XTX Topco Ltd Invests $1.45 Million in Primo Brands Corporation (NYSE:PRMB)

Key Points

• XTX Topco Ltd acquired 40,805 shares of Primo Brands Corporation, valued at approximately $1.448 million, during the first quarter of the year.
• Primo Brands reported an earnings per share (EPS) of $0.29 for the last quarter, exceeding expectations, while the company had a revenue of $1.61 billion with a year-over-year increase of 42.1%.
• Primo Brands' stock has a current consensus rating of "Buy" with a target price averaging $40.70 from ten research analysts.

XTX Topco Ltd bought a new stake in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 40,805 shares of the company's stock, valued at approximately $1,448,000.

A number of other large investors have also recently modified their holdings of PRMB. Ritholtz Wealth Management purchased a new position in shares of Primo Brands during the first quarter valued at approximately $608,000. Bank of New York Mellon Corp raised its stake in shares of Primo Brands by 7.3% in the first quarter. Bank of New York Mellon Corp now owns 1,414,616 shares of the company's stock valued at $50,205,000 after acquiring an additional 96,366 shares during the period. Amalgamated Bank increased its stake in Primo Brands by 27.6% in the 1st quarter. Amalgamated Bank now owns 6,872 shares of the company's stock worth $244,000 after buying an additional 1,488 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in Primo Brands by 14.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 13,465 shares of the company's stock worth $478,000 after acquiring an additional 1,656 shares in the last quarter. Finally, Asset Management One Co. Ltd. bought a new stake in shares of Primo Brands in the 1st quarter valued at about $74,000. Institutional investors own 87.71% of the company's stock.

Insider Buying and Selling 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 transaction, the director directly owned 116,210,806 shares of the company's stock, valued at $3,680,396,226.02. The trade was a 30.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 58.40% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PRMB. TD Securities initiated coverage on shares of Primo Brands in a report on Tuesday, April 8th. They set a "buy" rating and a $48.00 target price for the company. Bank of America decreased their price objective on Primo Brands from $42.00 to $39.00 and set a "buy" rating for the company in a report on Friday, July 11th. Morgan Stanley began coverage on Primo Brands in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $38.00 target price for the company. Truist Financial began coverage on Primo Brands in a research note on Friday, April 4th. They set a "buy" rating and a $42.00 price target for the company. Finally, Mizuho began coverage on Primo Brands in a report on Monday, May 12th. They issued an "outperform" rating and a $43.00 price target for the company. Ten 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 $40.70.

Primo Brands Stock Performance

Shares of PRMB stock traded down $0.56 on Friday, hitting $27.05. 5,842,946 shares of the stock traded hands, compared to its average volume of 4,651,352. The company has a market capitalization of $10.18 billion, a PE ratio of -338.08, a PEG ratio of 0.51 and a beta of 0.73. The company's fifty day moving average is $29.81 and its 200 day moving average is $31.84. 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 earnings results 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. Primo Brands had a positive return on equity of 8.35% and a negative net margin of 1.86%. The business had revenue of $1.61 billion during the quarter, compared to analysts' expectations of $1.63 billion. The business's quarterly revenue was up 42.1% compared to the same quarter last year. On average, equities research analysts predict that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

About Primo Brands

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.