Primo Brands Co. (NYSE:PRMB) Director Tony W. Lee Sells 50,657,562 Shares

Primo Brands Co. (NYSE:PRMB) Director Tony W. Lee sold 50,657,562 shares of the company’s 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 completion of the sale, the director now owns 116,210,806 shares in the company, valued at approximately $3,680,396,226.02. This represents a 30.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Primo Brands Price Performance

Shares of PRMB stock opened at $32.19 on Wednesday. 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 $12.12 billion, a P/E ratio of -402.38, a price-to-earnings-growth ratio of 0.78 and a beta of 0.83. The stock’s 50 day simple moving average is $32.93. Primo Brands Co. has a 1-year low of $24.41 and a 1-year high of $35.85.

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

Primo Brands Dividend Announcement

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

Wall Street Analysts Forecast Growth

PRMB has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft upped 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. JPMorgan Chase & Co. upped their price objective on Primo Brands from $38.00 to $41.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. TD Securities assumed coverage on Primo Brands in a research report on Tuesday, April 8th. They issued a “buy” rating and a $48.00 price objective on the stock. Mizuho assumed coverage on Primo Brands in a research report on Monday. They issued an “outperform” rating and a $43.00 price objective on the stock. Finally, Truist Financial began coverage on Primo Brands in a research report on Friday, April 4th. They issued a “buy” rating and a $42.00 price objective on the stock. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, Primo Brands presently has an average rating of “Buy” and an average target price of $41.71.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Green Alpha Advisors LLC acquired a new position in Primo Brands in the 4th quarter valued at $835,000. PNC Financial Services Group Inc. purchased a new stake in Primo Brands in the 4th quarter valued at $252,000. Allspring Global Investments Holdings LLC purchased a new stake in Primo Brands in the 4th quarter valued at $111,169,000. Sei Investments Co. purchased a new stake in Primo Brands in the 4th quarter valued at $10,548,000. Finally, Robeco Institutional Asset Management B.V. purchased a new stake in Primo Brands in the 4th quarter valued at $4,350,000. 87.71% of the stock is owned by institutional investors and hedge funds.

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.