Assenagon Asset Management S.A. Sells 1,750,878 Shares of Primo Brands Corporation $PRMB

Key Points

• Assenagon Asset Management sold 1,750,878 shares of Primo Brands in Q4, cutting its stake by 56% to 1,374,776 shares (about 0.37% of the company) worth approximately $22.48 million, and institutional investors now own roughly 87.7% of PRMB.
• Earnings beat: Primo Brands reported Q4 EPS of $0.26 versus $0.20 expected and revenue of $1.55 billion (up 11.2% year-over-year); the stock trades with a $6.5 billion market cap and a P/E of 119.35.
• The company raised its quarterly dividend to $0.12 (annualized $0.48, yield 2.7%), and analysts view PRMB as a "Moderate Buy" with an average target of $27.25 after multiple price-target upgrades from firms like RBC, Mizuho and Barclays.

Assenagon Asset Management S.A. lessened its holdings in Primo Brands Corporation (NYSE:PRMB - Free Report) by 56.0% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,374,776 shares of the company's stock after selling 1,750,878 shares during the period. Assenagon Asset Management S.A. owned approximately 0.37% of Primo Brands worth $22,478,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Caption Management LLC acquired a new stake in Primo Brands in the 3rd quarter valued at $27,000. Byrne Asset Management LLC bought a new position in shares of Primo Brands during the third quarter valued at $47,000. 1620 Investment Advisors Inc. bought a new position in shares of Primo Brands during the third quarter valued at $54,000. Blue Trust Inc. acquired a new stake in shares of Primo Brands in the 3rd quarter valued at $57,000. Finally, GAMMA Investing LLC grew its holdings in shares of Primo Brands by 76.2% in the 4th quarter. GAMMA Investing LLC now owns 3,540 shares of the company's stock worth $58,000 after purchasing an additional 1,531 shares during the last quarter. 87.71% of the stock is owned by institutional investors and hedge funds.

Primo Brands Stock Down 2.8%

Shares of PRMB opened at $17.90 on Friday. The business's fifty day moving average price is $19.72 and its two-hundred day moving average price is $19.32. The firm has a market capitalization of $6.50 billion, a price-to-earnings ratio of 119.35, a PEG ratio of 1.34 and a beta of 0.61. Primo Brands Corporation has a 52 week low of $14.36 and a 52 week high of $35.85. The company has a debt-to-equity ratio of 1.70, a quick ratio of 0.78 and a current ratio of 0.95.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly earnings results on Thursday, February 26th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.06. The business had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.52 billion. Primo Brands had a return on equity of 14.52% and a net margin of 0.90%.The firm's revenue for the quarter was up 11.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.13 earnings per share. On average, analysts predict that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 23rd. Stockholders of record on Friday, March 6th were paid a $0.12 dividend. This is a boost from Primo Brands's previous quarterly dividend of $0.10. The ex-dividend date of this dividend was Friday, March 6th. This represents a $0.48 annualized dividend and a dividend yield of 2.7%. Primo Brands's payout ratio is 266.67%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Royal Bank Of Canada increased their target price on shares of Primo Brands to $26.00 and gave the stock an "outperform" rating in a research report on Tuesday, February 24th. Zacks Research upgraded shares of Primo Brands from a "strong sell" rating to a "hold" rating in a research note on Friday, March 6th. Mizuho boosted their target price on Primo Brands from $24.00 to $28.00 and gave the stock an "outperform" rating in a report on Thursday, March 5th. Barclays increased their price target on Primo Brands from $21.00 to $27.00 and gave the stock an "overweight" rating in a research report on Monday, March 2nd. Finally, Weiss Ratings upgraded Primo Brands from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Monday. Nine equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Primo Brands presently has an average rating of "Moderate Buy" and an average target price of $27.25.

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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