Deutsche Bank AG Buys Shares of 250,611 Primo Brands Co. (NYSE:PRMB)

Deutsche Bank AG purchased a new position in shares of Primo Brands Co. (NYSE:PRMB) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 250,611 shares of the company’s stock, valued at approximately $7,711,000. Deutsche Bank AG owned about 0.07% of Primo Brands at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. PNC Financial Services Group Inc. acquired a new position in Primo Brands in the fourth quarter valued at about $252,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Primo Brands in the 4th quarter valued at approximately $111,169,000. Sei Investments Co. acquired a new position in shares of Primo Brands in the 4th quarter worth approximately $10,548,000. Robeco Institutional Asset Management B.V. purchased a new position in shares of Primo Brands during the 4th quarter worth approximately $4,350,000. Finally, Principal Financial Group Inc. acquired a new stake in Primo Brands in the 4th quarter valued at approximately $2,272,000. Institutional investors and hedge funds own 87.71% of the company’s stock.

Analyst Ratings Changes

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

Insider Buying and Selling

In other Primo Brands news, Director Tony W. Lee sold 50,657,562 shares of the stock in a transaction that occurred 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 sale, the director now directly owns 116,210,806 shares of the company’s stock, valued at approximately $3,680,396,226.02. This represents a 30.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 58.40% of the stock is owned by insiders.

Primo Brands Trading Up 0.5%

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

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. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The company had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.63 billion. The company’s quarterly revenue was up 42.1% compared to the same quarter last year. On average, equities analysts forecast that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Friday, June 6th will be issued a $0.10 dividend. The ex-dividend date is Friday, June 6th. This represents a $0.40 annualized dividend and a yield of 1.24%. Primo Brands’s dividend payout ratio (DPR) is -500.00%.

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.