Amundi Sells 358,745 Shares of Primo Brands Corporation $PRMB

Key Points

• Amundi cut its Primo Brands stake by 90.5% in the first quarter, selling 358,745 shares and retaining 37,835 shares valued at approximately $712,000. Institutional investors collectively own 87.71% of the company.
• Analyst sentiment remains positive, with 11 Buy ratings and four Holds producing a consensus “Moderate Buy” rating and an average price target of $28.25. Recent targets range from $29 to $31.
• Primo Brands beat quarterly expectations, reporting $0.37 in earnings per share and $1.80 billion in revenue, while revenue rose 3.8% year over year. The company also declared a quarterly dividend of $0.12 per share, implying a 2.0% yield.

Amundi decreased its position in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 90.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 37,835 shares of the company's stock after selling 358,745 shares during the quarter. Amundi's holdings in Primo Brands were worth $712,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Caption Management LLC bought a new stake in Primo Brands in the 3rd quarter worth about $27,000. LRI Investments LLC lifted its stake in Primo Brands by 203.1% during the 4th quarter. LRI Investments LLC now owns 1,949 shares of the company's stock valued at $32,000 after acquiring an additional 1,306 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of Primo Brands by 76.9% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,962 shares of the company's stock valued at $37,000 after acquiring an additional 853 shares during the last quarter. Picton Mahoney Asset Management boosted its holdings in shares of Primo Brands by 65.2% during the 4th quarter. Picton Mahoney Asset Management now owns 2,153 shares of the company's stock valued at $35,000 after acquiring an additional 850 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its stake in shares of Primo Brands by 21,481.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,374 shares of the company's stock worth $39,000 after acquiring an additional 2,363 shares during the period. Institutional investors own 87.71% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PRMB. Morgan Stanley reissued an "overweight" rating and set a $29.00 price objective on shares of Primo Brands in a report on Friday. JPMorgan Chase & Co. lifted their target price on shares of Primo Brands from $26.00 to $29.00 and gave the stock an "overweight" rating in a research report on Thursday, July 16th. Weiss Ratings upgraded shares of Primo Brands from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, May 11th. Royal Bank Of Canada boosted their target price on shares of Primo Brands from $28.00 to $31.00 and gave the company an "outperform" rating in a research note on Friday. Finally, Wall Street Zen upgraded Primo Brands from a "sell" rating to a "hold" rating in a research note on Saturday, May 23rd. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $28.25.

Primo Brands Price Performance

NYSE PRMB opened at $23.62 on Monday. The company has a market capitalization of $8.56 billion, a PE ratio of 90.83, a price-to-earnings-growth ratio of 1.64 and a beta of 0.74. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.86 and a current ratio of 1.05. The business's fifty day moving average is $23.96 and its 200 day moving average is $21.66. Primo Brands Corporation has a fifty-two week low of $14.36 and a fifty-two week high of $26.21.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.32 by $0.05. The firm had revenue of $1.80 billion for the quarter, compared to the consensus estimate of $1.77 billion. Primo Brands had a net margin of 1.49% and a return on equity of 14.24%. The company's revenue was up 3.8% on a year-over-year basis. During the same period last year, the firm earned $0.36 EPS. Sell-side analysts predict that Primo Brands Corporation will post 1.25 earnings per share for the current year.

Primo Brands Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Monday, August 24th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Monday, August 24th. Primo Brands's dividend payout ratio (DPR) is presently 184.62%.

About Primo Brands

Primo Brands NYSE: PRMB is a consumer packaged beverage company that was established as an independent entity following a corporate spin‐off in 2023. The company specializes in the production, marketing and distribution of a broad portfolio of bottled water products, including purified, mineral and sparkling varieties. Through its focus on quality control and innovation, Primo Brands aims to deliver clean, great-tasting water in formats tailored to both at-home consumption and on-the-go lifestyles.

Its product range spans multi-serve and single-serve bottles, aluminum cans and other eco-friendly packaging solutions.

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