Universal Beteiligungs und Servicegesellschaft mbH Boosts Stake in Primo Brands Corporation (NYSE:PRMB)

Universal Beteiligungs und Servicegesellschaft mbH boosted its stake in shares of Primo Brands Corporation (NYSE:PRMB) by 122.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 86,027 shares of the company’s stock after purchasing an additional 47,359 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH’s holdings in Primo Brands were worth $3,053,000 at the end of the most recent reporting period.

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

Insider Buying and Selling

In other Primo Brands news, Director Tony W. Lee sold 50,657,562 shares of Primo Brands 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 transaction, the director owned 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 58.40% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Morgan Stanley initiated coverage on shares of Primo Brands in a research note on Wednesday, July 2nd. They issued an “overweight” rating and a $38.00 target price on the stock. Barclays lowered their target price on shares of Primo Brands from $40.00 to $38.00 and set an “overweight” rating for the company in a research note on Monday, June 16th. Bank of America lowered their price objective on shares of Primo Brands from $42.00 to $39.00 and set a “buy” rating for the company in a research report on Friday, July 11th. Mizuho initiated coverage on Primo Brands in a report on Monday, May 12th. They issued an “outperform” rating and a $43.00 price target on the stock. Finally, Truist Financial initiated coverage on shares of Primo Brands in a research note on Friday, April 4th. They set a “buy” rating and a $42.00 price objective on the stock. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $40.70.

Primo Brands Price Performance

PRMB stock opened at $28.23 on Wednesday. The company has a fifty day simple moving average of $30.06 and a two-hundred day simple moving average of $31.92. The company has a quick ratio of 0.87, a current ratio of 1.07 and a debt-to-equity ratio of 1.49. Primo Brands Corporation has a 52 week low of $20.16 and a 52 week high of $35.85. The firm has a market capitalization of $10.62 billion, a P/E ratio of -352.77, a price-to-earnings-growth ratio of 0.53 and a beta of 0.73.

Primo Brands (NYSE:PRMB) last posted its quarterly 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. The firm had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.63 billion. Primo Brands had a negative net margin of 1.86% and a positive return on equity of 8.35%. The company’s quarterly revenue was up 42.1% compared to the same quarter last year. Analysts anticipate that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 17th. Investors of record on Friday, June 6th were issued a $0.10 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.40 annualized dividend and a yield of 1.42%. Primo Brands’s dividend payout ratio (DPR) is presently -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.