Royal Bank of Canada Has $2.46 Million Position in Primo Brands Corporation $PRMB

Royal Bank of Canada grew its stake in shares of Primo Brands Corporation (NYSE:PRMB) by 127.1% during the 1st quarter, HoldingsChannel reports. The fund owned 130,877 shares of the company’s stock after acquiring an additional 73,253 shares during the period. Royal Bank of Canada’s holdings in Primo Brands were worth $2,464,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Heartland Advisors Inc. raised its stake in shares of Primo Brands by 96.1% during the 4th quarter. Heartland Advisors Inc. now owns 477,100 shares of the company’s stock worth $7,801,000 after purchasing an additional 233,803 shares in the last quarter. One Rock Capital Partners LLC acquired a new stake in shares of Primo Brands during the 4th quarter valued at about $1,900,047,000. Vanguard Group Inc. grew its stake in shares of Primo Brands by 4.8% in the 4th quarter. Vanguard Group Inc. now owns 23,028,858 shares of the company’s stock valued at $376,522,000 after buying an additional 1,053,185 shares in the last quarter. Clearline Capital LP grew its stake in shares of Primo Brands by 2,871.7% in the 4th quarter. Clearline Capital LP now owns 2,494,348 shares of the company’s stock valued at $40,783,000 after buying an additional 2,410,410 shares in the last quarter. Finally, Rockefeller Capital Management L.P. increased its holdings in Primo Brands by 2,943.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 242,069 shares of the company’s stock worth $3,958,000 after buying an additional 234,114 shares during the last quarter. 87.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PRMB has been the topic of several recent research reports. JPMorgan Chase & Co. raised their price objective on shares of Primo Brands from $26.00 to $29.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. Barclays boosted their target price on shares of Primo Brands from $27.00 to $29.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. TD Cowen restated a “buy” rating on shares of Primo Brands in a research note on Thursday, August 6th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $25.00 price target on shares of Primo Brands in a report on Thursday, August 6th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $29.00 price objective on shares of Primo Brands in a research note on Friday, August 7th. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.25.

Insider Buying and Selling at Primo Brands

In other news, CEO Eric J. Foss acquired 84,000 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The stock was acquired at an average cost of $23.80 per share, with a total value of $1,999,200.00. Following the acquisition, the chief executive officer owned 573,806 shares in the company, valued at approximately $13,656,582.80. This represents a 17.15% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 32.90% of the company’s stock.

Primo Brands Stock Down 0.2%

Shares of PRMB stock opened at $24.65 on Monday. The stock’s 50 day simple moving average is $23.98 and its 200 day simple moving average is $21.83. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.86 and a current ratio of 1.05. Primo Brands Corporation has a twelve month low of $14.36 and a twelve month high of $26.21. The company has a market capitalization of $8.93 billion, a price-to-earnings ratio of 94.80, a PEG ratio of 1.70 and a beta of 0.74.

Primo Brands (NYSE:PRMB) last posted its earnings results on Wednesday, August 5th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.05. The firm had revenue of $1.80 billion during the quarter, compared to analyst estimates of $1.77 billion. Primo Brands had a return on equity of 14.24% and a net margin of 1.49%.The company’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.36 EPS. As a group, research analysts predict that Primo Brands Corporation will post 1.27 EPS for the current year.

Primo Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Monday, August 24th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Monday, August 24th. Primo Brands’s payout ratio is presently 184.62%.

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.