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Tony Lee, a director and significant shareholder of Primo Brands Corp (NASDAQ:PRMB), has sold a substantial portion of his holdings in the company. According to a recent SEC filing, Lee sold 51.75 million shares of Primo Brands’ Class A common stock on March 12, 2025, at a price of $29.50 per share, significantly below the current trading price of $398.26. This transaction amounts to a total value of approximately $1.53 billion. The stock has shown strong momentum with a 28% gain year-to-date, though InvestingPro analysis suggests the stock is currently overvalued.
Following the sale, Lee retains ownership of 166.87 million shares indirectly. The filing notes that the shares are held through various entities, including Triton Water Parent Holdings, LP, and Triton Water Equity Holdings, LP, with Lee and Scott Spielvogel sharing voting and investment discretion over these securities. InvestingPro data reveals the company’s overall Financial Health Score is currently rated as WEAK, with detailed analysis available in the comprehensive Pro Research Report covering 1,400+ US stocks.
The transaction marks a significant divestment for Lee, who, alongside his business partners, has played a pivotal role in managing these holdings through their affiliated entities. The filing also indicates that another Form 4 will be filed by the other entities involved in this transaction. For deeper insights into insider transactions and comprehensive financial analysis, access the full suite of tools and metrics on InvestingPro.
In other recent news, Primo Brands Corporation has been active with several significant developments. The company recently reported earnings, revealing a combined EBITDA of $301 million, slightly exceeding BMO Capital’s projection but falling short of the consensus by $4 million. Revenue figures modestly surpassed both BMO Capital and consensus estimates. Moody’s Ratings downgraded Primo Water (NYSE:PRMB) Holdings Inc.’s senior unsecured notes from B1 to B3, though the outlook was revised to positive, indicating expectations of revenue and earnings growth. The company completed the settlement of private exchange offers, issuing new secured and unsecured notes while canceling a large portion of existing senior notes, optimizing its capital structure.
Additionally, an affiliate of One Rock Capital Partners (WA:CPAP) initiated a secondary offering of 45 million shares of Primo Brands’ Class A common stock. As part of this, Primo Brands plans to repurchase 4 million shares using available cash, contingent on the offering’s completion. BMO Capital Markets raised its price target for Primo Brands to $45, maintaining an Outperform rating, citing the company’s growth potential and revised synergy target of $200 million by 2025. The company’s strategic actions, including its merger with Triton Water Parent, Inc., aim to strengthen its position in the beverage sector, with an anticipated sales growth of 3-5% for 2025. These recent developments highlight Primo Brands’ efforts to enhance its financial standing and market presence.
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