Primo Brands Corporation $PRMB Shares Purchased by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D raised its stake in shares of Primo Brands Corporation (NYSE:PRMB) by 54.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 87,232 shares of the company’s stock after buying an additional 30,889 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Primo Brands were worth $2,584,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the company. Sumitomo Mitsui Trust Group Inc. acquired a new stake in Primo Brands during the second quarter worth approximately $255,000. Caitong International Asset Management Co. Ltd acquired a new stake in Primo Brands during the second quarter worth approximately $121,000. Forum Financial Management LP boosted its position in Primo Brands by 39.1% during the second quarter. Forum Financial Management LP now owns 10,947 shares of the company’s stock worth $324,000 after acquiring an additional 3,076 shares during the last quarter. Ethic Inc. boosted its position in Primo Brands by 21.1% during the second quarter. Ethic Inc. now owns 7,646 shares of the company’s stock worth $224,000 after acquiring an additional 1,333 shares during the last quarter. Finally, Caliber Wealth Management LLC KS acquired a new stake in Primo Brands during the second quarter worth approximately $232,000. Institutional investors and hedge funds own 87.71% of the company’s stock.

Insider Activity

In other Primo Brands news, Director Steven P. Stanbrook bought 12,400 shares of the business’s stock in a transaction dated Tuesday, August 12th. The shares were acquired at an average price of $24.04 per share, with a total value of $298,096.00. Following the purchase, the director owned 125,025 shares in the company, valued at approximately $3,005,601. The trade was a 11.01% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Michael John Cramer bought 4,000 shares of the business’s stock in a transaction dated Thursday, August 14th. The stock was acquired at an average cost of $24.46 per share, for a total transaction of $97,840.00. Following the purchase, the director owned 12,762 shares in the company, valued at approximately $312,158.52. This trade represents a 45.65% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have acquired 24,685 shares of company stock valued at $595,770. Company insiders own 58.40% of the company’s stock.

Primo Brands Stock Performance

Shares of PRMB stock opened at $22.28 on Wednesday. The company’s fifty day simple moving average is $23.15 and its 200-day simple moving average is $27.68. Primo Brands Corporation has a 52 week low of $21.37 and a 52 week 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 company has a market cap of $8.32 billion, a PE ratio of -202.50, a P/E/G ratio of 0.61 and a beta of 0.76.

Primo Brands (NYSE:PRMB) last issued its earnings results on Thursday, August 7th. The company reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.05). Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The business had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.83 billion. Primo Brands’s revenue was up 31.6% on a year-over-year basis. Primo Brands has set its FY 2025 guidance at EPS. As a group, equities research analysts anticipate that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend was Thursday, August 21st. Primo Brands’s dividend payout ratio (DPR) is currently -363.64%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on PRMB shares. The Goldman Sachs Group started coverage on shares of Primo Brands in a research report on Thursday, September 11th. They set a “neutral” rating and a $25.00 target price on the stock. Jefferies Financial Group started coverage on shares of Primo Brands in a research report on Friday, October 17th. They set a “hold” rating and a $23.00 target price on the stock. TD Securities decreased their target price on shares of Primo Brands from $48.00 to $35.00 and set a “buy” rating on the stock in a research report on Friday, August 8th. Bank of America decreased their price target on shares of Primo Brands from $32.00 to $26.00 and set a “buy” rating on the stock in a report on Wednesday, October 8th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Primo Brands in a report on Wednesday, October 8th. Nine equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, Primo Brands presently has a consensus rating of “Moderate Buy” and an average target price of $33.58.

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.