Janney Montgomery Scott LLC Takes Position in Primo Brands Corporation $PRMB

Janney Montgomery Scott LLC bought a new stake in shares of Primo Brands Corporation (NYSE:PRMB) during the 1st quarter, Holdings Channel.com reports. The firm bought 21,930 shares of the company’s stock, valued at approximately $413,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Xponance LLC increased its holdings in Primo Brands by 4.2% in the 4th quarter. Xponance LLC now owns 13,114 shares of the company’s stock valued at $214,000 after purchasing an additional 528 shares in the last quarter. Picton Mahoney Asset Management lifted its stake in shares of Primo Brands by 65.2% during the fourth quarter. Picton Mahoney Asset Management now owns 2,153 shares of the company’s stock worth $35,000 after purchasing an additional 850 shares in the last quarter. Madison Asset Management LLC lifted its stake in shares of Primo Brands by 0.7% during the fourth quarter. Madison Asset Management LLC now owns 144,435 shares of the company’s stock worth $2,362,000 after purchasing an additional 943 shares in the last quarter. US Bancorp DE boosted its position in shares of Primo Brands by 47.2% in the third quarter. US Bancorp DE now owns 2,948 shares of the company’s stock worth $65,000 after buying an additional 945 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Primo Brands by 102.4% in the second quarter. EverSource Wealth Advisors LLC now owns 2,091 shares of the company’s stock worth $62,000 after buying an additional 1,058 shares during the period. 87.71% of the stock is owned by hedge funds and other institutional investors.

Primo Brands Stock Up 1.7%

Shares of Primo Brands stock opened at $25.36 on Friday. Primo Brands Corporation has a 1-year low of $14.36 and a 1-year high of $29.23. The company has a market capitalization of $9.20 billion, a PE ratio of 181.13, a P/E/G ratio of 2.15 and a beta of 0.73. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.98 and a quick ratio of 0.79. The business has a 50-day moving average of $24.00 and a 200-day moving average of $20.97.

Primo Brands (NYSE:PRMB) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.01). The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.58 billion. Primo Brands had a return on equity of 13.98% and a net margin of 0.88%.The company’s revenue was up .8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.29 EPS. As a group, equities analysts forecast that Primo Brands Corporation will post 1.25 EPS for the current fiscal year.

Primo Brands Dividend Announcement

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

Analysts Set New Price Targets

A number of research firms have recently issued reports on PRMB. Weiss Ratings upgraded Primo Brands from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Jefferies Financial Group upgraded Primo Brands from a “hold” rating to a “buy” rating and set a $25.00 price target for the company in a report on Friday, March 27th. Royal Bank Of Canada set a $28.00 price objective on shares of Primo Brands in a research report on Thursday, April 9th. JPMorgan Chase & Co. lifted their price objective on shares of Primo Brands from $26.00 to $29.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, Wall Street Zen raised shares of Primo Brands from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Nine research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, Primo Brands presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.18.

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.