Bank of New York Mellon Corp Has $51.18 Million Holdings in Primo Brands Corporation $PRMB

Bank of New York Mellon Corp boosted its holdings in shares of Primo Brands Corporation (NYSE:PRMB) by 22.1% in the second quarter, HoldingsChannel reports. The firm owned 1,727,785 shares of the company’s stock after acquiring an additional 313,169 shares during the period. Bank of New York Mellon Corp’s holdings in Primo Brands were worth $51,177,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Axiom Investors LLC DE bought a new position in shares of Primo Brands in the first quarter valued at about $115,081,000. Sei Investments Co. increased its position in Primo Brands by 8.7% in the 1st quarter. Sei Investments Co. now owns 372,722 shares of the company’s stock valued at $13,228,000 after acquiring an additional 29,939 shares in the last quarter. Eminence Capital LP raised its stake in shares of Primo Brands by 48.3% in the first quarter. Eminence Capital LP now owns 7,019,075 shares of the company’s stock worth $249,107,000 after acquiring an additional 2,284,912 shares during the last quarter. Third Point LLC raised its stake in shares of Primo Brands by 15.6% in the first quarter. Third Point LLC now owns 2,775,000 shares of the company’s stock worth $98,485,000 after acquiring an additional 375,000 shares during the last quarter. Finally, Alyeska Investment Group L.P. lifted its position in shares of Primo Brands by 87.0% during the first quarter. Alyeska Investment Group L.P. now owns 1,904,001 shares of the company’s stock worth $67,573,000 after purchasing an additional 885,765 shares in the last quarter. Institutional investors own 87.71% of the company’s stock.

Primo Brands Stock Performance

PRMB stock opened at $15.49 on Wednesday. Primo Brands Corporation has a twelve month low of $14.36 and a twelve month high of $35.85. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.55. The company has a market cap of $5.79 billion, a P/E ratio of -140.82, a price-to-earnings-growth ratio of 0.61 and a beta of 0.72. The business’s fifty day moving average is $22.06 and its 200-day moving average is $26.68.

Primo Brands (NYSE:PRMB) last released its quarterly earnings data on Thursday, November 6th. The company reported $0.41 EPS for the quarter, meeting analysts’ consensus estimates of $0.41. Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The business had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.78 billion. The company’s quarterly revenue was up 35.3% compared to the same quarter last year. Equities research analysts forecast that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Tuesday, November 25th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, November 25th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.6%. Primo Brands’s dividend payout ratio is -129.03%.

Primo Brands announced that its board has authorized a stock buyback program on Monday, November 10th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 0.9% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PRMB. Jefferies Financial Group began coverage on shares of Primo Brands in a report on Friday, October 17th. They issued a “hold” rating and a $23.00 price target for the company. Weiss Ratings cut Primo Brands from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday. JPMorgan Chase & Co. cut their price target on Primo Brands from $37.00 to $35.00 and set an “overweight” rating on the stock in a research note on Thursday, October 30th. Mizuho lowered their price objective on Primo Brands from $40.00 to $35.00 and set an “outperform” rating for the company in a research report on Tuesday, October 28th. Finally, Zacks Research cut Primo Brands from a “hold” rating to a “strong sell” rating in a report on Tuesday, November 4th. Nine research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $30.75.

Insiders Place Their Bets

In other news, Director Michael John Cramer acquired 4,000 shares of Primo Brands stock in a transaction that occurred on Thursday, August 14th. The shares were acquired at an average price of $24.46 per share, with a total value of $97,840.00. Following the purchase, the director directly owned 12,762 shares of the company’s stock, valued at $312,158.52. The trade was a 45.65% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 58.40% of the stock is owned by insiders.

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.