Heartland Advisors Inc. grew its stake in shares of Primo Brands Corporation (NYSE:PRMB – Free Report) by 96.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 477,100 shares of the company’s stock after purchasing an additional 233,803 shares during the quarter. Heartland Advisors Inc. owned approximately 0.13% of Primo Brands worth $7,801,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in the stock. Viking Global Investors LP lifted its stake in Primo Brands by 290.2% in the second quarter. Viking Global Investors LP now owns 19,602,116 shares of the company’s stock worth $580,615,000 after acquiring an additional 14,578,589 shares during the period. Alliancebernstein L.P. boosted its holdings in Primo Brands by 2,486.6% in the second quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company’s stock valued at $173,784,000 after acquiring an additional 5,640,287 shares in the last quarter. Norges Bank bought a new stake in Primo Brands in the fourth quarter valued at $74,086,000. Holocene Advisors LP bought a new stake in Primo Brands in the third quarter valued at $55,160,000. Finally, Clarkston Capital Partners LLC bought a new stake in Primo Brands in the third quarter valued at $50,281,000. Hedge funds and other institutional investors own 87.71% of the company’s stock.
Wall Street Analysts Forecast Growth
Several analysts recently weighed in on the stock. JPMorgan Chase & Co. cut their price target on shares of Primo Brands from $27.00 to $26.00 and set an “overweight” rating on the stock in a report on Monday, May 4th. Wall Street Zen upgraded shares of Primo Brands from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Deutsche Bank Aktiengesellschaft cut their price target on shares of Primo Brands from $24.00 to $19.00 and set a “hold” rating on the stock in a report on Monday, March 30th. Jefferies Financial Group upgraded shares of Primo Brands from a “hold” rating to a “buy” rating and set a $25.00 price target on the stock in a report on Friday, March 27th. Finally, Weiss Ratings upgraded shares of Primo Brands from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Nine research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $25.91.
Primo Brands Stock Performance
Shares of Primo Brands stock opened at $22.91 on Thursday. The company has a current ratio of 0.98, a quick ratio of 0.79 and a debt-to-equity ratio of 1.72. The firm has a market capitalization of $8.31 billion, a P/E ratio of 163.66, a P/E/G ratio of 2.01 and a beta of 0.72. The business has a fifty day simple moving average of $21.61 and a two-hundred day simple moving average of $19.45. Primo Brands Corporation has a 12 month low of $14.36 and a 12 month high of $30.98.
Primo Brands (NYSE:PRMB – Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.01). The firm had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.58 billion. Primo Brands had a net margin of 0.88% and a return on equity of 13.98%. The business’s quarterly revenue was up .8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.29 EPS. On average, equities analysts forecast that Primo Brands Corporation will post 1.25 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 Monday, June 15th. Shareholders of record on Thursday, June 4th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, June 4th. This represents a $0.48 annualized dividend and a yield of 2.1%. Primo Brands’s dividend payout ratio (DPR) is currently 342.86%.
Primo Brands Profile
Primo Brands (NYSE: PRMB) is a consumer packaged beverage company that was established as an independent entity following a corporate spin‐off in 2023. The company specializes in the production, marketing and distribution of a broad portfolio of bottled water products, including purified, mineral and sparkling varieties. Through its focus on quality control and innovation, Primo Brands aims to deliver clean, great-tasting water in formats tailored to both at-home consumption and on-the-go lifestyles.
Its product range spans multi-serve and single-serve bottles, aluminum cans and other eco-friendly packaging solutions.
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