Blair William & Co. IL Sells 27,686 Shares of Primo Brands Corporation $PRMB

Key Points

• Blair William & Co. IL reduced its holdings in Primo Brands Corporation (NYSE:PRMB) by 37.0% during Q2, selling 27,686 shares while maintaining a total of 47,105 shares valued at $1.39 million.
• Primo Brands reported Q2 earnings per share of $0.36, falling short of the expected $0.41, while revenue was $1.73 billion, compared to a forecast of $1.83 billion.
• The company declared a quarterly dividend of $0.10 per share, representing an annual yield of 1.8%, with a notable negative payout ratio of -363.64%.

Blair William & Co. IL lessened its holdings in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 37.0% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 47,105 shares of the company's stock after selling 27,686 shares during the period. Blair William & Co. IL's holdings in Primo Brands were worth $1,395,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of PRMB. GAMMA Investing LLC lifted its holdings 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 worth $69,000 after purchasing an additional 498 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Primo Brands by 14.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,465 shares of the company's stock worth $478,000 after purchasing an additional 1,656 shares during the period. Ritholtz Wealth Management acquired a new position in shares of Primo Brands during the first quarter worth $608,000. Suncoast Equity Management acquired a new position in shares of Primo Brands during the first quarter worth $715,000. Finally, Intact Investment Management Inc. lifted its holdings in shares of Primo Brands by 164.4% during the first quarter. Intact Investment Management Inc. now owns 375,510 shares of the company's stock worth $13,327,000 after purchasing an additional 233,510 shares during the period. Institutional investors and hedge funds own 87.71% of the company's stock.

Primo Brands Trading Up 0.5%

PRMB opened at $22.44 on Thursday. Primo Brands Corporation has a 1-year low of $21.37 and a 1-year high of $35.85. 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 $8.38 billion, a P/E ratio of -204.01, a price-to-earnings-growth ratio of 0.59 and a beta of 0.76. The company has a fifty day moving average price of $23.53 and a two-hundred day moving average price of $28.50.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.05). Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The company had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.83 billion. The firm's quarterly revenue was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. Analysts predict that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Thursday, August 21st. Primo Brands's payout ratio is -363.64%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on PRMB shares. TD Securities cut their price target on shares of 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 target price on shares of Primo Brands in a research note on Friday, August 8th. Bank of America lowered their target price on shares of Primo Brands from $32.00 to $26.00 and set a "buy" rating for the company in a research note on Wednesday, October 8th. Zacks Research raised shares of Primo Brands from a "strong sell" rating to a "hold" rating in a research note on Monday, October 6th. Finally, Weiss Ratings reissued a "hold (c-)" rating on shares of Primo Brands in a research note on Wednesday, October 8th. Nine research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $35.00.

Insider Buying and Selling at Primo Brands

In related news, Director Michael John Cramer purchased 4,000 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was purchased at an average cost of $24.46 per share, with a total value of $97,840.00. Following the completion of the purchase, the director owned 12,762 shares in the company, valued at approximately $312,158.52. This trade represents a 45.65% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robbert Rietbroek bought 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 completion of the transaction, the chief executive officer owned 586,349 shares of the company's stock, valued at $14,142,737.88. This represents a 1.43% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 24,685 shares of company stock valued at $595,770. Corporate insiders own 58.40% of the company's stock.

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.

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