Primo Brands Corporation $PRMB Position Reduced by State of Wyoming

State of Wyoming trimmed its position in Primo Brands Corporation (NYSE:PRMB) by 85.1% in the first quarter, HoldingsChannel.com reports. The firm owned 4,765 shares of the company’s stock after selling 27,305 shares during the quarter. State of Wyoming’s holdings in Primo Brands were worth $90,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Heartland Advisors Inc. lifted its holdings in shares of Primo Brands by 96.1% in the fourth quarter. Heartland Advisors Inc. now owns 477,100 shares of the company’s stock valued at $7,801,000 after buying an additional 233,803 shares during the period. One Rock Capital Partners LLC bought a new position in Primo Brands during the fourth quarter valued at about $1,900,047,000. Deprince Race & Zollo Inc. acquired a new position in Primo Brands during the fourth quarter worth about $11,559,000. KBC Group NV grew its holdings in Primo Brands by 12.5% during the fourth quarter. KBC Group NV now owns 3,380,056 shares of the company’s stock worth $55,264,000 after acquiring an additional 376,855 shares during the period. Finally, Aberdeen Group plc bought a new stake in Primo Brands in the fourth quarter worth about $12,015,000. 87.71% of the stock is owned by institutional investors.

Primo Brands Trading Up 0.1%

NYSE:PRMB opened at $22.72 on Monday. The company has a quick ratio of 0.79, a current ratio of 0.98 and a debt-to-equity ratio of 1.72. Primo Brands Corporation has a 1-year low of $14.36 and a 1-year high of $28.17. The firm has a market capitalization of $8.24 billion, a price-to-earnings ratio of 162.26, a price-to-earnings-growth ratio of 1.92 and a beta of 0.73. The stock has a fifty day simple moving average of $24.03 and a 200 day simple moving average of $21.48.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.01). Primo Brands had a return on equity of 13.98% and a net margin of 0.88%.The company had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same quarter in the previous year, the firm posted $0.29 EPS. Primo Brands’s quarterly revenue was up .8% on a year-over-year basis. Sell-side analysts forecast that Primo Brands Corporation will post 1.25 earnings per share for the current year.

Primo Brands Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Monday, August 24th will be issued a dividend of $0.12 per share. The ex-dividend date is Monday, August 24th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.1%. Primo Brands’s payout ratio is currently 342.86%.

Analysts Set New Price Targets

PRMB has been the subject of a number of research analyst reports. JPMorgan Chase & Co. upped their price target on shares of Primo Brands from $26.00 to $29.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Weiss Ratings raised shares of Primo Brands from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Wall Street Zen upgraded shares of Primo Brands from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Barclays increased their target price on shares of Primo Brands from $25.00 to $27.00 and gave the company an “overweight” rating in a research note on Tuesday, July 21st. Finally, Royal Bank Of Canada set a $28.00 target price on shares of Primo Brands in a report on Thursday, April 9th. Nine research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $26.36.

About Primo Brands

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.