Nisa Investment Advisors LLC Reduces Stock Position in Primo Brands Corporation (NYSE:PRMB)

Nisa Investment Advisors LLC lessened its stake in shares of Primo Brands Corporation (NYSE:PRMB) by 43.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,220 shares of the company’s stock after selling 2,500 shares during the period. Nisa Investment Advisors LLC’s holdings in Primo Brands were worth $114,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of PRMB. Callan Capital LLC purchased a new stake in shares of Primo Brands during the 1st quarter valued at approximately $5,168,000. Bank of New York Mellon Corp increased its stake in Primo Brands by 7.3% during the first quarter. Bank of New York Mellon Corp now owns 1,414,616 shares of the company’s stock worth $50,205,000 after acquiring an additional 96,366 shares during the last quarter. Principal Financial Group Inc. raised its position in Primo Brands by 7.3% in the first quarter. Principal Financial Group Inc. now owns 79,224 shares of the company’s stock valued at $2,812,000 after purchasing an additional 5,383 shares during the period. Amalgamated Bank lifted its stake in shares of Primo Brands by 27.6% in the 1st quarter. Amalgamated Bank now owns 6,872 shares of the company’s stock valued at $244,000 after purchasing an additional 1,488 shares during the last quarter. Finally, KBC Group NV grew its holdings in shares of Primo Brands by 27.3% during the 1st quarter. KBC Group NV now owns 2,051,228 shares of the company’s stock worth $72,798,000 after purchasing an additional 439,744 shares during the period. Institutional investors and hedge funds own 87.71% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on PRMB shares. Truist Financial started coverage on shares of Primo Brands in a report on Friday, April 4th. They issued a “buy” rating and a $42.00 price objective on the stock. Mizuho assumed 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. Barclays decreased their price target on Primo Brands from $40.00 to $38.00 and set an “overweight” rating on the stock in a research note on Monday, June 16th. Morgan Stanley started coverage on shares of Primo Brands in a research report on Wednesday, July 2nd. They set an “overweight” rating and a $38.00 price target on the stock. Finally, TD Securities assumed coverage on shares of Primo Brands in a report on Tuesday, April 8th. They issued a “buy” rating and a $48.00 price objective for the company. Ten analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $40.70.

Insider Activity

In other news, Director Tony W. Lee sold 50,657,562 shares of the firm’s stock in a transaction dated 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 sale, the director owned 116,210,806 shares of the company’s stock, valued at approximately $3,680,396,226.02. This trade represents a 30.36% decrease in their position. The sale was disclosed in a legal filing 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 Up 1.1%

Shares of Primo Brands stock opened at $28.98 on Friday. The company has a quick ratio of 0.87, a current ratio of 1.07 and a debt-to-equity ratio of 1.49. Primo Brands Corporation has a 52-week low of $24.41 and a 52-week high of $35.85. The company has a market capitalization of $10.91 billion, a P/E ratio of -362.20, a P/E/G ratio of 0.54 and a beta of 0.73. The company has a 50 day moving average of $30.53 and a 200 day moving average of $32.03.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates 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 negative net margin of 1.86% and a positive return on equity of 8.35%. Primo Brands’s revenue was up 42.1% compared to the same quarter last year. As a group, research analysts forecast that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands Announces Dividend

The firm also recently disclosed 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 of this dividend was Friday, June 6th. This represents a $0.40 annualized dividend and a dividend yield of 1.38%. Primo Brands’s dividend payout ratio is currently -500.00%.

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.