Allspring Global Investments Holdings LLC Has $133.05 Million Stock Position in Primo Brands Corporation $PRMB

Allspring Global Investments Holdings LLC grew its position in Primo Brands Corporation (NYSE:PRMB) by 57.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,050,888 shares of the company’s stock after acquiring an additional 2,585,164 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Primo Brands were worth $133,050,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Xponance LLC increased its position in shares of Primo Brands by 4.2% during the fourth quarter. Xponance LLC now owns 13,114 shares of the company’s stock valued at $214,000 after purchasing an additional 528 shares during the period. Picton Mahoney Asset Management increased its holdings in Primo Brands by 65.2% in the 4th quarter. Picton Mahoney Asset Management now owns 2,153 shares of the company’s stock valued at $35,000 after buying an additional 850 shares during the period. Madison Asset Management LLC raised its stake in shares of Primo Brands by 0.7% in the 4th quarter. Madison Asset Management LLC now owns 144,435 shares of the company’s stock valued at $2,362,000 after buying an additional 943 shares in the last quarter. US Bancorp DE raised its stake in shares of Primo Brands by 47.2% in the 3rd quarter. US Bancorp DE now owns 2,948 shares of the company’s stock valued at $65,000 after buying an additional 945 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Primo Brands by 102.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,091 shares of the company’s stock worth $62,000 after acquiring an additional 1,058 shares during the period. Institutional investors and hedge funds own 87.71% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PRMB. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Primo Brands from $24.00 to $19.00 and set a “hold” rating on the stock in a research report on Monday, March 30th. Barclays increased their price target on shares of Primo Brands from $24.00 to $25.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. JPMorgan Chase & Co. raised their price target on shares of Primo Brands from $26.00 to $29.00 and gave the stock an “overweight” rating in a research note on Thursday. Wall Street Zen raised Primo Brands from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Finally, Weiss Ratings upgraded Primo Brands from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Nine analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $26.18.

Primo Brands Trading Up 1.7%

Shares of PRMB stock opened at $25.36 on Friday. The company has a market capitalization of $9.20 billion, a P/E ratio of 181.13, a P/E/G ratio of 2.15 and a beta of 0.73. Primo Brands Corporation has a 12-month low of $14.36 and a 12-month high of $29.23. The company has a quick ratio of 0.79, a current ratio of 0.98 and a debt-to-equity ratio of 1.72. The firm has a 50-day moving average price of $24.00 and a 200 day moving average price of $20.97.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings data 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). The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.58 billion. Primo Brands had a return on equity of 13.98% and a net margin of 0.88%.Primo Brands’s quarterly revenue was up .8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.29 earnings per share. Research analysts forecast that Primo Brands Corporation will post 1.25 earnings per share for the current fiscal year.

Primo Brands Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Thursday, June 4th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Thursday, June 4th. Primo Brands’s payout ratio is presently 342.86%.

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.