Allspring Global Investments Holdings LLC Acquires 2,585,164 Shares of Primo Brands Corporation $PRMB

Key Points

• Allspring Global Investments boosted its stake in Primo Brands by 57.9% in the first quarter, buying 2.59 million additional shares and bringing its total holdings to 7.05 million shares worth about $133.1 million.
• Institutional ownership in Primo Brands remains very high, with several other large investors also increasing positions; overall, 87.71% of the stock is owned by institutions.
• Wall Street sentiment is generally positive, with analysts assigning a Moderate Buy consensus and an average price target of $26.18, while JPMorgan recently raised its target to $29.00.

Allspring Global Investments Holdings LLC raised its holdings in Primo Brands Corporation (NYSE:PRMB - Free Report) by 57.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,050,888 shares of the company's stock after acquiring an additional 2,585,164 shares during the quarter. Allspring Global Investments Holdings LLC owned about 1.94% of Primo Brands worth $133,050,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. One Rock Capital Partners LLC bought a new stake in Primo Brands in the fourth quarter worth $1,900,047,000. Viking Global Investors LP increased its holdings in shares of Primo Brands by 17.5% during the 3rd quarter. Viking Global Investors LP now owns 23,033,970 shares of the company's stock valued at $509,051,000 after acquiring an additional 3,431,854 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Primo Brands by 4.8% during the 4th quarter. Vanguard Group Inc. now owns 23,028,858 shares of the company's stock valued at $376,522,000 after acquiring an additional 1,053,185 shares during the last quarter. Fuller & Thaler Asset Management Inc. raised its stake in shares of Primo Brands by 189.5% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 14,454,637 shares of the company's stock valued at $236,333,000 after acquiring an additional 9,461,990 shares in the last quarter. Finally, William Blair Investment Management LLC raised its stake in shares of Primo Brands by 6.7% in the 4th quarter. William Blair Investment Management LLC now owns 12,627,420 shares of the company's stock valued at $206,458,000 after acquiring an additional 793,036 shares in the last quarter. 87.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PRMB has been the topic of several analyst reports. Weiss Ratings upgraded Primo Brands from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, May 11th. Barclays boosted their price objective on shares of Primo Brands from $24.00 to $25.00 and gave the stock an "overweight" rating in a research note on Monday, May 11th. Wall Street Zen raised shares of Primo Brands from a "sell" rating to a "hold" rating in a report on Saturday, May 23rd. Royal Bank Of Canada set a $28.00 target price on shares of Primo Brands in a research note on Thursday, April 9th. Finally, JPMorgan Chase & Co. raised their target price on shares of Primo Brands from $26.00 to $29.00 and gave the company an "overweight" rating in a research note on Thursday. Nine investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $26.18.

Primo Brands Stock Performance

Shares of NYSE PRMB opened at $25.36 on Friday. The company has a quick ratio of 0.79, a current ratio of 0.98 and a debt-to-equity ratio of 1.72. The business's 50 day moving average is $24.00 and its two-hundred day moving average is $20.97. The company has a market cap of $9.20 billion, a P/E ratio of 181.13, a P/E/G ratio of 2.15 and a beta of 0.73. Primo Brands Corporation has a 12 month low of $14.36 and a 12 month high of $29.23.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.23 earnings per share 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 during the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the prior year, the company posted $0.29 earnings per share. The firm's revenue was up .8% compared to the same quarter last year. On average, equities analysts expect that Primo Brands Corporation will post 1.25 EPS for the current year.

Primo Brands Dividend Announcement

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

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.

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