Ameriprise Financial Inc. Raises Position in Primo Brands Corporation $PRMB

Key Points

• Ameriprise Financial Inc. increased its stake in Primo Brands Corporation by 42.0%, acquiring 1,094,650 shares, bringing its total holdings to 3,701,911 shares, valued at approximately $131 million.
• Several brokerages have revised their price targets for Primo Brands, with Barclays lowering it from $40 to $38 and TD Securities cutting its target from $48 to $35, while nine analysts maintain a Buy rating on the stock.
• Primo Brands reported a quarterly revenue of $1.73 billion but missed earnings estimates, leading to a negative net margin of 1.20% and a dividend yield of 1.6% with a recent $0.10 dividend announcement.

Ameriprise Financial Inc. raised its position in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 42.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,701,911 shares of the company's stock after purchasing an additional 1,094,650 shares during the period. Ameriprise Financial Inc. owned approximately 0.98% of Primo Brands worth $131,381,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in PRMB. Signaturefd LLC grew its position in Primo Brands by 12.1% during the 1st quarter. Signaturefd LLC now owns 3,013 shares of the company's stock worth $107,000 after acquiring an additional 325 shares during the last quarter. GAMMA Investing LLC increased its position 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 valued at $69,000 after buying an additional 498 shares during the period. CWM LLC lifted its stake in shares of Primo Brands by 20.5% in the 1st quarter. CWM LLC now owns 4,975 shares of the company's stock valued at $177,000 after purchasing an additional 847 shares during the period. Parallel Advisors LLC boosted its holdings 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 valued at $46,000 after buying an additional 902 shares in the last quarter. Finally, Versant Capital Management Inc grew its holdings in Primo Brands by 286.7% in 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. Institutional investors own 87.71% of the company's stock.

Insiders Place Their Bets

In other news, CEO Robbert Rietbroek acquired 8,285 shares of the firm's stock in a transaction dated 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 acquisition, the chief executive officer directly owned 586,349 shares of the company's stock, valued at approximately $14,142,737.88. The trade was a 1.43% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Michael John Cramer bought 4,000 shares of the stock in a transaction dated Thursday, August 14th. The shares were purchased at an average price of $24.46 per share, with a total value of $97,840.00. Following the completion of the transaction, the director directly owned 12,762 shares in the company, valued at approximately $312,158.52. The trade was a 45.65% increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 24,685 shares of company stock valued at $595,770 in the last quarter. 58.40% of the stock is currently owned by insiders.

Primo Brands Price Performance

PRMB traded up $0.10 during trading on Friday, hitting $25.12. 4,532,407 shares of the company traded hands, compared to its average volume of 7,204,267. 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 company has a market cap of $9.38 billion, a PE ratio of -228.39, a P/E/G ratio of 0.66 and a beta of 0.72. The stock's 50-day simple moving average is $27.46 and its two-hundred day simple moving average is $30.73. 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 results on Thursday, August 7th. The company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.05). Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The company had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.83 billion. The company's quarterly 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 anticipate that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.6%. The ex-dividend date is Thursday, August 21st. Primo Brands's dividend payout ratio (DPR) is currently -363.64%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PRMB. Royal Bank Of Canada cut their target price on Primo Brands from $40.00 to $37.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. Morgan Stanley lowered their target price on Primo Brands from $38.00 to $35.00 and set an "overweight" rating on the stock in a report on Monday, August 11th. Barclays dropped their price target 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. 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. Finally, Mizuho decreased their target price on shares of Primo Brands from $43.00 to $40.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 20th. 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. According to data from MarketBeat, Primo Brands currently has an average rating of "Moderate Buy" and an average price target of $37.30.

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.