Primo Brands Corporation $PRMB Shares Purchased by KBC Group NV

KBC Group NV lifted its holdings in shares of Primo Brands Corporation (NYSE:PRMB) by 0.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,066,527 shares of the company’s stock after buying an additional 15,299 shares during the period. KBC Group NV owned 0.55% of Primo Brands worth $61,211,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in PRMB. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Primo Brands during the second quarter worth approximately $26,000. IFP Advisors Inc bought a new position in shares of Primo Brands in the first quarter valued at $40,000. New Age Alpha Advisors LLC purchased a new stake in shares of Primo Brands during the first quarter valued at $43,000. Millstone Evans Group LLC acquired a new position in shares of Primo Brands in the first quarter worth about $54,000. Finally, TD Private Client Wealth LLC purchased a new position in Primo Brands during the 2nd quarter worth approximately $71,000. 87.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on PRMB shares. Jefferies Financial Group started coverage on Primo Brands in a research note on Friday, October 17th. They set a “hold” rating and a $23.00 target price on the stock. Mizuho lowered their price objective on Primo Brands from $40.00 to $35.00 and set an “outperform” rating on the stock in a report on Tuesday, October 28th. The Goldman Sachs Group started coverage on shares of Primo Brands in a report on Thursday, September 11th. They issued a “neutral” rating and a $25.00 target price on the stock. Morgan Stanley dropped their price target on Primo Brands from $38.00 to $35.00 and set an “overweight” rating on the stock in a research report on Monday, August 11th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Primo Brands from $37.00 to $35.00 and set an “overweight” rating for the company in a research report on Thursday, October 30th. Nine research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Primo Brands currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.75.

Primo Brands Stock Performance

NYSE:PRMB opened at $16.11 on Thursday. The firm has a 50 day moving average of $21.89 and a 200-day moving average of $26.61. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55. Primo Brands Corporation has a 1 year low of $14.36 and a 1 year high of $35.85. The stock has a market capitalization of $5.96 billion, a P/E ratio of -146.44, a price-to-earnings-growth ratio of 0.61 and a beta of 0.72.

Primo Brands (NYSE:PRMB) last announced its earnings results on Thursday, November 6th. The company reported $0.41 EPS for the quarter, hitting the consensus estimate of $0.41. The company had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.78 billion. Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The company’s revenue was up 35.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 5th. Shareholders of record on Tuesday, November 25th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, November 25th. This represents a $0.40 annualized dividend and a yield of 2.5%. Primo Brands’s dividend payout ratio is currently -129.03%.

Primo Brands announced that its Board of Directors has approved a share repurchase plan on Monday, November 10th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to purchase up to 0.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Primo Brands

In other Primo Brands news, CFO David W. Hass acquired 15,910 shares of Primo Brands stock in a transaction on Tuesday, November 11th. The shares were purchased at an average cost of $15.71 per share, with a total value of $249,946.10. Following the completion of the purchase, the chief financial officer owned 64,745 shares in the company, valued at $1,017,143.95. The trade was a 32.58% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael John Cramer purchased 5,000 shares of Primo Brands stock in a transaction dated Monday, November 10th. The stock was bought at an average price of $15.73 per share, for a total transaction of $78,650.00. Following the completion of the transaction, the director directly owned 17,762 shares in the company, valued at $279,396.26. The trade was a 39.18% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 58.40% of the company’s stock.

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.