares of the company's stock after acquiring an additional 47,359 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH's holdings in Primo Brands were worth $3,053,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. FMR LLC acquired a new stake in Primo Brands in the 4th quarter valued at $653,019,000. Vanguard Group Inc. acquired a new stake in shares of Primo Brands in the fourth quarter valued at about $471,249,000. Victory Capital Management Inc. bought a new stake in Primo Brands during the first quarter worth about $184,225,000. Eminence Capital LP acquired a new position in Primo Brands during the fourth quarter valued at approximately $145,670,000. Finally, Fuller & Thaler Asset Management Inc. bought a new position in Primo Brands in the fourth quarter valued at approximately $128,982,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Primo Brands Price Performance

Shares of PRMB stock traded down $0.56 during trading on Friday, hitting $27.05. The company had a trading volume of 5,842,946 shares, compared to its average volume of 4,651,352. The firm has a market capitalization of $10.18 billion, a P/E ratio of -338.08, a price-to-earnings-growth ratio of 0.52 and a beta of 0.73. Primo Brands Corporation has a one year low of $20.16 and a one year high of $35.85. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.87 and a current ratio of 1.07. The stock's 50-day moving average price is $29.81 and its 200 day moving average price is $31.84.

Primo Brands (NYSE:PRMB - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.05. Primo Brands had a positive return on equity of 8.35% and a negative net margin of 1.86%. The company had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.63 billion. Primo Brands's revenue for the quarter was up 42.1% on a year-over-year basis. Equities analysts expect that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Insiders Place Their Bets

In other Primo Brands news, Director Tony W. Lee sold 50,657,562 shares of the firm's stock in a transaction dated 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 transaction, the director directly owned 116,210,806 shares of the company's stock, valued at $3,680,396,226.02. This trade represents a 30.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 58.40% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on PRMB shares. Morgan Stanley assumed coverage on Primo Brands in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $38.00 price objective for the company. Truist Financial started coverage on Primo Brands in a research report on Friday, April 4th. They issued a "buy" rating and a $42.00 price objective for the company. TD Securities assumed coverage on Primo Brands in a research note on Tuesday, April 8th. They set a "buy" rating and a $48.00 target price for the company. Barclays dropped their price target 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, Mizuho initiated coverage on shares of Primo Brands in a research report on Monday, May 12th. They set an "outperform" rating and a $43.00 price objective for the company. Ten research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of "Buy" and a consensus target price of $40.70.

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.