Primo Brands Co. (NYSE:PRMB) Director Tony W. Lee Sells 50,657,562 Shares

Primo Brands Co. (NYSE:PRMB) Director Tony W. Lee sold 50,657,562 shares of the company’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 completion of the sale, the director now 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Primo Brands Price Performance

Shares of Primo Brands stock opened at $32.19 on Wednesday. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86. The stock has a market cap of $12.12 billion, a PE ratio of -402.38, a price-to-earnings-growth ratio of 0.78 and a beta of 0.83. The firm’s 50-day moving average price is $32.93. Primo Brands Co. has a 12 month low of $24.41 and a 12 month high of $35.85.

Primo Brands (NYSE:PRMB) last posted its quarterly 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. The company 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 10.27% and a negative net margin of 2.74%. The company’s quarterly revenue was up 42.1% compared to the same quarter last year. Equities research analysts anticipate that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Friday, June 6th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.24%. The ex-dividend date of this dividend is Friday, June 6th. Primo Brands’s dividend payout ratio is currently -500.00%.

Institutional Investors Weigh In On Primo Brands

A number of hedge funds have recently bought and sold shares of PRMB. SRS Capital Advisors Inc. acquired a new stake in Primo Brands in the 4th quarter valued at about $30,000. EverSource Wealth Advisors LLC acquired a new stake in Primo Brands in the 4th quarter valued at about $30,000. Blue Trust Inc. acquired a new stake in shares of Primo Brands during the 4th quarter worth about $33,000. IFP Advisors Inc acquired a new stake in shares of Primo Brands during the 1st quarter worth about $40,000. Finally, R Squared Ltd acquired a new stake in shares of Primo Brands during the 4th quarter worth about $42,000. Institutional investors and hedge funds own 87.71% of the company’s stock.

Wall Street Analyst Weigh In

PRMB has been the subject of a number of research analyst reports. JPMorgan Chase & Co. increased their price target on Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Deutsche Bank Aktiengesellschaft increased their price target 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 assumed 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. Truist Financial assumed coverage on Primo Brands in a report on Friday, April 4th. They set a “buy” rating and a $42.00 target price for the company. Finally, Mizuho assumed coverage on Primo Brands in a report on Monday. They set an “outperform” rating and a $43.00 target price for the company. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $41.71.

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.