Asset Management One Co. Ltd. Purchases Shares of 2,088 Primo Brands Corporation (NYSE:PRMB)

Asset Management One Co. Ltd. purchased a new stake in shares of Primo Brands Corporation (NYSE:PRMB) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 2,088 shares of the company’s stock, valued at approximately $74,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. FMR LLC bought a new stake in Primo Brands during the fourth quarter worth about $653,019,000. Vanguard Group Inc. bought a new position in shares of Primo Brands during the fourth quarter valued at $471,249,000. William Blair Investment Management LLC purchased a new position in shares of Primo Brands in the 4th quarter worth about $343,451,000. Eminence Capital LP purchased a new position in Primo Brands in the fourth quarter worth about $145,670,000. Finally, Fuller & Thaler Asset Management Inc. bought a new stake in shares of Primo Brands in the 4th quarter worth $128,982,000. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Insider Activity

In other news, Director Tony W. Lee sold 50,657,562 shares of the firm’s stock in a transaction on Monday, May 12th. The shares were sold at an average price of $31.67, for a total value of $1,604,324,988.54. Following the sale, the director directly owned 116,210,806 shares in the company, valued at approximately $3,680,396,226.02. This trade represents a 30.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 58.40% of the company’s stock.

Primo Brands Stock Down 0.2%

PRMB stock opened at $29.56 on Wednesday. Primo Brands Corporation has a 52 week low of $24.41 and a 52 week high of $35.85. The firm has a 50-day simple moving average of $31.35 and a 200-day simple moving average of $32.17. The company has a quick ratio of 0.87, a current ratio of 1.07 and a debt-to-equity ratio of 1.49. The stock has a market capitalization of $11.13 billion, a P/E ratio of -369.49, a P/E/G ratio of 0.56 and a beta of 0.73.

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 for the quarter, compared to analyst estimates of $1.63 billion. Primo Brands had a positive return on equity of 8.35% and a negative net margin of 1.86%. The company’s quarterly revenue was up 42.1% on a year-over-year basis. Equities analysts forecast that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Investors of record on Friday, June 6th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date of this dividend was Friday, June 6th. Primo Brands’s dividend payout ratio (DPR) is -500.00%.

Analyst Upgrades and Downgrades

PRMB has been the subject of several research reports. Barclays reduced their price target on shares of Primo Brands from $40.00 to $38.00 and set an “overweight” rating for the company in a research report on Monday, June 16th. TD Securities started coverage on Primo Brands in a report on Tuesday, April 8th. They issued a “buy” rating and a $48.00 target price for the company. Truist Financial began 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. Bank of America started coverage on Primo Brands in a report on Wednesday, May 28th. They issued a “buy” rating and a $42.00 price target for the company. Finally, Mizuho began coverage on shares of Primo Brands in a research report on Monday, May 12th. They set an “outperform” rating and a $43.00 target price on the stock. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, Primo Brands currently has an average rating of “Buy” and a consensus price target of $41.33.

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.