90,000 Shares in Primo Brands Co. (NYSE:PRMB) Acquired by Polar Asset Management Partners Inc.

Polar Asset Management Partners Inc. bought a new stake in Primo Brands Co. (NYSE:PRMB) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 90,000 shares of the company’s stock, valued at approximately $2,769,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Mackenzie Financial Corp bought a new position in Primo Brands during the fourth quarter valued at about $3,858,000. Public Employees Retirement System of Ohio acquired a new position in shares of Primo Brands during the 4th quarter valued at about $112,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of Primo Brands in the 4th quarter valued at approximately $18,667,000. Southpoint Capital Advisors LP bought a new position in shares of Primo Brands in the 4th quarter valued at approximately $76,925,000. Finally, Squarepoint Ops LLC acquired a new stake in Primo Brands in the 4th quarter worth approximately $3,550,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Primo Brands Price Performance

NYSE:PRMB opened at $31.92 on Tuesday. The company has a current ratio of 2.18, a quick ratio of 2.07 and a debt-to-equity ratio of 0.86. The firm has a market cap of $12.02 billion, a PE ratio of -399.00, a P/E/G ratio of 0.78 and a beta of 0.83. The firm’s fifty day moving average is $33.03. Primo Brands Co. has a one year low of $24.41 and a one year high of $35.85.

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

Primo Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th will be issued 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. Primo Brands’s payout ratio is presently -500.00%.

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 shares were sold at an average price of $31.67, for a total transaction 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. This trade represents a 30.36% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 58.40% of the stock is currently owned by company insiders.

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.