Primo Brands Corporation $PRMB Shares Purchased by JPMorgan Chase & Co.

JPMorgan Chase & Co. increased its holdings in Primo Brands Corporation (NYSE:PRMB) by 25.5% in the 3rd quarter, HoldingsChannel reports. The fund owned 3,698,550 shares of the company’s stock after purchasing an additional 751,250 shares during the quarter. JPMorgan Chase & Co.’s holdings in Primo Brands were worth $81,739,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PRMB. Dynamic Advisor Solutions LLC raised its position in Primo Brands by 1.2% in the third quarter. Dynamic Advisor Solutions LLC now owns 47,067 shares of the company’s stock valued at $1,040,000 after purchasing an additional 567 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Primo Brands during the 2nd quarter worth about $26,000. EverSource Wealth Advisors LLC increased its position 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 purchasing an additional 1,058 shares during the last quarter. Phoenix Financial Ltd. raised its holdings in Primo Brands by 14.6% in the 3rd quarter. Phoenix Financial Ltd. now owns 10,151 shares of the company’s stock valued at $224,000 after buying an additional 1,292 shares during the period. Finally, Ensign Peak Advisors Inc lifted its position in Primo Brands by 11.4% in the second quarter. Ensign Peak Advisors Inc now owns 12,984 shares of the company’s stock valued at $385,000 after buying an additional 1,330 shares during the last quarter. Institutional investors and hedge funds own 87.71% of the company’s stock.

Primo Brands Trading Up 1.4%

NYSE:PRMB opened at $18.99 on Tuesday. Primo Brands Corporation has a 12-month low of $14.36 and a 12-month high of $35.85. The firm has a market cap of $7.03 billion, a PE ratio of -61.26, a price-to-earnings-growth ratio of 0.67 and a beta of 0.63. The company has a current ratio of 1.02, a quick ratio of 0.86 and a debt-to-equity ratio of 1.59. The stock has a fifty day moving average price of $17.99 and a 200 day moving average price of $19.92.

Primo Brands declared that its Board of Directors has initiated a share repurchase program on Monday, November 10th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to reacquire up to 0.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Primo Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 23rd. Stockholders of record on Friday, March 6th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Friday, March 6th. This is a boost from Primo Brands’s previous quarterly dividend of $0.10. Primo Brands’s dividend payout ratio (DPR) is -129.03%.

Wall Street Analysts Forecast Growth

PRMB has been the subject of several research analyst reports. The Goldman Sachs Group lowered their target price on shares of Primo Brands from $21.00 to $18.00 and set a “neutral” rating for the company in a research note on Tuesday, November 25th. TD Securities decreased their price objective on shares of Primo Brands from $35.00 to $27.00 and set a “buy” rating on the stock in a report on Friday, November 7th. JPMorgan Chase & Co. lowered their price objective on shares of Primo Brands from $23.00 to $21.00 and set an “overweight” rating for the company in a research report on Thursday, December 18th. BMO Capital Markets reissued an “outperform” rating and set a $35.00 target price on shares of Primo Brands in a research note on Friday, January 23rd. Finally, Morgan Stanley restated an “overweight” rating on shares of Primo Brands in a report on Monday, January 5th. Nine investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Primo Brands has a consensus rating of “Moderate Buy” and a consensus target price of $26.83.

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.