Lazard Asset Management LLC Makes New Investment in Primo Brands Co. (NYSE:PRMB)

Lazard Asset Management LLC purchased a new position in Primo Brands Co. (NYSE:PRMB - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 98,647 shares of the company's stock, valued at approximately $3,035,000.

A number of other institutional investors have also bought and sold shares of PRMB. SRS Capital Advisors Inc. purchased a new stake in Primo Brands in the 4th quarter worth $30,000. EverSource Wealth Advisors LLC purchased a new stake in Primo Brands in the 4th quarter worth $30,000. Blue Trust Inc. purchased a new stake in Primo Brands in the 4th quarter worth $33,000. R Squared Ltd purchased a new stake in Primo Brands in the 4th quarter worth $42,000. Finally, Federated Hermes Inc. purchased a new stake in Primo Brands in the 4th quarter worth $55,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Primo Brands Price Performance

Shares of Primo Brands stock traded down $0.39 during trading on Thursday, reaching $31.52. 1,415,347 shares of the stock traded hands, compared to its average volume of 3,624,222. The firm has a market cap of $11.86 billion, a P/E ratio of -393.81, a price-to-earnings-growth ratio of 0.78 and a beta of 0.83. The firm's fifty day moving average price is $33.04. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. Primo Brands Co. has a 52-week low of $24.41 and a 52-week high of $35.85.

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, beating analysts' consensus estimates of $0.24 by $0.05. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. The firm had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.63 billion. The company's revenue was up 42.1% on a year-over-year basis. On average, research analysts predict that Primo Brands Co. will post 1.13 earnings per share 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. 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 1.27%. The ex-dividend date of this dividend is Friday, June 6th. Primo Brands's payout ratio is -500.00%.

Analysts Set New Price Targets

PRMB has been the subject of a number of analyst reports. JPMorgan Chase & Co. increased their price target on Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research note on Friday, February 21st. Deutsche Bank Aktiengesellschaft increased their price target on Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Mizuho began coverage on Primo Brands in a research report on Monday, May 12th. They set an "outperform" rating and a $43.00 price objective for the company. TD Securities began coverage on Primo Brands in a research report on Tuesday, April 8th. They set a "buy" rating and a $48.00 price objective for the company. Finally, Truist Financial began coverage on Primo Brands in a research report on Friday, April 4th. They set a "buy" rating and a $42.00 price objective for the company. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $41.71.

Insider Activity at Primo Brands

In related news, Director Tony W. Lee sold 50,657,562 shares of the stock in a transaction dated Monday, May 12th. The shares were 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 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 58.40% of the stock is owned by insiders.

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.