Allianz Asset Management GmbH Has $2.10 Million Stake in Primo Brands Corporation (NYSE:PRMB)

Key Points

• Allianz Asset Management GmbH reduced its holdings in Primo Brands Corporation by 38.4%, owning 59,050 shares valued at approximately $2.10 million after selling 36,770 shares in Q1.
• Multiple analysts have given Primo Brands a consensus rating of "Buy" with an average price target of $40.70, despite some recent price target reductions.
• Primo Brands reported a 42.1% year-over-year revenue increase for the quarter, achieving $1.61 billion in revenue, although it fell short of analyst expectations.

Allianz Asset Management GmbH decreased its holdings in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 38.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 59,050 shares of the company's stock after selling 36,770 shares during the quarter. Allianz Asset Management GmbH's holdings in Primo Brands were worth $2,096,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. FMR LLC acquired a new position in Primo Brands in the fourth quarter worth approximately $653,019,000. Vanguard Group Inc. bought a new position in shares of Primo Brands during the 4th quarter valued at $471,249,000. Victory Capital Management Inc. bought a new position in Primo Brands in the 1st quarter worth $184,225,000. Eminence Capital LP bought a new position in Primo Brands in the 4th quarter worth $145,670,000. Finally, Fuller & Thaler Asset Management Inc. bought a new position in Primo Brands in the 4th quarter worth $128,982,000. Institutional investors and hedge funds own 87.71% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Mizuho began coverage on shares of Primo Brands in a report on Monday, May 12th. They set an "outperform" rating and a $43.00 price objective on the stock. Barclays reduced their price target on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a research report on Monday, June 16th. TD Securities started coverage on shares of Primo Brands in a research report on Tuesday, April 8th. They set a "buy" rating and a $48.00 target price on the stock. Bank of America dropped their price target on shares of Primo Brands from $42.00 to $39.00 and set a "buy" rating for the company in a research note on Friday, July 11th. Finally, Truist Financial started coverage on shares of Primo Brands in a research note on Friday, April 4th. They set a "buy" rating and a $42.00 price target for the company. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $40.70.

Insider Buying and Selling at Primo Brands

In other news, Director Tony W. Lee sold 50,657,562 shares of the company's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $31.67, for a total value of $1,604,324,988.54. Following the completion of the transaction, the director owned 116,210,806 shares in the company, valued at $3,680,396,226.02. This represents a 30.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 58.40% of the stock is owned by company insiders.

Primo Brands Trading Down 2.0%

NYSE:PRMB traded down $0.56 during trading hours on Friday, hitting $27.05. The stock had a trading volume of 5,842,946 shares, compared to its average volume of 4,651,352. Primo Brands Corporation has a one year low of $20.16 and a one year high of $35.85. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.87 and a current ratio of 1.07. The company has a market cap of $10.18 billion, a price-to-earnings ratio of 29.40, a P/E/G ratio of 0.51 and a beta of 0.73. The business's 50 day moving average is $29.81 and its 200-day moving average is $31.84.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.24 by $0.05. Primo Brands had a negative net margin of 1.86% and a positive return on equity of 8.35%. The firm had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.63 billion. The business's revenue was up 42.1% compared to the same quarter last year. Sell-side analysts anticipate that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

About Primo Brands

Primo Brands Corp. is a branded beverage company, which focuses on healthy hydration. It delivers sustainably and domestically sourced diversified offerings across products, formats, channels, price points and consumer occasions, distributed in the United States and Canada. The company provides water filtration units for home and business consumers across North America.