American Century Companies Inc. Lowers Stock Position in Primo Brands Corporation $PRMB

Key Points

• American Century Companies Inc. has reduced its stake in Primo Brands Corporation by 71.2%, now holding 24,908 shares valued at approximately $884,000.
• Several other institutional investors increased their positions in Primo Brands, including Boston Partners, which raised its stake by 9,613.2%, now owning over 7.1 million shares worth $252.5 million.
• Primo Brands reported an earnings miss for the last quarter, with earnings per share of $0.36 compared to the consensus estimate of $0.41, alongside a net revenue of $1.73 billion below expectations.

American Century Companies Inc. lessened its holdings in Primo Brands Corporation (NYSE:PRMB - Free Report) by 71.2% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 24,908 shares of the company's stock after selling 61,656 shares during the period. American Century Companies Inc.'s holdings in Primo Brands were worth $884,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of PRMB. Boston Partners raised its stake in shares of Primo Brands by 9,613.2% during the 1st quarter. Boston Partners now owns 7,117,540 shares of the company's stock worth $252,552,000 after acquiring an additional 7,044,263 shares in the last quarter. Victory Capital Management Inc. bought a new position in shares of Primo Brands during the 1st quarter worth approximately $184,225,000. Vanguard Group Inc. raised its stake in shares of Primo Brands by 28.7% during the 1st quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company's stock worth $699,314,000 after acquiring an additional 4,389,327 shares in the last quarter. Nuveen Asset Management LLC bought a new position in shares of Primo Brands during the 4th quarter worth approximately $98,302,000. Finally, Ameriprise Financial Inc. bought a new position in shares of Primo Brands during the 4th quarter worth approximately $80,225,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Insider Transactions at Primo Brands

In other Primo Brands news, Director Michael John Cramer acquired 4,000 shares of the business's stock in a transaction dated Thursday, August 14th. The shares were purchased at an average price of $24.46 per share, for a total transaction of $97,840.00. Following the completion of the purchase, the director directly owned 12,762 shares of the company's stock, valued at $312,158.52. The trade was a 45.65% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Steven P. Stanbrook acquired 12,400 shares of the business's stock in a transaction dated Tuesday, August 12th. The stock was acquired at an average price of $24.04 per share, for a total transaction of $298,096.00. Following the purchase, the director directly owned 125,025 shares of the company's stock, 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 have acquired 24,685 shares of company stock worth $595,770 over the last 90 days. 58.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Barclays reduced their price objective on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a research note on Monday, June 16th. Zacks Research lowered shares of Primo Brands from a "hold" rating to a "strong sell" rating in a research note on Friday, August 22nd. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $26.00 price objective on shares of Primo Brands in a research note on Friday, August 8th. Royal Bank Of Canada reduced their price objective on shares of Primo Brands from $40.00 to $37.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. Finally, Bank of America cut their price target on shares of Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a research note on Friday, July 11th. Nine investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $37.30.

Primo Brands Stock Performance

Shares of PRMB stock traded up $0.11 during mid-day trading on Friday, reaching $25.22. The stock had a trading volume of 4,442,434 shares, compared to its average volume of 5,522,635. The business's fifty day moving average is $27.01 and its 200-day moving average is $30.45. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55. The firm has a market cap of $9.42 billion, a price-to-earnings ratio of -229.31, a PEG ratio of 0.67 and a beta of 0.76. Primo Brands Corporation has a 1-year low of $21.60 and a 1-year high of $35.85.

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 for the quarter, missing analysts' consensus estimates of $0.41 by ($0.05). The firm had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.83 billion. Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. Primo Brands's revenue was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. On average, research analysts forecast that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st were paid a $0.10 dividend. The ex-dividend date was Thursday, August 21st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.6%. Primo Brands's dividend payout ratio is presently -363.64%.

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.