Allspring Global Investments Holdings LLC Reduces Holdings in Primo Brands Corporation (NYSE:PRMB)

Allspring Global Investments Holdings LLC decreased its position in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 33.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,369,603 shares of the company's stock after selling 1,217,661 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.62% of Primo Brands worth $83,434,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC lifted its holdings in shares of Primo Brands by 34.5% during the first quarter. GAMMA Investing LLC now owns 1,942 shares of the company's stock worth $69,000 after purchasing an additional 498 shares during the period. Parallel Advisors LLC lifted its holdings in shares of Primo Brands by 225.5% during the first quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock worth $46,000 after purchasing an additional 902 shares during the period. Versant Capital Management Inc lifted its holdings in shares of Primo Brands by 286.7% during the first quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock worth $43,000 after purchasing an additional 906 shares during the period. SRS Capital Advisors Inc. acquired a new stake in shares of Primo Brands during the fourth quarter worth about $30,000. Finally, EverSource Wealth Advisors LLC acquired a new position in Primo Brands in the fourth quarter valued at approximately $30,000. Institutional investors and hedge funds own 87.71% of the company's stock.

Primo Brands Stock Up 0.9%

Primo Brands stock opened at $29.35 on Friday. The stock has a market capitalization of $11.05 billion, a PE ratio of -366.79, a price-to-earnings-growth ratio of 0.56 and a beta of 0.77. Primo Brands Corporation has a 12 month low of $24.41 and a 12 month high of $35.85. The business has a 50 day simple moving average of $31.47 and a 200-day simple moving average of $32.19. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.07 and a quick ratio of 0.87.

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

Primo Brands Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 17th. Investors of record on Friday, June 6th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.36%. The ex-dividend date was Friday, June 6th. Primo Brands's payout ratio is -500.00%.

Insider Buying and Selling

In related news, Director Tony W. Lee sold 50,657,562 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $31.67, for a total transaction of $1,604,324,988.54. Following the completion of the sale, the director now directly owns 116,210,806 shares in the company, valued at approximately $3,680,396,226.02. The trade was a 30.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 58.40% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts have issued reports on PRMB shares. Truist Financial started coverage on Primo Brands in a report on Friday, April 4th. They issued a "buy" rating and a $42.00 price target for the company. Bank of America started coverage on Primo Brands in a report on Wednesday, May 28th. They issued a "buy" rating and a $42.00 price target for the company. Barclays decreased their price target on Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a report on Monday, June 16th. TD Securities started coverage on Primo Brands in a report on Tuesday, April 8th. They issued a "buy" rating and a $48.00 price target for the company. Finally, Mizuho started coverage on Primo Brands in a report on Monday, May 12th. They issued an "outperform" rating and a $43.00 price target for the company. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Primo Brands presently has an average rating of "Buy" and an average price target of $41.33.

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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