Wealth Enhancement Advisory Services LLC Invests $363,000 in Primo Brands Co. (NYSE:PRMB)

Wealth Enhancement Advisory Services LLC purchased a new position in Primo Brands Co. (NYSE:PRMB - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 11,809 shares of the company's stock, valued at approximately $363,000.

A number of other hedge funds have also modified their holdings of the stock. SRS Capital Advisors Inc. acquired a new position in Primo Brands during the fourth quarter worth $30,000. EverSource Wealth Advisors LLC acquired a new position in Primo Brands during the fourth quarter worth $30,000. Blue Trust Inc. acquired a new position in Primo Brands during the fourth quarter worth $33,000. Federated Hermes Inc. acquired a new position in Primo Brands during the fourth quarter worth $55,000. Finally, TD Waterhouse Canada Inc. acquired a new position in Primo Brands during the fourth quarter worth $62,000. 87.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PRMB. TD Securities began coverage on shares of Primo Brands in a report on Tuesday, April 8th. They set a "buy" rating and a $48.00 price target for the company. Bank of America began coverage on shares of Primo Brands in a report on Wednesday, May 28th. They set a "buy" rating and a $42.00 price target for the company. Truist Financial began coverage on shares of Primo Brands in a report on Friday, April 4th. They set a "buy" rating and a $42.00 price target for the company. Mizuho began coverage on shares of Primo Brands in a report on Monday, May 12th. They set an "outperform" rating and a $43.00 price target for the company. Finally, JPMorgan Chase & Co. upped their price target on shares of Primo Brands from $38.00 to $41.00 and gave the company an "overweight" rating in a report on Friday, February 21st. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $41.56.

Primo Brands Stock Up 1.2%

Shares of PRMB opened at $29.57 on Friday. The stock has a market cap of $11.13 billion, a price-to-earnings ratio of -369.65, a P/E/G ratio of 0.78 and a beta of 0.77. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. Primo Brands Co. has a 12 month low of $24.41 and a 12 month high of $35.85. The company has a 50-day moving average price of $32.24 and a two-hundred day moving average price of $32.18.

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

Primo Brands Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Friday, June 6th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date is Friday, June 6th. Primo Brands's dividend payout ratio is -500.00%.

Insider Transactions at Primo Brands

In other news, Director Tony W. Lee sold 50,657,562 shares of the firm'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 transaction of $1,604,324,988.54. Following the completion of the sale, the director now owns 116,210,806 shares of the company's stock, valued at approximately $3,680,396,226.02. This trade represents a 30.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 58.40% of the company's stock.

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.

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