4,531,257 Shares in Primo Brands Corporation $PRMB Purchased by Norges Bank

Norges Bank acquired a new position in Primo Brands Corporation (NYSE:PRMB) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 4,531,257 shares of the company’s stock, valued at approximately $74,086,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Caption Management LLC purchased a new stake in Primo Brands in the 3rd quarter worth about $27,000. LRI Investments LLC increased its position in shares of Primo Brands by 203.1% during the fourth quarter. LRI Investments LLC now owns 1,949 shares of the company’s stock worth $32,000 after acquiring an additional 1,306 shares during the period. GAMMA Investing LLC increased its holdings in Primo Brands by 76.2% during the fourth quarter. GAMMA Investing LLC now owns 3,540 shares of the company’s stock valued at $58,000 after buying an additional 1,531 shares during the period. EverSource Wealth Advisors LLC increased its holdings in Primo Brands by 102.4% during the second quarter. EverSource Wealth Advisors LLC now owns 2,091 shares of the company’s stock valued at $62,000 after buying an additional 1,058 shares during the period. Finally, US Bancorp DE increased its holdings in Primo Brands by 47.2% during the third quarter. US Bancorp DE now owns 2,948 shares of the company’s stock valued at $65,000 after buying an additional 945 shares during the period. 87.71% of the stock is owned by hedge funds and other institutional investors.

Primo Brands Trading Down 0.3%

NYSE:PRMB opened at $22.94 on Friday. Primo Brands Corporation has a 12 month low of $14.36 and a 12 month high of $31.49. The firm has a fifty day simple moving average of $21.32 and a 200-day simple moving average of $19.26. The company has a current ratio of 0.98, a quick ratio of 0.79 and a debt-to-equity ratio of 1.72. The company has a market capitalization of $8.33 billion, a P/E ratio of 163.88, a PEG ratio of 1.98 and a beta of 0.72.

Primo Brands (NYSE:PRMB) last issued its earnings results 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 business had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same period last year, the business earned $0.29 EPS. The company’s revenue for the quarter was up .8% on a year-over-year basis. On average, equities research analysts anticipate that Primo Brands Corporation will post 1.25 earnings per share for the current year.

Primo Brands Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Thursday, June 4th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Thursday, June 4th. Primo Brands’s dividend payout ratio (DPR) is 342.86%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. JPMorgan Chase & Co. cut their price objective on shares of Primo Brands from $27.00 to $26.00 and set an “overweight” rating on the stock in a report on Monday, May 4th. Zacks Research raised shares of Primo Brands from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. Jefferies Financial Group upgraded shares of Primo Brands from a “hold” rating to a “buy” rating and set a $25.00 target price for the company in a research note on Friday, March 27th. Weiss Ratings upgraded shares of Primo Brands from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Finally, Barclays raised their target price on shares of Primo Brands from $24.00 to $25.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Nine investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.91.

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.