Primo Brands Co. (NYSE:PRMB) Shares Acquired by GAMMA Investing LLC

GAMMA Investing LLC lifted its position in shares of Primo Brands Co. (NYSE:PRMB) by 4,673.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 68,922 shares of the company’s stock after buying an additional 67,478 shares during the period. GAMMA Investing LLC’s holdings in Primo Brands were worth $2,446,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in PRMB. FMR LLC acquired a new stake in shares of Primo Brands during the 4th quarter worth approximately $653,019,000. Vanguard Group Inc. acquired a new stake in Primo Brands in the 4th quarter valued at approximately $471,249,000. William Blair Investment Management LLC acquired a new stake in Primo Brands in the 4th quarter valued at approximately $343,451,000. Eminence Capital LP acquired a new stake in Primo Brands in the 4th quarter valued at approximately $145,670,000. Finally, Fuller & Thaler Asset Management Inc. acquired a new stake in Primo Brands in the 4th quarter valued at approximately $128,982,000. Institutional investors and hedge funds own 87.71% of the company’s stock.

Analyst Upgrades and Downgrades

PRMB has been the subject of several research reports. Truist Financial initiated coverage on shares of Primo Brands in a report on Friday, April 4th. They issued a “buy” rating and a $42.00 target price for the company. Bank of America initiated coverage on shares of Primo Brands in a report on Wednesday, May 28th. They issued a “buy” rating and a $42.00 target price for the company. TD Securities initiated coverage on shares of Primo Brands in a report on Tuesday, April 8th. They issued a “buy” rating and a $48.00 target price for the company. Mizuho began coverage on shares of Primo Brands in a report on Monday, May 12th. They issued an “outperform” rating and a $43.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $41.56.

Insider Transactions at Primo Brands

In other news, Director Tony W. Lee sold 50,657,562 shares of Primo Brands stock in a transaction on 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 completion of the sale, the director now directly owns 116,210,806 shares of the company’s stock, valued at approximately $3,680,396,226.02. The trade was a 30.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 58.40% of the company’s stock.

Primo Brands Stock Performance

NYSE:PRMB opened at $29.22 on Friday. The company has a fifty day simple moving average of $32.30 and a two-hundred day simple moving average of $32.17. The company has a market cap of $11.00 billion, a price-to-earnings ratio of -365.25, a price-to-earnings-growth ratio of 0.78 and a beta of 0.77. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. Primo Brands Co. has a 52 week low of $24.41 and a 52 week high of $35.85.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.24 by $0.05. The business had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.63 billion. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. The business’s revenue for the quarter was up 42.1% on a year-over-year basis. As a group, equities analysts anticipate 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 given a dividend of $0.10 per share. The ex-dividend date is Friday, June 6th. This represents a $0.40 annualized dividend and a dividend yield of 1.37%. Primo Brands’s dividend payout ratio (DPR) is currently -500.00%.

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.