BNP Paribas Financial Markets Acquires Shares of 58,094 Primo Brands Co. (NYSE:PRMB)

BNP Paribas Financial Markets acquired a new stake in Primo Brands Co. (NYSE:PRMB) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 58,094 shares of the company’s stock, valued at approximately $1,788,000.

Other institutional investors have also recently bought and sold shares of the company. FMR LLC bought a new stake in shares of Primo Brands during the fourth quarter worth $653,019,000. Vanguard Group Inc. bought a new stake in shares of Primo Brands during the fourth quarter worth $471,249,000. William Blair Investment Management LLC bought a new stake in shares of Primo Brands during the fourth quarter worth $343,451,000. Fuller & Thaler Asset Management Inc. bought a new stake in shares of Primo Brands during the fourth quarter worth $128,982,000. Finally, JPMorgan Chase & Co. bought a new stake in shares of Primo Brands during the fourth quarter worth $122,757,000. Institutional investors own 87.71% of the company’s stock.

Primo Brands Stock Up 0.5%

Shares of Primo Brands stock opened at $32.32 on Friday. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. Primo Brands Co. has a 12 month low of $24.41 and a 12 month high of $35.85. The business’s fifty day moving average is $33.01. The firm has a market capitalization of $12.17 billion, a PE ratio of -404.00, a PEG ratio of 0.78 and a beta of 0.83.

Primo Brands (NYSE:PRMB) last posted its earnings results on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) 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 firm had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.63 billion. The firm’s revenue was up 42.1% on a year-over-year basis. Analysts expect that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Friday, June 6th will be paid a $0.10 dividend. 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 1.24%. Primo Brands’s payout ratio is -500.00%.

Analysts Set New Price Targets

PRMB has been the subject of a number of recent research reports. Truist Financial initiated coverage on Primo Brands in a research report on Friday, April 4th. They set a “buy” rating and a $42.00 target price for the company. TD Securities initiated coverage on Primo Brands in a research report on Tuesday, April 8th. They set a “buy” rating and a $48.00 target price for the company. JPMorgan Chase & Co. boosted their target price on Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Mizuho initiated coverage on Primo Brands in a research note on Monday, May 12th. They set an “outperform” rating and a $43.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Primo Brands from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $41.71.

Insider Buying and Selling at Primo Brands

In other Primo Brands 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 completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 58.40% 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.