Wellington Management Group LLP Acquires New Holdings in Primo Brands Co. (NYSE:PRMB)

Wellington Management Group LLP bought a new position in shares of Primo Brands Co. (NYSE:PRMB - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,410,879 shares of the company's stock, valued at approximately $43,413,000. Wellington Management Group LLP owned about 0.37% of Primo Brands as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in PRMB. FMR LLC purchased a new stake in Primo Brands in the fourth quarter valued at $653,019,000. Vanguard Group Inc. purchased a new stake in shares of Primo Brands in the 4th quarter valued at about $471,249,000. William Blair Investment Management LLC acquired a new stake in shares of Primo Brands in the 4th quarter valued at about $343,451,000. Eminence Capital LP acquired a new position in Primo Brands during the fourth quarter worth 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. Hedge funds and other institutional investors own 87.71% of the company's stock.

Wall Street Analysts Forecast Growth

PRMB has been the topic of a number of research reports. JPMorgan Chase & Co. raised their target price on shares of Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research report on Friday, February 21st. Bank of America assumed coverage on shares of Primo Brands in a research note on Wednesday, May 28th. They set a "buy" rating and a $42.00 price target on the stock. Mizuho started coverage on Primo Brands in a report on Monday, May 12th. They set an "outperform" rating and a $43.00 price objective for the company. Truist Financial started coverage on Primo Brands in a research report on Friday, April 4th. They issued a "buy" rating and a $42.00 price objective on the stock. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Primo Brands presently has a consensus rating of "Buy" and a consensus target price of $41.75.

Primo Brands Stock Down 0.5%

Shares of NYSE PRMB traded down $0.16 on Tuesday, hitting $31.99. The company had a trading volume of 1,596,978 shares, compared to its average volume of 3,714,011. The firm has a market capitalization of $12.04 billion, a P/E ratio of -399.88, a PEG ratio of 0.78 and a beta of 0.83. 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 business has a 50 day moving average of $33.00 and a two-hundred day moving average of $32.11.

Primo Brands (NYSE:PRMB - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.29 earnings per share for the quarter, topping analysts' consensus estimates of $0.24 by $0.05. The business had revenue of $1.61 billion during the quarter, compared to the consensus estimate 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 revenue was up 42.1% compared to the same quarter last year. As a group, equities research analysts forecast that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Announces Dividend

The company also recently disclosed 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 annualized dividend and a yield of 1.25%. The ex-dividend date is Friday, June 6th. Primo Brands's payout ratio is currently -500.00%.

Insider Transactions at Primo Brands

In other Primo Brands news, Director Tony W. Lee sold 50,657,562 shares of Primo Brands stock in a transaction that occurred on Monday, May 12th. The stock was 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 now directly owns 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 sale was disclosed in a legal filing with the SEC, which is available at this link. 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.