Assenagon Asset Management S.A. Purchases New Shares in Primo Brands Corporation $PRMB

Key Points

• Assenagon Asset Management S.A. has invested approximately $27.23 million in Primo Brands Corporation, acquiring 919,447 shares of the stock, representing 0.24% ownership as of their latest SEC filing.
• Primo Brands recently reported $0.36 earnings per share for the last quarter, missing analysts' expectations of $0.41, while its revenue increased 31.6% year-over-year to $1.73 billion.
• The company declared a quarterly dividend of $0.10 per share, yielding 1.8%, although its payout ratio is negative at -363.64% due to recent earnings performance.

Assenagon Asset Management S.A. purchased a new position in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 919,447 shares of the company's stock, valued at approximately $27,234,000. Assenagon Asset Management S.A. owned 0.24% of Primo Brands as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. IFP Advisors Inc bought a new position in shares of Primo Brands during the 1st quarter worth $40,000. Versant Capital Management Inc grew its stake in shares of Primo Brands by 286.7% during the 1st quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock worth $43,000 after acquiring an additional 906 shares during the period. New Age Alpha Advisors LLC bought a new position in shares of Primo Brands during the 1st quarter worth $43,000. Parallel Advisors LLC grew its stake 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 acquiring an additional 902 shares during the period. Finally, Millstone Evans Group LLC bought a new position in shares of Primo Brands during the 1st quarter worth $54,000. Institutional investors own 87.71% of the company's stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Mizuho dropped their price objective on Primo Brands from $43.00 to $40.00 and set an "outperform" rating on the stock in a report on Wednesday, August 20th. Zacks Research cut Primo Brands from a "hold" rating to a "strong sell" rating in a report on Friday, August 22nd. TD Securities dropped their price objective on Primo Brands from $48.00 to $35.00 and set a "buy" rating on the stock in a report on Friday, August 8th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $26.00 price objective on shares of Primo Brands in a report on Friday, August 8th. Finally, Royal Bank Of Canada dropped their price objective on Primo Brands from $40.00 to $37.00 and set an "outperform" rating on the stock in a report on Friday, August 8th. Nine analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Primo Brands has an average rating of "Moderate Buy" and a consensus target price of $36.18.

Insider Activity at Primo Brands

In related news, Director Steven P. Stanbrook purchased 12,400 shares of Primo Brands stock in a transaction that occurred on Tuesday, August 12th. The shares were acquired at an average cost of $24.04 per share, for a total transaction of $298,096.00. Following the transaction, the director directly owned 125,025 shares in the company, valued at $3,005,601. The trade was a 11.01% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robbert Rietbroek acquired 8,285 shares of the business's stock in a transaction dated Wednesday, August 13th. The stock was acquired at an average price of $24.12 per share, for a total transaction of $199,834.20. Following the completion of the transaction, the chief executive officer owned 586,349 shares in the company, valued at approximately $14,142,737.88. The trade was a 1.43% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have bought 24,685 shares of company stock valued at $595,770. Corporate insiders own 58.40% of the company's stock.

Primo Brands Price Performance

Shares of NYSE PRMB traded down $0.26 during trading hours on Monday, reaching $22.22. 4,491,648 shares of the stock traded hands, compared to its average volume of 5,064,357. The company has a market capitalization of $8.30 billion, a P/E ratio of 21.61, a price-to-earnings-growth ratio of 0.59 and a beta of 0.76. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.55. Primo Brands Corporation has a 52-week low of $21.60 and a 52-week high of $35.85. The company's 50-day simple moving average is $25.58 and its two-hundred day simple moving average is $29.66.

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 for the quarter, compared to analysts' expectations 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 for the quarter was up 31.6% on a year-over-year basis. Primo Brands has set its FY 2025 guidance at EPS. Equities research analysts forecast that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Thursday, August 21st were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend was Thursday, August 21st. Primo Brands's dividend payout ratio (DPR) is currently -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.