1,865,000 Shares in Primo Brands Co. (NYSE:PRMB) Acquired by Skye Global Management LP

Skye Global Management LP purchased a new position in shares of Primo Brands Co. (NYSE:PRMB) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 1,865,000 shares of the company’s stock, valued at approximately $57,386,000. Primo Brands makes up about 1.2% of Skye Global Management LP’s holdings, making the stock its 15th biggest position. Skye Global Management LP owned approximately 0.49% of Primo Brands at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in PRMB. Procyon Advisors LLC acquired a new position in shares of Primo Brands during the 4th quarter worth approximately $553,000. Nisa Investment Advisors LLC bought a new stake in shares of Primo Brands in the 4th quarter valued at about $176,000. Dynamic Advisor Solutions LLC acquired a new stake in shares of Primo Brands during the fourth quarter worth $1,887,000. Drive Wealth Management LLC bought a new stake in Primo Brands in the fourth quarter worth approximately $241,000. Finally, KBC Group NV acquired a new stake in Primo Brands in the fourth quarter worth $49,585,000. 87.71% of the stock is owned by institutional investors.

Primo Brands Trading Up 0.9%

PRMB stock opened at $32.16 on Friday. The company has a market cap of $12.11 billion, a PE ratio of -402.00, a PEG ratio of 0.78 and a beta of 0.83. The company has a 50 day simple moving average of $32.97. 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 current ratio of 2.18 and a quick ratio of 2.07.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.63 billion. The company’s revenue was up 42.1% on a year-over-year basis. On average, research analysts predict that Primo Brands Co. will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

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

Analyst Upgrades and Downgrades

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

Insider Transactions at Primo Brands

In other news, Director Tony W. Lee sold 50,657,562 shares of the business’s stock in a transaction that occurred on 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 transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 58.40% of the company’s stock.

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.