Allspring Global Investments Holdings LLC Raises Stock Position in Primo Brands Corporation $PRMB

Key Points

• Allspring Global Investments Holdings LLC raised its stake in Primo Brands Corporation by 60.5%, owning approximately 1.01% of the company's stock valued at $112.4 million after purchasing an additional 1.4 million shares in Q2.
• Primo Brands stock recently saw a 1.5% increase, with its market cap at $8.16 billion and a P/E ratio of -198.58, reflecting recent challenges as it missed earnings expectations.
• The company has announced a quarterly dividend of $0.10 per share, representing an annualized yield of 1.8% despite a current payout ratio of -363.64%.

Allspring Global Investments Holdings LLC raised its stake in Primo Brands Corporation (NYSE:PRMB - Free Report) by 60.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,802,613 shares of the company's stock after buying an additional 1,433,010 shares during the period. Allspring Global Investments Holdings LLC owned approximately 1.01% of Primo Brands worth $112,405,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Ritholtz Wealth Management purchased a new position in shares of Primo Brands during the 1st quarter worth approximately $608,000. Bank of New York Mellon Corp increased its stake in shares of Primo Brands by 7.3% during the 1st quarter. Bank of New York Mellon Corp now owns 1,414,616 shares of the company's stock worth $50,205,000 after purchasing an additional 96,366 shares in the last quarter. Amalgamated Bank increased its stake in shares of Primo Brands by 27.6% during the 1st quarter. Amalgamated Bank now owns 6,872 shares of the company's stock worth $244,000 after purchasing an additional 1,488 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in shares of Primo Brands by 14.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 13,465 shares of the company's stock worth $478,000 after purchasing an additional 1,656 shares in the last quarter. Finally, Axiom Investors LLC DE purchased a new position in shares of Primo Brands during the 1st quarter worth approximately $115,081,000. 87.71% of the stock is owned by hedge funds and other institutional investors.

Primo Brands Stock Up 1.5%

PRMB stock opened at $21.84 on Tuesday. The stock has a market capitalization of $8.16 billion, a P/E ratio of -198.58, a PEG ratio of 0.57 and a beta of 0.76. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.88 and a current ratio of 1.06. Primo Brands Corporation has a one year low of $21.37 and a one year high of $35.85. The company has a 50 day moving average price of $23.69 and a two-hundred day moving average price of $28.58.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.05). Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The company had revenue of $1.73 billion for the quarter, compared to analysts' expectations of $1.83 billion. Primo Brands's revenue was up 31.6% on a year-over-year basis. Primo Brands has set its FY 2025 guidance at EPS. As a group, sell-side analysts expect that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, August 21st. This represents a $0.40 annualized dividend and a dividend yield of 1.8%. Primo Brands's payout ratio is currently -363.64%.

Wall Street Analysts Forecast Growth

PRMB has been the subject of a number of recent research reports. Morgan Stanley dropped their price objective on shares of Primo Brands from $38.00 to $35.00 and set an "overweight" rating for the company in a research note on Monday, August 11th. The Goldman Sachs Group assumed coverage on shares of Primo Brands in a research note on Thursday, September 11th. They set a "neutral" rating and a $25.00 price objective for the company. TD Securities lowered their target price on shares of Primo Brands from $48.00 to $35.00 and set a "buy" rating for the company in a research note on Friday, August 8th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Primo Brands in a research note on Wednesday, October 8th. Finally, Bank of America lowered their target price on shares of Primo Brands from $32.00 to $26.00 and set a "buy" rating for the company in a research note on Wednesday, October 8th. Nine research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Primo Brands has an average rating of "Moderate Buy" and an average target price of $35.00.

Insider Activity

In related news, Director Michael John Cramer acquired 4,000 shares of the stock in a transaction dated Thursday, August 14th. The stock was bought at an average cost of $24.46 per share, with a total value of $97,840.00. Following the purchase, the director directly owned 12,762 shares of the company's stock, valued at approximately $312,158.52. This represents a 45.65% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Steven P. Stanbrook acquired 12,400 shares of the stock in a transaction dated Tuesday, August 12th. The shares were bought at an average cost of $24.04 per share, with a total value of $298,096.00. Following the completion of the purchase, the director directly owned 125,025 shares in the company, valued at approximately $3,005,601. This trade represents a 11.01% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 24,685 shares of company stock valued at $595,770 in the last ninety days. Company insiders own 58.40% of the company's stock.

Primo Brands Profile

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.

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