Primo Brands Co. (NYSE:PRMB) Director Sells $1,604,324,988.54 in Stock

Primo Brands Co. (NYSE:PRMB) Director Tony W. Lee sold 50,657,562 shares of the stock in a transaction 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 of the company’s stock, valued at $3,680,396,226.02. The trade was a 30.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Primo Brands Price Performance

Shares of NYSE PRMB opened at $32.12 on Tuesday. Primo Brands Co. has a 1 year low of $24.41 and a 1 year high of $35.85. The firm has a market capitalization of $12.21 billion, a PE ratio of 39.82, a P/E/G ratio of 0.78 and a beta of 0.83. The firm’s 50-day simple moving average is $32.93. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07.

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. Primo Brands had a negative net margin of 2.74% and a positive return on equity of 10.27%. The firm had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.63 billion. The firm’s revenue for the quarter was up 42.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Primo Brands Co. will post 1.13 earnings per share 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. Investors of record on Friday, June 6th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.25%. The ex-dividend date is Friday, June 6th.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Mizuho assumed coverage on Primo Brands in a research note on Monday. They set an “outperform” rating and a $43.00 target price on the stock. Deutsche Bank Aktiengesellschaft raised their target price 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 began coverage on Primo Brands in a report on Tuesday, April 8th. They set a “buy” rating and a $48.00 price target for the company. JPMorgan Chase & Co. lifted their price objective on shares of Primo Brands from $38.00 to $41.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. Finally, Truist Financial initiated coverage on shares of Primo Brands in a research note on Friday, April 4th. They set a “buy” rating and a $42.00 price objective on the stock. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Primo Brands currently has an average rating of “Buy” and a consensus price target of $41.71.

Hedge Funds Weigh In On Primo Brands

Several large investors have recently modified their holdings of the business. SRS Capital Advisors Inc. purchased a new position in Primo Brands during the fourth quarter worth about $30,000. EverSource Wealth Advisors LLC acquired a new position in Primo Brands during the fourth quarter worth about $30,000. Blue Trust Inc. purchased a new position in Primo Brands during the fourth quarter valued at approximately $33,000. IFP Advisors Inc bought a new stake in Primo Brands during the first quarter worth approximately $40,000. Finally, Versant Capital Management Inc lifted its position in shares of Primo Brands by 286.7% in 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. Institutional investors and hedge funds own 87.71% of the company’s stock.

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.