BNP Paribas Financial Markets Invests $1.79 Million in Primo Brands Co. (NYSE:PRMB)

BNP Paribas Financial Markets acquired a new position in shares of Primo Brands Co. (NYSE:PRMB) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 58,094 shares of the company’s stock, valued at approximately $1,788,000.

Several other institutional investors and hedge funds also recently modified their holdings of PRMB. SRS Capital Advisors Inc. acquired a new position in shares of Primo Brands during the fourth quarter worth about $30,000. EverSource Wealth Advisors LLC acquired a new position in shares of Primo Brands during the fourth quarter worth about $30,000. Blue Trust Inc. acquired a new position in shares of Primo Brands during the fourth quarter worth about $33,000. R Squared Ltd acquired a new position in Primo Brands during the fourth quarter valued at approximately $42,000. Finally, Federated Hermes Inc. acquired a new position in Primo Brands during the fourth quarter valued at approximately $55,000. 87.71% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Primo Brands

In other news, Director Tony W. Lee sold 50,657,562 shares of the 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 transaction, the director now owns 116,210,806 shares in the company, valued at approximately $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 Securities & Exchange Commission, which is accessible through this link. 58.40% of the stock is owned by corporate insiders.

Primo Brands Stock Up 0.5%

PRMB opened at $32.32 on Friday. Primo Brands Co. has a 12-month low of $24.41 and a 12-month high of $35.85. The firm has a market capitalization of $12.17 billion, a PE ratio of -404.00, a price-to-earnings-growth ratio of 0.78 and a beta of 0.83. The company has a 50 day simple moving average of $33.01. 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) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.29 earnings per share (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. Primo Brands’s revenue was up 42.1% on a year-over-year basis. As a group, analysts expect that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.24%. Primo Brands’s dividend payout ratio (DPR) is currently -500.00%.

Wall Street Analyst Weigh In

PRMB has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft increased their price target on Primo Brands from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Mizuho initiated coverage on Primo Brands in a research report on Monday, May 12th. They set an “outperform” rating and a $43.00 price target for the company. Truist Financial initiated coverage on Primo Brands in a research report on Friday, April 4th. They set a “buy” rating and a $42.00 price target for the company. 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 target for the company. Finally, JPMorgan Chase & Co. increased their price target 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, Based on data from MarketBeat.com, Primo Brands currently has a consensus rating of “Buy” and a consensus target price of $41.71.

Primo Brands 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.