Wealth Enhancement Advisory Services LLC Makes New $363,000 Investment in Primo Brands Corporation (NYSE:PRMB)

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

A number of other large investors have also made changes to their positions in the stock. SRS Capital Advisors Inc. acquired a new stake in Primo Brands during the fourth quarter worth $30,000. EverSource Wealth Advisors LLC bought a new position in shares of Primo Brands during the 4th quarter worth about $30,000. Blue Trust Inc. acquired a new stake in shares of Primo Brands during the 4th quarter valued at about $33,000. Federated Hermes Inc. bought a new stake in Primo Brands in the fourth quarter valued at about $55,000. Finally, TD Waterhouse Canada Inc. acquired a new position in Primo Brands in the fourth quarter worth about $62,000. Institutional investors and hedge funds own 87.71% of the company's stock.

Insider Buying and Selling

In other Primo Brands news, Director Tony W. Lee sold 50,657,562 shares of the business's stock in a transaction dated 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 completion of the sale, the director now directly owns 116,210,806 shares of the company's stock, valued at approximately $3,680,396,226.02. The trade was a 30.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 58.40% of the stock is currently owned by corporate insiders.

Primo Brands Price Performance

Shares of PRMB stock traded up $0.36 during trading hours on Tuesday, hitting $30.07. 4,936,512 shares of the company's stock were exchanged, compared to its average volume of 4,033,612. Primo Brands Corporation has a 52 week low of $24.41 and a 52 week high of $35.85. The stock has a market cap of $11.32 billion, a price-to-earnings ratio of -375.77, a price-to-earnings-growth ratio of 0.54 and a beta of 0.77. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.07 and a quick ratio of 0.87. The stock's 50-day moving average is $32.10 and its 200-day moving average is $32.22.

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

Primo Brands Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Friday, June 6th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.33%. The ex-dividend date is Friday, June 6th. Primo Brands's dividend payout ratio is currently -500.00%.

Analyst Upgrades and Downgrades

PRMB has been the topic of a number of recent research reports. TD Securities initiated coverage on Primo Brands in a report on Tuesday, April 8th. They set a "buy" rating and a $48.00 price objective on the stock. Mizuho began coverage on Primo Brands in a research note on Monday, May 12th. They issued an "outperform" rating and a $43.00 price target on the stock. JPMorgan Chase & Co. increased their price objective on Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research note on Friday, February 21st. Barclays cut their price objective on Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a report on Monday. Finally, Truist Financial initiated coverage on shares of Primo Brands in a report on Friday, April 4th. They issued a "buy" rating and a $42.00 target price on the stock. Nine research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $41.33.

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.