IFP Advisors Inc Purchases Shares of 1,103 Primo Brands Corporation (NYSE:PRMB)

IFP Advisors Inc bought a new position in shares of Primo Brands Corporation (NYSE:PRMB) in the first quarter, according to the company in its most recent filing with the SEC. The fund bought 1,103 shares of the company’s stock, valued at approximately $40,000.

Other institutional investors have also modified their holdings of the company. Ritholtz Wealth Management purchased a new stake in shares of Primo Brands during the 1st quarter worth about $608,000. Bank of New York Mellon Corp grew its holdings in shares of Primo Brands by 7.3% during the 1st quarter. Bank of New York Mellon Corp now owns 1,414,616 shares of the company’s stock worth $50,205,000 after purchasing an additional 96,366 shares during the period. Amalgamated Bank lifted its position in Primo Brands by 27.6% during the 1st quarter. Amalgamated Bank now owns 6,872 shares of the company’s stock worth $244,000 after acquiring an additional 1,488 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in Primo Brands by 14.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 13,465 shares of the company’s stock worth $478,000 after acquiring an additional 1,656 shares in the last quarter. Finally, Asset Management One Co. Ltd. acquired a new position in Primo Brands during the 1st quarter worth approximately $74,000. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on PRMB shares. TD Securities started coverage on Primo Brands in a research report on Tuesday, April 8th. They set a “buy” rating and a $48.00 price target on the stock. Barclays reduced their price target on Primo Brands from $40.00 to $38.00 and set an “overweight” rating on the stock in a research report on Monday, June 16th. Mizuho started coverage on Primo Brands in a research report on Monday, May 12th. They set an “outperform” rating and a $43.00 price target on the stock. Truist Financial started coverage on Primo Brands in a research report on Friday, April 4th. They set a “buy” rating and a $42.00 price target on the stock. Finally, Morgan Stanley started coverage on Primo Brands in a research report on Wednesday, July 2nd. They set an “overweight” rating and a $38.00 price target on the stock. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Primo Brands currently has an average rating of “Buy” and a consensus target price of $40.70.

Primo Brands Stock Performance

PRMB stock opened at $27.61 on Friday. The company has a current ratio of 1.07, a quick ratio of 0.87 and a debt-to-equity ratio of 1.49. The firm has a market cap of $10.39 billion, a P/E ratio of -345.08, a P/E/G ratio of 0.53 and a beta of 0.73. Primo Brands Corporation has a 12-month low of $20.16 and a 12-month high of $35.85. The stock’s 50 day simple moving average is $29.98 and its 200 day simple moving average is $31.89.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.05. The firm had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.63 billion. Primo Brands had a positive return on equity of 8.35% and a negative net margin of 1.86%. Primo Brands’s revenue was up 42.1% on a year-over-year basis. As a group, equities research analysts predict that Primo Brands Corporation will post 1.13 EPS for the current year.

Insider Buying and Selling

In related news, Director Tony W. Lee sold 50,657,562 shares of the company’s stock in a transaction 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 completion of the transaction, the director directly owned 116,210,806 shares in the company, valued at $3,680,396,226.02. This represents a 30.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 58.40% of the stock is currently owned by insiders.

Primo Brands 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.