Vestcor Inc Takes Position in Primo Brands Corporation (NYSE:PRMB)

Key Points

• Vestcor Inc purchased 114,146 shares of Primo Brands Corporation (NYSE:PRMB) worth approximately $4.05 million in Q1, contributing to 87.71% of the stock currently owned by institutional investors.
• Primo Brands posted $0.29 EPS for its last quarter, exceeding analyst expectations of $0.24, with revenue of $1.61 billion up 42.1% year-over-year.
• Analyst ratings for Primo Brands vary, with price targets recently adjusted down to $38-39, but maintaining a consensus "Buy" rating and a target price of $40.70.

Vestcor Inc acquired a new position in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 114,146 shares of the company's stock, valued at approximately $4,051,000.

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

Primo Brands Price Performance

Shares of PRMB stock traded down $0.56 during mid-day trading on Friday, reaching $27.05. The stock had a trading volume of 5,842,946 shares, compared to its average volume of 4,651,352. Primo Brands Corporation has a 12-month low of $20.16 and a 12-month high of $35.85. The company has a market cap of $10.18 billion, a P/E ratio of 29.40, a price-to-earnings-growth ratio of 0.51 and a beta of 0.73. The business has a 50-day simple moving average of $29.81 and a 200 day simple moving average of $31.84. The company has a current ratio of 1.07, a quick ratio of 0.87 and a debt-to-equity ratio of 1.49.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its quarterly 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 analysts' expectations of $1.63 billion. Primo Brands had a positive return on equity of 8.35% and a negative net margin of 1.86%. The business's quarterly revenue was up 42.1% on a year-over-year basis. On average, sell-side analysts anticipate that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Insider Activity at Primo Brands

In related news, Director Tony W. Lee sold 50,657,562 shares of the stock in a transaction on 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 sale, the director 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 58.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have weighed in on PRMB shares. TD Securities assumed coverage on Primo Brands in a research note on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price objective for the company. Barclays decreased their price target on Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a report on Monday, June 16th. Truist Financial initiated coverage on Primo Brands in a report on Friday, April 4th. They set a "buy" rating and a $42.00 price target for the company. Mizuho initiated coverage on Primo Brands in a report on Monday, May 12th. They set an "outperform" rating and a $43.00 price target for the company. Finally, Morgan Stanley initiated coverage on Primo Brands in a report on Wednesday, July 2nd. They set an "overweight" rating and a $38.00 price target for the company. Ten analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $40.70.

Primo Brands Company 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.