Squarepoint Ops LLC Purchases New Holdings in Primo Brands Co. (NYSE:PRMB)

Squarepoint Ops LLC purchased a new stake in shares of Primo Brands Co. (NYSE:PRMB) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 115,368 shares of the company’s stock, valued at approximately $3,550,000.

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

Primo Brands Trading Up 2.1%

PRMB stock opened at $31.92 on Tuesday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.07 and a current ratio of 2.18. The stock has a 50 day moving average of $33.03. The company has a market capitalization of $12.02 billion, a PE ratio of -399.00, a price-to-earnings-growth 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) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.29 earnings per share 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 business had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.63 billion. The business’s revenue was up 42.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Friday, June 6th will be given 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 yield of 1.25%. Primo Brands’s payout ratio is -500.00%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on PRMB shares. 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 started coverage on Primo Brands in a report on Friday, April 4th. They set a “buy” rating and a $42.00 price objective for the company. Deutsche Bank Aktiengesellschaft raised their price target on Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, February 28th. TD Securities started coverage on Primo Brands in a report on Tuesday, April 8th. They issued a “buy” rating and a $48.00 price target for the company. Finally, Mizuho started coverage on Primo Brands in a report on Monday, May 12th. They issued an “outperform” rating and a $43.00 price target for the company. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $41.71.

Insider Buying and Selling at Primo Brands

In other news, Director Tony W. Lee sold 50,657,562 shares of Primo Brands 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 transaction, the director now owns 116,210,806 shares in the company, valued at approximately $3,680,396,226.02. The trade was a 30.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 58.40% of the company’s stock.

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.