Principal Financial Group Inc. Sells 124,720 Shares of Primo Brands Corporation $PRMB

Principal Financial Group Inc. lessened its position in Primo Brands Corporation (NYSE:PRMB) by 92.7% in the third quarter, HoldingsChannel reports. The firm owned 9,783 shares of the company’s stock after selling 124,720 shares during the quarter. Principal Financial Group Inc.’s holdings in Primo Brands were worth $216,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Viking Global Investors LP raised its holdings in Primo Brands by 290.2% in the second quarter. Viking Global Investors LP now owns 19,602,116 shares of the company’s stock worth $580,615,000 after purchasing an additional 14,578,589 shares in the last quarter. Boston Partners increased its stake in shares of Primo Brands by 13.7% in the 2nd quarter. Boston Partners now owns 8,089,479 shares of the company’s stock worth $239,551,000 after acquiring an additional 971,939 shares in the last quarter. Alliancebernstein L.P. lifted its position in Primo Brands by 2,486.6% during the 2nd quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company’s stock valued at $173,784,000 after acquiring an additional 5,640,287 shares during the period. Third Point LLC lifted its position in Primo Brands by 108.1% during the 2nd quarter. Third Point LLC now owns 5,775,000 shares of the company’s stock valued at $171,056,000 after acquiring an additional 3,000,000 shares during the period. Finally, Ameriprise Financial Inc. boosted its stake in Primo Brands by 32.7% during the second quarter. Ameriprise Financial Inc. now owns 4,912,684 shares of the company’s stock worth $145,514,000 after acquiring an additional 1,210,773 shares in the last quarter. 87.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PRMB has been the subject of a number of analyst reports. Mizuho decreased their target price on shares of Primo Brands from $28.00 to $24.00 and set an “outperform” rating for the company in a research note on Thursday, January 8th. Royal Bank Of Canada reduced their price objective on Primo Brands from $37.00 to $30.00 and set an “outperform” rating for the company in a research report on Tuesday, November 4th. Morgan Stanley reiterated an “overweight” rating on shares of Primo Brands in a research note on Monday, January 5th. TD Securities dropped their target price on Primo Brands from $35.00 to $27.00 and set a “buy” rating on the stock in a report on Friday, November 7th. Finally, Zacks Research downgraded 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 company’s stock. According to data from MarketBeat, Primo Brands has an average rating of “Moderate Buy” and a consensus price target of $26.83.

Primo Brands Stock Up 0.3%

PRMB stock opened at $18.75 on Friday. The stock has a market capitalization of $6.94 billion, a P/E ratio of -60.49, a P/E/G ratio of 0.63 and a beta of 0.63. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.02 and a quick ratio of 0.86. Primo Brands Corporation has a 1-year low of $14.36 and a 1-year high of $35.85. The business has a fifty day moving average price of $17.95 and a 200-day moving average price of $20.04.

Primo Brands Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 23rd. Shareholders of record on Friday, March 6th will be paid a dividend of $0.12 per share. The ex-dividend date is Friday, March 6th. This represents a $0.48 annualized dividend and a yield of 2.6%. This is an increase from Primo Brands’s previous quarterly dividend of $0.10. Primo Brands’s dividend payout ratio (DPR) is currently -129.03%.

Primo Brands declared that its board has authorized a stock repurchase plan on Monday, November 10th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to repurchase up to 0.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its shares are undervalued.

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.