SIG North Trading ULC Acquires Shares of 49,157 Primo Brands Co. (NYSE:PRMB)

SIG North Trading ULC purchased a new stake in shares of Primo Brands Co. (NYSE:PRMB - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 49,157 shares of the company's stock, valued at approximately $1,513,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Polar Asset Management Partners Inc. purchased a new stake in Primo Brands in the fourth quarter worth $2,769,000. ProShare Advisors LLC purchased a new stake in Primo Brands in the fourth quarter worth $1,368,000. Quantinno Capital Management LP purchased a new stake in Primo Brands in the fourth quarter worth $277,000. Man Group plc purchased a new stake in Primo Brands in the fourth quarter worth $17,998,000. Finally, Newbrook Capital Advisors LP purchased a new stake in Primo Brands in the fourth quarter worth $41,719,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Insider Transactions at Primo Brands

In other news, Director Tony W. Lee sold 50,657,562 shares of the firm's stock in a transaction dated 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 transaction, the director now directly owns 116,210,806 shares in the company, valued at $3,680,396,226.02. This trade represents a 30.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 58.40% of the company's stock.

Wall Street Analysts Forecast Growth

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

Primo Brands Price Performance

Primo Brands stock traded down $0.63 during midday trading on Monday, reaching $31.69. The company's stock had a trading volume of 5,251,952 shares, compared to its average volume of 3,615,795. The stock's 50-day simple moving average is $33.02. 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. The firm has a market capitalization of $11.93 billion, a PE ratio of -396.13, a P/E/G ratio of 0.78 and a beta of 0.83.

Primo Brands (NYSE:PRMB - Get Free Report) last released 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 positive return on equity of 10.27% and a negative net margin of 2.74%. The company had revenue of $1.61 billion during the quarter, compared to analysts' expectations of $1.63 billion. The firm's revenue for the quarter was up 42.1% on a year-over-year basis. As a group, equities research analysts expect that Primo Brands Co. will post 1.13 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.26%. The ex-dividend date is Friday, June 6th. Primo Brands's payout ratio is -500.00%.

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.