Newbrook Capital Advisors LP Acquires New Position in Primo Brands Co. (NYSE:PRMB)

Newbrook Capital Advisors LP purchased a new position in shares of Primo Brands Co. (NYSE:PRMB - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 1,355,848 shares of the company's stock, valued at approximately $41,719,000. Primo Brands accounts for 5.3% of Newbrook Capital Advisors LP's holdings, making the stock its 4th largest position. Newbrook Capital Advisors LP owned about 0.36% of Primo Brands as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Nuveen Asset Management LLC acquired a new stake in shares of Primo Brands in the fourth quarter valued at $98,302,000. Marathon Partners Equity Management LLC purchased a new position in shares of Primo Brands in the 4th quarter valued at about $1,154,000. Millennium Management LLC acquired a new position in shares of Primo Brands during the fourth quarter worth about $7,837,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Primo Brands during the fourth quarter worth approximately $2,766,000. Finally, Moore Capital Management LP acquired a new stake in Primo Brands in the fourth quarter valued at approximately $53,376,000. 87.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Primo Brands Price Performance

Shares of PRMB stock traded down $0.64 during trading hours on Monday, hitting $31.68. The stock had a trading volume of 1,374,193 shares, compared to its average volume of 3,587,803. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. The company has a market capitalization of $11.93 billion, a price-to-earnings ratio of -396.88, a PEG ratio of 0.78 and a beta of 0.83. The stock has a 50 day moving average price of $33.01. Primo Brands Co. has a twelve month low of $24.41 and a twelve month high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last issued 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. 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 analysts' expectations of $1.63 billion. The business's quarterly revenue was up 42.1% on a year-over-year basis. As a group, equities analysts predict that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

The business 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 1.26%. The ex-dividend date is Friday, June 6th. Primo Brands's dividend payout ratio is presently -500.00%.

Insiders Place Their Bets

In other news, Director Tony W. Lee sold 50,657,562 shares of the company's stock in a transaction that occurred on 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 owns 116,210,806 shares in the company, valued at $3,680,396,226.02. This represents a 30.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 58.40% of the stock is owned by insiders.

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.