Y Intercept Hong Kong Ltd Acquires Shares of 73,413 Primo Brands Corporation (NYSE:PRMB)

Y Intercept Hong Kong Ltd acquired a new stake in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 73,413 shares of the company's stock, valued at approximately $2,605,000.

Several other institutional investors have also bought and sold shares of PRMB. IFP Advisors Inc purchased a new position in Primo Brands during the 1st quarter valued at about $40,000. Versant Capital Management Inc boosted its holdings in shares of Primo Brands by 286.7% in the 1st quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock valued at $43,000 after buying an additional 906 shares in the last quarter. Parallel Advisors LLC boosted its stake in Primo Brands by 225.5% in the 1st quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock worth $46,000 after purchasing an additional 902 shares in the last quarter. Millstone Evans Group LLC acquired a new stake in Primo Brands in the 1st quarter worth approximately $54,000. Finally, Federated Hermes Inc. acquired a new stake in Primo Brands in the 4th quarter worth approximately $55,000. Institutional investors own 87.71% of the company's stock.

Insider Buying and Selling at Primo Brands

In other news, Director Tony W. Lee sold 50,657,562 shares of the 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 sale, the director directly owned 116,210,806 shares of the company's stock, valued at approximately $3,680,396,226.02. This represents a 30.36% decrease in their ownership of the stock. The transaction was disclosed in a legal 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 Down 0.1%

Shares of NYSE:PRMB opened at $28.96 on Wednesday. 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 firm has a market capitalization of $10.90 billion, a PE ratio of -361.97, a price-to-earnings-growth ratio of 0.55 and a beta of 0.73. The firm's 50-day moving average is $30.47 and its two-hundred day moving average is $32.03. Primo Brands Corporation has a 1 year low of $24.41 and a 1 year high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last released its 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 firm 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 revenue was up 42.1% compared to the same quarter last year. Analysts predict that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th were issued 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 currently -500.00%.

Wall Street Analysts Forecast Growth

PRMB has been the subject of several recent research reports. 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. Mizuho initiated coverage on shares of Primo Brands in a report on Monday, May 12th. They set an "outperform" rating and a $43.00 target price for the company. Morgan Stanley initiated coverage on shares of Primo Brands in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $38.00 price target for the company. Barclays cut their price target on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a report on Monday, June 16th. Finally, Bank of America cut their price target on shares of Primo Brands from $42.00 to $39.00 and set a "buy" rating for the company in a report on Friday, July 11th. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat, Primo Brands presently has an average rating of "Buy" and an average price target of $40.70.

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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