iA Global Asset Management Inc. Sells 274,720 Shares of Primo Brands Corporation $PRMB

iA Global Asset Management Inc. lowered its position in shares of Primo Brands Corporation (NYSE:PRMB) by 79.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 71,850 shares of the company’s stock after selling 274,720 shares during the quarter. iA Global Asset Management Inc.’s holdings in Primo Brands were worth $1,175,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Deprince Race & Zollo Inc. bought a new position in shares of Primo Brands during the 4th quarter worth approximately $11,559,000. William Blair Investment Management LLC grew its stake in shares of Primo Brands by 11.6% during the 3rd quarter. William Blair Investment Management LLC now owns 11,834,384 shares of the company’s stock worth $261,540,000 after acquiring an additional 1,231,701 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH grew its stake in shares of Primo Brands by 249.0% during the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 77,792 shares of the company’s stock worth $1,719,000 after acquiring an additional 55,505 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Primo Brands by 25.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,698,550 shares of the company’s stock worth $81,739,000 after acquiring an additional 751,250 shares in the last quarter. Finally, Clarkston Capital Partners LLC bought a new position in shares of Primo Brands during the 3rd quarter worth approximately $50,281,000. 87.71% of the stock is owned by institutional investors.

Primo Brands Trading Up 1.3%

Shares of Primo Brands stock opened at $23.48 on Tuesday. The business has a fifty day simple moving average of $20.30 and a two-hundred day simple moving average of $18.77. Primo Brands Corporation has a 1 year low of $14.36 and a 1 year high of $33.29. The company has a market capitalization of $8.52 billion, a price-to-earnings ratio of 167.73, a P/E/G ratio of 1.95 and a beta of 0.66. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.98 and a quick ratio of 0.79.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings results 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 net margin of 0.88% and a return on equity of 13.98%. The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same period in the prior year, the business earned $0.29 EPS. The company’s revenue for the quarter was up .8% compared to the same quarter last year. Research analysts forecast that Primo Brands Corporation will post 1.28 EPS for the current year.

Primo Brands Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Thursday, June 4th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, June 4th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.0%. Primo Brands’s dividend payout ratio (DPR) is currently 342.86%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on PRMB shares. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Primo Brands from $24.00 to $19.00 and set a “hold” rating for the company in a research note on Monday, March 30th. Jefferies Financial Group raised shares of Primo Brands from a “hold” rating to a “buy” rating and set a $25.00 target price for the company in a research note on Friday, March 27th. TD Securities raised their target price on shares of Primo Brands from $27.00 to $29.00 and gave the company a “buy” rating in a research note on Friday, February 27th. BMO Capital Markets reissued an “outperform” rating and issued a $35.00 target price on shares of Primo Brands in a research note on Friday, January 23rd. Finally, Royal Bank Of Canada set a $28.00 target price on shares of Primo Brands in a research note on Thursday, April 9th. Nine investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $25.91.

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.