Victory Capital Management Inc. Makes New Investment in Primo Brands Corporation (NYSE:PRMB)

Victory Capital Management Inc. purchased a new position in 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 institutional investor purchased 5,190,890 shares of the company's stock, valued at approximately $184,225,000. Victory Capital Management Inc. owned approximately 1.37% of Primo Brands at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in PRMB. FMR LLC purchased a new stake in shares of Primo Brands in the fourth quarter worth approximately $653,019,000. Vanguard Group Inc. purchased a new stake in shares of Primo Brands in the fourth quarter worth approximately $471,249,000. Eminence Capital LP bought a new position in Primo Brands during the fourth quarter valued at approximately $145,670,000. Fuller & Thaler Asset Management Inc. bought a new position in Primo Brands during the fourth quarter valued at approximately $128,982,000. Finally, JPMorgan Chase & Co. bought a new position in Primo Brands during the fourth quarter valued at approximately $122,757,000. 87.71% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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 shares were 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 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 filing with the Securities & Exchange Commission, which is available at this link. 58.40% of the stock is owned by corporate insiders.

Primo Brands Stock Performance

Shares of Primo Brands stock traded up $0.32 during midday trading on Friday, hitting $28.98. The company had a trading volume of 5,673,248 shares, compared to its average volume of 5,063,686. The business's 50 day simple moving average is $30.59 and its two-hundred day simple moving average is $32.04. The stock has a market cap of $10.91 billion, a PE ratio of -362.20, a P/E/G ratio of 0.54 and a beta of 0.73. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.07 and a quick ratio of 0.87. Primo Brands Corporation has a 1-year low of $20.16 and a 1-year high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its quarterly earnings data 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. The business had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.63 billion. Primo Brands had a negative net margin of 1.86% and a positive return on equity of 8.35%. The company's revenue was up 42.1% on a year-over-year basis. As a group, equities analysts predict that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th were paid a $0.10 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.40 annualized dividend and a dividend yield of 1.38%. Primo Brands's payout ratio is -500.00%.

Wall Street Analysts Forecast Growth

PRMB has been the topic of several recent research reports. Truist Financial initiated coverage on shares of Primo Brands in a research report on Friday, April 4th. They set a "buy" rating and a $42.00 price objective on the stock. 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 on the stock. Morgan Stanley initiated coverage on shares of Primo Brands in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $38.00 price objective on the stock. Barclays cut their price objective on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a research report on Monday, June 16th. Finally, Bank of America lowered their price target on Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a report on Friday, July 11th. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Primo Brands presently has a consensus 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.