Vanguard Group Inc. Has $376.52 Million Stock Position in Primo Brands Corporation $PRMB

Vanguard Group Inc. lifted its holdings in shares of Primo Brands Corporation (NYSE:PRMB) by 4.8% in the 4th quarter, HoldingsChannel reports. The fund owned 23,028,858 shares of the company’s stock after purchasing an additional 1,053,185 shares during the period. Vanguard Group Inc. owned approximately 0.06% of Primo Brands worth $376,522,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. iA Global Asset Management Inc. raised its stake in shares of Primo Brands by 102.7% in the third quarter. iA Global Asset Management Inc. now owns 346,570 shares of the company’s stock worth $7,659,000 after purchasing an additional 175,620 shares during the last quarter. William Blair Investment Management LLC boosted its position in shares of Primo Brands by 11.6% during the third quarter. William Blair Investment Management LLC now owns 11,834,384 shares of the company’s stock valued at $261,540,000 after buying an additional 1,231,701 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH boosted its position in shares of Primo Brands by 249.0% during the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 77,792 shares of the company’s stock valued at $1,719,000 after buying an additional 55,505 shares during the last quarter. Deprince Race & Zollo Inc. bought a new stake in Primo Brands during the fourth quarter worth $11,559,000. Finally, JPMorgan Chase & Co. raised its position in Primo Brands by 25.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,698,550 shares of the company’s stock valued at $81,739,000 after buying an additional 751,250 shares during the last quarter. Institutional investors and hedge funds own 87.71% of the company’s stock.

Primo Brands Trading Down 2.4%

Shares of Primo Brands stock opened at $19.79 on Thursday. The firm has a market cap of $7.19 billion, a PE ratio of 131.95, a P/E/G ratio of 1.62 and a beta of 0.66. Primo Brands Corporation has a 1 year low of $14.36 and a 1 year high of $33.70. The company has a debt-to-equity ratio of 1.70, a current ratio of 0.95 and a quick ratio of 0.78. The stock has a fifty day moving average price of $20.08 and a 200-day moving average price of $18.72.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.01). Primo Brands had a net margin of 0.90% and a return on equity of 14.52%. The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.58 billion. Equities research analysts anticipate that Primo Brands Corporation will post 1.28 EPS for the current year.

Primo Brands Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Thursday, June 4th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Thursday, June 4th. Primo Brands’s dividend payout ratio is currently 320.00%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on PRMB shares. Zacks Research upgraded Primo Brands from a “strong sell” rating to a “hold” rating in a research note on Friday, March 6th. Barclays lowered their target price on shares of Primo Brands from $27.00 to $24.00 and set an “overweight” rating for the company in a report on Tuesday, April 14th. TD Securities raised their price target on shares of Primo Brands from $27.00 to $29.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Royal Bank Of Canada set a $28.00 price objective on shares of Primo Brands in a research report on Thursday, April 9th. Finally, Jefferies Financial Group upgraded shares of Primo Brands from a “hold” rating to a “buy” rating and set a $25.00 price objective for the company in a research note on Friday, March 27th. Nine analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $25.82.

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.