Thrivent Financial for Lutherans Buys 24,970 Shares of Primo Brands Corporation $PRMB

Thrivent Financial for Lutherans grew its stake in Primo Brands Corporation (NYSE:PRMB) by 23.7% in the 4th quarter, Holdings Channel.com reports. The firm owned 130,228 shares of the company’s stock after purchasing an additional 24,970 shares during the period. Thrivent Financial for Lutherans’ holdings in Primo Brands were worth $2,129,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of PRMB. Viking Global Investors LP lifted its stake in shares of Primo Brands by 290.2% in the 2nd quarter. Viking Global Investors LP now owns 19,602,116 shares of the company’s stock valued at $580,615,000 after purchasing an additional 14,578,589 shares during the last quarter. Alliancebernstein L.P. lifted its stake in shares of Primo Brands by 2,486.6% in the 2nd quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company’s stock valued at $173,784,000 after purchasing an additional 5,640,287 shares during the last quarter. Holocene Advisors LP bought a new stake in shares of Primo Brands in the 3rd quarter valued at approximately $55,160,000. Clarkston Capital Partners LLC bought a new stake in shares of Primo Brands in the 3rd quarter valued at approximately $50,281,000. Finally, Man Group plc lifted its stake in shares of Primo Brands by 294.2% in the 3rd quarter. Man Group plc now owns 2,948,565 shares of the company’s stock valued at $65,163,000 after purchasing an additional 2,200,615 shares during the last quarter. 87.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on PRMB. Royal Bank Of Canada set a $28.00 price objective on Primo Brands in a research note on Thursday, April 9th. Wall Street Zen upgraded Primo Brands from a “sell” rating to a “hold” rating in a report on Saturday. Barclays increased their price target on Primo Brands from $24.00 to $25.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. Deutsche Bank Aktiengesellschaft reduced their price target on Primo Brands from $24.00 to $19.00 and set a “hold” rating on the stock in a report on Monday, March 30th. Finally, JPMorgan Chase & Co. reduced their price target on Primo Brands from $27.00 to $26.00 and set an “overweight” rating on the stock in a report on Monday, May 4th. Nine equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Primo Brands presently has an average rating of “Moderate Buy” and an average target price of $25.91.

Primo Brands Stock Up 1.8%

Shares of NYSE:PRMB opened at $23.92 on Wednesday. Primo Brands Corporation has a 52-week low of $14.36 and a 52-week high of $33.29. The stock has a market cap of $8.68 billion, a P/E ratio of 170.86, a price-to-earnings-growth ratio of 1.98 and a beta of 0.66. The business’s 50 day moving average is $20.53 and its 200 day moving average is $18.82. The company has a quick ratio of 0.79, a current ratio of 0.98 and a debt-to-equity ratio of 1.72.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings data 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 firm had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same period last year, the company earned $0.29 EPS. The firm’s revenue for the quarter was up .8% compared to the same quarter last year. Sell-side analysts predict that Primo Brands Corporation will post 1.28 EPS for the current year.

Primo Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Thursday, June 4th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Thursday, June 4th. This represents a $0.48 annualized dividend and a yield of 2.0%. Primo Brands’s dividend payout ratio is 342.86%.

Primo Brands Company 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.