Assenagon Asset Management S.A. Has $1.60 Million Holdings in Primo Brands Corporation $PRMB

Key Points

• Institutional ownership increased: Assenagon Asset Management raised its Primo Brands position by 350.3% in the second quarter to 65,544 shares valued at $1.60 million. Institutional investors and hedge funds own 87.71% of the company.
• Analysts remain generally positive: Primo Brands has a consensus “Moderate Buy” rating from 15 analysts, with an average price target of $28.25, compared with the stock’s reported price of $24.65.
• Quarterly results beat expectations: The company reported $0.37 in adjusted earnings per share and $1.80 billion in revenue, surpassing estimates of $0.32 and $1.77 billion, respectively. Primo Brands also announced a quarterly dividend of $0.12 per share, yielding approximately 1.9% annually.

Assenagon Asset Management S.A. raised its position in Primo Brands Corporation (NYSE:PRMB - Free Report) by 350.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 65,544 shares of the company's stock after buying an additional 50,989 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Primo Brands were worth $1,602,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PRMB. Heartland Advisors Inc. raised its position in Primo Brands by 96.1% during the fourth quarter. Heartland Advisors Inc. now owns 477,100 shares of the company's stock valued at $7,801,000 after purchasing an additional 233,803 shares in the last quarter. One Rock Capital Partners LLC bought a new position in shares of Primo Brands in the 4th quarter valued at $1,900,047,000. KBC Group NV increased its stake in shares of Primo Brands by 12.5% in the 4th quarter. KBC Group NV now owns 3,380,056 shares of the company's stock valued at $55,264,000 after purchasing an additional 376,855 shares during the last quarter. PFG Investments LLC acquired a new position in shares of Primo Brands during the 4th quarter worth $1,169,000. Finally, Vanguard Group Inc. raised its holdings in shares of Primo Brands by 4.8% during the 4th quarter. Vanguard Group Inc. now owns 23,028,858 shares of the company's stock worth $376,522,000 after buying an additional 1,053,185 shares in the last quarter. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PRMB has been the topic of several research analyst reports. TD Cowen reaffirmed a "buy" rating on shares of Primo Brands in a research note on Thursday, August 6th. Morgan Stanley reissued an "overweight" rating and issued a $29.00 target price on shares of Primo Brands in a report on Friday, August 7th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $25.00 price target on shares of Primo Brands in a research note on Thursday, August 6th. Wall Street Zen raised shares of Primo Brands from a "sell" rating to a "hold" rating in a report on Saturday, May 23rd. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Primo Brands in a research report on Friday, August 7th. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Primo Brands has a consensus rating of "Moderate Buy" and an average target price of $28.25.

Insider Activity

In related news, CEO Eric J. Foss acquired 84,000 shares of Primo Brands stock in a transaction dated Monday, August 10th. The stock was bought at an average price of $23.80 per share, with a total value of $1,999,200.00. Following the transaction, the chief executive officer directly owned 573,806 shares in the company, valued at $13,656,582.80. This represents a 17.15% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 32.90% of the company's stock.

Primo Brands Trading Down 0.5%

NYSE PRMB opened at $24.65 on Friday. The business's 50-day moving average price is $23.98 and its two-hundred day moving average price is $21.81. Primo Brands Corporation has a 12 month low of $14.36 and a 12 month high of $26.21. The firm has a market capitalization of $8.93 billion, a PE ratio of 94.80, a price-to-earnings-growth ratio of 1.73 and a beta of 0.74. The company has a current ratio of 1.05, a quick ratio of 0.86 and a debt-to-equity ratio of 1.71.

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

Primo Brands Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Monday, August 24th will be given a dividend of $0.12 per share. The ex-dividend date is Monday, August 24th. This represents a $0.48 annualized dividend and a dividend yield of 1.9%. Primo Brands's dividend payout ratio is presently 184.62%.

Primo Brands Company Profile

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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