Public Employees Retirement System of Ohio Buys Shares of 70,971 Primo Brands Corporation $PRMB

Public Employees Retirement System of Ohio purchased a new position in shares of Primo Brands Corporation (NYSE:PRMB) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 70,971 shares of the company’s stock, valued at approximately $1,735,000.

Other hedge funds also recently made changes to their positions in the company. Ancora Advisors LLC acquired a new stake in shares of Primo Brands in the second quarter valued at approximately $172,000. Neumeier Poma Investment Counsel LLC acquired a new position in Primo Brands during the second quarter worth $21,404,185. Madison Asset Management LLC acquired a new position in Primo Brands during the second quarter worth $3,502,000. Fulton Bank N.A. grew its position in Primo Brands by 10.5% in the second quarter. Fulton Bank N.A. now owns 28,759 shares of the company’s stock valued at $703,000 after purchasing an additional 2,741 shares in the last quarter. Finally, Revolve Wealth Partners LLC bought a new position in Primo Brands in the second quarter valued at $419,000. 87.71% of the stock is owned by institutional investors.

Insider Buying and Selling at Primo Brands

In other Primo Brands news, CEO Eric Foss bought 84,000 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The shares were acquired at an average cost of $23.80 per share, with a total value of $1,999,200.00. Following the acquisition, the chief executive officer owned 573,806 shares of the company’s stock, valued at $13,656,582.80. The trade was a 17.15% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 32.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PRMB. Weiss Ratings reissued a “hold (c)” rating on shares of Primo Brands in a research report on Friday, August 7th. TD raised their price objective on Primo Brands from $29.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Morgan Stanley restated an “overweight” rating and issued a $29.00 price objective on shares of Primo Brands in a report on Friday, August 7th. Wall Street Zen raised Primo Brands from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Finally, Royal Bank Of Canada upped their target price on Primo Brands from $28.00 to $31.00 and gave the stock an “outperform” rating in a report on Friday, August 7th. Eleven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, Primo Brands currently has a consensus rating of “Moderate Buy” and an average price target of $28.25.

Primo Brands Stock Up 0.0%

Shares of PRMB stock opened at $22.01 on Monday. Primo Brands Corporation has a 52-week low of $14.36 and a 52-week high of $26.21. The stock has a market cap of $7.98 billion, a price-to-earnings ratio of 84.66, a PEG ratio of 1.51 and a beta of 0.73. The firm’s 50-day moving average is $23.67 and its 200-day moving average is $22.25. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.86 and a current ratio of 1.05.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.05. The business had revenue of $1.80 billion during the quarter, compared to analysts’ expectations of $1.77 billion. Primo Brands had a return on equity of 14.24% and a net margin of 1.49%.Primo Brands’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the company posted $0.36 earnings per share. Sell-side analysts predict that Primo Brands Corporation will post 1.27 EPS for the current year.

Primo Brands Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Monday, August 24th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Monday, August 24th. Primo Brands’s payout ratio is currently 184.62%.

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.