5,190,890 Shares in Primo Brands Corporation (NYSE:PRMB) Purchased by Victory Capital Management Inc.

Victory Capital Management Inc. acquired a new position in Primo Brands Corporation (NYSE:PRMB - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 5,190,890 shares of the company's stock, valued at approximately $184,225,000. Victory Capital Management Inc. owned 1.37% of Primo Brands as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. FMR LLC bought a new stake in shares of Primo Brands during the 4th quarter worth approximately $653,019,000. Vanguard Group Inc. purchased a new stake in Primo Brands during the 4th quarter valued at about $471,249,000. Eminence Capital LP purchased a new stake in Primo Brands during the 4th quarter valued at about $145,670,000. Fuller & Thaler Asset Management Inc. acquired a new stake in Primo Brands during the fourth quarter worth about $128,982,000. Finally, JPMorgan Chase & Co. acquired a new stake in Primo Brands during the fourth quarter worth about $122,757,000. Institutional investors own 87.71% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Truist Financial assumed coverage on Primo Brands in a research note on Friday, April 4th. They set a "buy" rating and a $42.00 target price for the company. Barclays dropped their price objective on Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a research note on Monday, June 16th. Mizuho started coverage on Primo Brands in a research note on Monday, May 12th. They issued an "outperform" rating and a $43.00 price objective for the company. Morgan Stanley started coverage on Primo Brands in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $38.00 target price for the company. Finally, Bank of America lowered their target price on Primo Brands from $42.00 to $39.00 and set a "buy" rating for the company in a research note on Friday, July 11th. Ten analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $40.70.

Insider Activity at Primo Brands

In other news, Director Tony W. Lee sold 50,657,562 shares of the business's stock in a transaction that occurred on 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 completion of the transaction, the director directly owned 116,210,806 shares in the company, valued at approximately $3,680,396,226.02. The trade was a 30.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 58.40% of the company's stock.

Primo Brands Stock Performance

Shares of PRMB traded up $0.32 during trading hours on Friday, reaching $28.98. 5,673,248 shares of the company traded hands, compared to its average volume of 4,569,978. The stock has a market cap of $10.91 billion, a P/E ratio of 31.54, a price-to-earnings-growth ratio of 0.55 and a beta of 0.73. The stock's fifty day moving average is $30.53 and its 200 day moving average is $32.05. Primo Brands Corporation 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 1.49, a quick ratio of 0.87 and a current ratio of 1.07.

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 for the quarter, beating the consensus estimate of $0.24 by $0.05. The business had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.63 billion. Primo Brands had a negative net margin of 1.86% and a positive return on equity of 8.35%. The firm's quarterly revenue was up 42.1% compared to the same quarter last year. Equities research analysts anticipate that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

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