90,000 Shares in Primo Brands Co. (NYSE:PRMB) Purchased by Polar Asset Management Partners Inc.

Polar Asset Management Partners Inc. acquired a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 90,000 shares of the company's stock, valued at approximately $2,769,000.

A number of other institutional investors have also recently bought and sold shares of the business. SRS Capital Advisors Inc. acquired a new position in shares of Primo Brands in the 4th quarter valued at approximately $30,000. EverSource Wealth Advisors LLC acquired a new position in shares of Primo Brands in the 4th quarter valued at approximately $30,000. Blue Trust Inc. acquired a new position in shares of Primo Brands in the 4th quarter valued at approximately $33,000. R Squared Ltd acquired a new position in shares of Primo Brands in the 4th quarter valued at approximately $42,000. Finally, Federated Hermes Inc. acquired a new position in shares of Primo Brands in the 4th quarter valued at approximately $55,000. Institutional investors own 87.71% of the company's stock.

Primo Brands Trading Down 0.9%

NYSE PRMB traded down $0.28 on Thursday, hitting $31.63. 1,699,667 shares of the company were exchanged, compared to its average volume of 3,626,024. The stock has a market capitalization of $11.90 billion, a P/E ratio of -395.50, a PEG ratio of 0.78 and a beta of 0.83. Primo Brands Co. has a 12 month low of $24.41 and a 12 month high of $35.85. The stock's fifty day moving average is $33.04. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.63 billion. The firm's quarterly revenue was up 42.1% on a year-over-year basis. On average, analysts expect that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Dividend Announcement

The firm 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 $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.26%. The ex-dividend date is Friday, June 6th. Primo Brands's dividend payout ratio (DPR) is -500.00%.

Insider Buying and Selling at Primo Brands

In related news, Director Tony W. Lee sold 50,657,562 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $31.67, for a total transaction of $1,604,324,988.54. Following the transaction, the director now directly owns 116,210,806 shares of the company's stock, valued at $3,680,396,226.02. This trade 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 at this link. Insiders own 58.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on PRMB shares. Deutsche Bank Aktiengesellschaft boosted their target price 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. upped their price objective 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. TD Securities assumed coverage on shares of Primo Brands in a research report on Tuesday, April 8th. They set a "buy" rating and a $48.00 price objective for the company. Truist Financial assumed coverage on shares of Primo Brands in a research report on Friday, April 4th. They set a "buy" rating and a $42.00 price objective for the company. Finally, Mizuho started coverage on shares of Primo Brands in a research report on Monday, May 12th. They set an "outperform" rating and a $43.00 price objective for the company. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Primo Brands presently has a consensus rating of "Buy" and a consensus price target of $41.71.

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.