61,161 Shares in Primo Brands Co. (NYSE:PRMB) Purchased by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company purchased a new position 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 Securities and Exchange Commission. The institutional investor purchased 61,161 shares of the company's stock, valued at approximately $1,882,000.

Other hedge funds have also made changes to their positions in the company. SRS Capital Advisors Inc. purchased a new position in shares of Primo Brands in the 4th quarter valued at about $30,000. EverSource Wealth Advisors LLC purchased a new position in Primo Brands during the 4th quarter worth approximately $30,000. Blue Trust Inc. purchased a new position in Primo Brands during the 4th quarter worth approximately $33,000. R Squared Ltd purchased a new position in Primo Brands during the 4th quarter worth approximately $42,000. Finally, Federated Hermes Inc. purchased a new position in Primo Brands during the 4th quarter worth approximately $55,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

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 stock was 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 in the company, 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 filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 58.40% of the company's stock.

Analysts Set New Price Targets

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

Primo Brands Trading Up 1.2%

Shares of PRMB traded up $0.39 during mid-day trading on Tuesday, hitting $32.19. The company's stock had a trading volume of 9,703,865 shares, compared to its average volume of 3,502,153. 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 business has a 50-day moving average of $32.93. The stock has a market capitalization of $12.24 billion, a price-to-earnings ratio of 39.82, a P/E/G ratio of 0.78 and a beta of 0.83. Primo Brands Co. has a 1-year low of $24.41 and a 1-year high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.29 EPS for the quarter, beating analysts' consensus estimates of $0.24 by $0.05. The business had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.63 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The company's revenue was up 42.1% on a year-over-year basis. As a group, sell-side analysts predict that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Friday, June 6th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date of this dividend is Friday, June 6th.

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.