Ritholtz Wealth Management bought a new position in Primo Brands Corporation (NYSE:PRMB – Free Report) in the 1st quarter, Holdings Channel.com reports. The institutional investor bought 17,142 shares of the company’s stock, valued at approximately $608,000.
Several other hedge funds and other institutional investors have also recently bought and sold shares of PRMB. GAMMA Investing LLC increased its stake in Primo Brands by 34.5% in the first quarter. GAMMA Investing LLC now owns 1,942 shares of the company’s stock valued at $69,000 after purchasing an additional 498 shares during the last quarter. Parallel Advisors LLC increased its stake in shares of Primo Brands by 225.5% during the 1st quarter. Parallel Advisors LLC now owns 1,302 shares of the company’s stock valued at $46,000 after acquiring an additional 902 shares during the last quarter. Versant Capital Management Inc lifted its holdings in shares of Primo Brands by 286.7% during the 1st quarter. Versant Capital Management Inc now owns 1,222 shares of the company’s stock worth $43,000 after acquiring an additional 906 shares during the period. SRS Capital Advisors Inc. acquired a new stake in shares of Primo Brands in the fourth quarter worth approximately $30,000. Finally, EverSource Wealth Advisors LLC purchased a new stake in Primo Brands in the fourth quarter valued at approximately $30,000. 87.71% of the stock is owned by hedge funds and other institutional investors.
Primo Brands Trading Down 0.3%
NYSE:PRMB opened at $29.98 on Thursday. The business’s 50-day moving average is $32.03 and its two-hundred day moving average is $32.20. The firm has a market capitalization of $11.28 billion, a PE ratio of -374.68, a price-to-earnings-growth ratio of 0.55 and a beta of 0.77. Primo Brands Corporation has a 12 month low of $24.41 and a 12 month high of $35.85. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.07 and a quick ratio of 0.87.
Primo Brands Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th were given a dividend of $0.10 per share. The ex-dividend date was Friday, June 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.33%. Primo Brands’s payout ratio is currently -500.00%.
Insider Activity
In related news, Director Tony W. Lee sold 50,657,562 shares of the business’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 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 legal filing with the SEC, which can be accessed through this link. Insiders own 58.40% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities analysts have weighed in on PRMB shares. Barclays cut their price target on shares of Primo Brands from $40.00 to $38.00 and set an “overweight” rating on the stock in a research note on Monday. 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 report on Friday, February 28th. JPMorgan Chase & Co. boosted 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. 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 for the company. Finally, Bank of America assumed coverage on Primo Brands in a research note on Wednesday, May 28th. They issued a “buy” rating and a $42.00 price objective on the stock. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $41.33.
Get Our Latest Stock Analysis on Primo Brands
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.
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