Russell Investments Group Ltd. Sells 179,769 Shares of Primo Brands Corporation (NYSE:PRMB)

Russell Investments Group Ltd. lowered its holdings in shares of Primo Brands Corporation (NYSE:PRMB) by 27.9% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 465,357 shares of the company’s stock after selling 179,769 shares during the period. Russell Investments Group Ltd. owned 0.12% of Primo Brands worth $16,516,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. Victory Capital Management Inc. acquired a new stake in shares of Primo Brands in the first quarter valued at approximately $184,225,000. Eminence Capital LP bought a new stake in Primo Brands in the 4th quarter valued at $145,670,000. Vanguard Group Inc. lifted its holdings in Primo Brands by 28.7% during the 1st quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company’s stock valued at $699,314,000 after purchasing an additional 4,389,327 shares during the last quarter. Fuller & Thaler Asset Management Inc. bought a new position in Primo Brands during the fourth quarter worth $128,982,000. Finally, Dimensional Fund Advisors LP acquired a new position in shares of Primo Brands in the fourth quarter valued at $101,064,000. Institutional investors and hedge funds own 87.71% of the company’s stock.

Insider Transactions at Primo Brands

In other news, Director Steven P. Stanbrook bought 12,400 shares of the company’s stock in a transaction dated Tuesday, August 12th. The stock was bought at an average cost of $24.04 per share, for a total transaction of $298,096.00. Following the transaction, the director owned 125,025 shares of the company’s stock, valued at $3,005,601. This represents a 11.01% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robbert Rietbroek purchased 8,285 shares of Primo Brands stock in a transaction that occurred on Wednesday, August 13th. The shares were purchased at an average price of $24.12 per share, for a total transaction of $199,834.20. Following the transaction, the chief executive officer directly owned 586,349 shares in the company, valued at $14,142,737.88. This represents a 1.43% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 58.40% of the company’s stock.

Primo Brands Trading Up 0.0%

Shares of PRMB stock opened at $24.58 on Friday. The stock has a market cap of $9.18 billion, a P/E ratio of -223.45, a price-to-earnings-growth ratio of 0.58 and a beta of 0.72. Primo Brands Corporation has a 1 year low of $21.54 and a 1 year high of $35.85. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55. The stock has a 50 day simple moving average of $28.39 and a 200 day simple moving average of $31.31.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.05). The company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.83 billion. Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The firm’s revenue was up 31.6% on a year-over-year basis. On average, research analysts predict that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Thursday, August 21st. Primo Brands’s dividend payout ratio is presently -363.64%.

Analyst Ratings Changes

A number of research firms have recently issued reports on PRMB. TD Securities cut their target price on shares of Primo Brands from $48.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, August 8th. Barclays lowered their price target on shares of Primo Brands from $40.00 to $38.00 and set an “overweight” rating on the stock in a report on Monday, June 16th. Bank of America decreased their target price on Primo Brands from $42.00 to $39.00 and set a “buy” rating on the stock in a research report on Friday, July 11th. Mizuho initiated coverage on Primo Brands in a research note on Monday, May 12th. They set an “outperform” rating and a $43.00 target price on the stock. Finally, Royal Bank Of Canada dropped their price target on Primo Brands from $40.00 to $37.00 and set an “outperform” rating for the company in a report on Friday, August 8th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, Primo Brands currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.60.

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.