Universal Beteiligungs und Servicegesellschaft mbH Sells 63,740 Shares of Primo Brands Corporation $PRMB

Universal Beteiligungs und Servicegesellschaft mbH reduced its position in shares of Primo Brands Corporation (NYSE:PRMB) by 74.1% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 22,287 shares of the company’s stock after selling 63,740 shares during the quarter. Universal Beteiligungs und Servicegesellschaft mbH’s holdings in Primo Brands were worth $660,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in PRMB. Private Advisor Group LLC bought a new stake in Primo Brands during the first quarter valued at approximately $254,000. IFP Advisors Inc purchased a new position in shares of Primo Brands during the 1st quarter worth $40,000. Cetera Investment Advisers boosted its stake in shares of Primo Brands by 273.6% during the 1st quarter. Cetera Investment Advisers now owns 48,544 shares of the company’s stock worth $1,723,000 after acquiring an additional 35,552 shares during the last quarter. TD Asset Management Inc grew its position in shares of Primo Brands by 37.4% during the 1st quarter. TD Asset Management Inc now owns 50,576 shares of the company’s stock valued at $1,795,000 after acquiring an additional 13,776 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Primo Brands by 10.4% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 47,914 shares of the company’s stock worth $1,700,000 after purchasing an additional 4,507 shares in the last quarter. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Insider Buying and Selling

In other news, Director Steven P. Stanbrook acquired 54,540 shares of the company’s stock in a transaction on Thursday, November 13th. The stock was bought at an average cost of $16.43 per share, with a total value of $896,092.20. Following the completion of the purchase, the director directly owned 181,601 shares of the company’s stock, valued at $2,983,704.43. This represents a 42.92% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO David W. Hass purchased 15,910 shares of the company’s stock in a transaction that occurred 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. This trade represents a 32.58% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders bought 203,469 shares of company stock worth $3,214,674. 58.40% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PRMB. Royal Bank Of Canada lowered their target price on Primo Brands from $37.00 to $30.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 4th. Bank of America lowered their price objective on Primo Brands from $32.00 to $26.00 and set a “buy” rating on the stock in a research report on Wednesday, October 8th. Jefferies Financial Group initiated coverage on Primo Brands in a research note on Friday, October 17th. They set a “hold” rating and a $23.00 price objective for the company. TD Securities reduced their target price on shares of Primo Brands from $35.00 to $27.00 and set a “buy” rating for the company in a report on Friday, November 7th. Finally, Zacks Research downgraded shares of Primo Brands from a “hold” rating to a “strong sell” rating in a report on Tuesday, November 4th. Nine analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $29.50.

Primo Brands Trading Up 0.8%

PRMB stock opened at $15.61 on Friday. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.06 and a quick ratio of 0.88. Primo Brands Corporation has a 1-year low of $14.36 and a 1-year high of $35.85. The business has a 50 day simple moving average of $20.06 and a two-hundred day simple moving average of $25.34. The company has a market capitalization of $5.78 billion, a price-to-earnings ratio of -141.86, a PEG ratio of 0.61 and a beta of 0.72.

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

Primo Brands announced that its board has authorized a stock repurchase plan on Monday, November 10th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to repurchase up to 0.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Primo Brands Dividend Announcement

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

Primo Brands Profile

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.