American Century Companies Inc. Has $884,000 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. cut its holdings in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 71.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,908 shares of the company's stock after selling 61,656 shares during the quarter. American Century Companies Inc.'s holdings in Primo Brands were worth $884,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of PRMB. IFP Advisors Inc acquired a new stake in shares of Primo Brands in the first quarter valued at about $40,000. Versant Capital Management Inc grew its stake in Primo Brands by 286.7% in the first quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock valued at $43,000 after purchasing an additional 906 shares in the last quarter. New Age Alpha Advisors LLC acquired a new position in shares of Primo Brands during the 1st quarter worth approximately $43,000. Parallel Advisors LLC increased its position in shares of Primo Brands by 225.5% during the 1st 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 last quarter. Finally, Millstone Evans Group LLC bought a new stake in shares of Primo Brands during the 1st quarter worth approximately $54,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $26.00 target price on shares of Primo Brands in a research note on Friday, August 8th. Royal Bank Of Canada decreased 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 report on Friday, August 8th. Barclays lowered their price objective on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a research note on Monday, June 16th. Morgan Stanley cut their target price 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. Finally, TD Securities reduced their price target on Primo Brands from $48.00 to $35.00 and set a "buy" rating for the company in a report on Friday, August 8th. Nine equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Primo Brands currently has a consensus rating of "Moderate Buy" and a consensus target price of $37.30.

Insider Activity at Primo Brands

In other Primo Brands news, CEO Robbert Rietbroek purchased 8,285 shares of the stock in a transaction that occurred on Wednesday, August 13th. The shares were acquired at an average cost of $24.12 per share, with a total value of $199,834.20. Following the completion of the transaction, the chief executive officer owned 586,349 shares in the company, valued at $14,142,737.88. The trade was a 1.43% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael John Cramer acquired 4,000 shares of the business's stock in a transaction on Thursday, August 14th. The stock was acquired at an average cost of $24.46 per share, with a total value of $97,840.00. Following the acquisition, the director directly owned 12,762 shares in the company, valued at approximately $312,158.52. This trade represents a 45.65% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 24,685 shares of company stock worth $595,770. Corporate insiders own 58.40% of the company's stock.

Primo Brands Stock Performance

Shares of NYSE:PRMB traded down $0.08 during trading on Wednesday, reaching $24.39. 3,781,929 shares of the stock were exchanged, compared to its average volume of 4,721,326. Primo Brands Corporation has a 12 month low of $21.60 and a 12 month high of $35.85. The stock has a 50-day moving average price of $26.69 and a 200-day moving average price of $30.29. 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 $9.11 billion, a PE ratio of -221.70, a PEG ratio of 0.65 and a beta of 0.76.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its earnings results 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 for the quarter, compared to the consensus estimate of $1.83 billion. Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The company's quarterly revenue was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. Research analysts expect that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st were issued a dividend of $0.10 per share. The ex-dividend date of this dividend 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 (DPR) is currently -363.64%.

Primo Brands Company 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.