Vestmark Advisory Solutions Inc. Sells 36,589 Shares of Primo Brands Corporation $PRMB

Vestmark Advisory Solutions Inc. lowered its stake in Primo Brands Corporation (NYSE:PRMB) by 40.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 54,683 shares of the company’s stock after selling 36,589 shares during the quarter. Vestmark Advisory Solutions Inc.’s holdings in Primo Brands were worth $1,208,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of PRMB. iA Global Asset Management Inc. boosted its position in Primo Brands by 102.7% during the third quarter. iA Global Asset Management Inc. now owns 346,570 shares of the company’s stock worth $7,659,000 after purchasing an additional 175,620 shares during the period. WINTON GROUP Ltd acquired a new stake in shares of Primo Brands during the 2nd quarter worth about $3,255,000. KBC Group NV boosted its holdings in shares of Primo Brands by 0.7% during the 2nd quarter. KBC Group NV now owns 2,066,527 shares of the company’s stock worth $61,211,000 after buying an additional 15,299 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH grew its stake in Primo Brands by 249.0% in the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 77,792 shares of the company’s stock valued at $1,719,000 after buying an additional 55,505 shares during the last quarter. Finally, Fortress Investment Group LLC bought a new position in Primo Brands in the 2nd quarter valued at about $1,823,000. 87.71% of the stock is currently owned by institutional investors.

Primo Brands Stock Up 1.1%

Shares of NYSE PRMB opened at $19.58 on Thursday. The stock has a market capitalization of $7.25 billion, a P/E ratio of -63.14, a PEG ratio of 0.70 and a beta of 0.63. The stock’s fifty day moving average is $18.12 and its 200 day moving average is $19.88. Primo Brands Corporation has a 52 week low of $14.36 and a 52 week high of $35.85. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.86 and a current ratio of 1.02.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings data on Thursday, February 26th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. Primo Brands had a negative net margin of 1.30% and a positive return on equity of 12.52%. The firm had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.52 billion. Sell-side analysts forecast that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands declared that its Board of Directors has initiated a stock buyback plan on Monday, November 10th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 0.9% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

Primo Brands Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 23rd. Investors of record on Friday, March 6th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.5%. This is a positive change from Primo Brands’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Friday, March 6th. Primo Brands’s payout ratio is -129.03%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on PRMB shares. JPMorgan Chase & Co. reduced their price objective on Primo Brands from $23.00 to $21.00 and set an “overweight” rating for the company in a report on Thursday, December 18th. Royal Bank Of Canada restated an “outperform” rating and issued a $26.00 price target on shares of Primo Brands in a research note on Tuesday. Mizuho lowered their price objective on Primo Brands from $28.00 to $24.00 and set an “outperform” rating on the stock in a research report on Thursday, January 8th. TD Securities reduced their target price on shares of Primo Brands from $35.00 to $27.00 and set a “buy” rating for the company in a research report on Friday, November 7th. Finally, BMO Capital Markets restated an “outperform” rating and issued a $35.00 price target on shares of Primo Brands in a research note on Friday, January 23rd. Nine equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $26.50.

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.