Cetera Investment Advisers Has $1.72 Million Stock Holdings in Primo Brands Corporation (NYSE:PRMB)

Key Points

• Cetera Investment Advisers significantly increased its stake in Primo Brands Corporation by 273.6%, resulting in holdings valued at approximately $1.72 million.
• Director Tony W. Lee sold over 50 million shares of the company, representing a 30.36% decrease in his position, valued at around $1.6 billion.
• Primo Brands plans to pay a quarterly dividend of $0.10 on September 4th, with a current dividend yield of 1.7%.

Cetera Investment Advisers raised its position in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 273.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 48,544 shares of the company's stock after acquiring an additional 35,552 shares during the quarter. Cetera Investment Advisers' holdings in Primo Brands were worth $1,723,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Ritholtz Wealth Management bought a new position in shares of Primo Brands during the 1st quarter valued at $608,000. Bank of New York Mellon Corp increased its stake in Primo Brands by 7.3% in the 1st quarter. Bank of New York Mellon Corp now owns 1,414,616 shares of the company's stock worth $50,205,000 after buying an additional 96,366 shares in the last quarter. Amalgamated Bank grew its position in shares of Primo Brands by 27.6% during the first quarter. Amalgamated Bank now owns 6,872 shares of the company's stock valued at $244,000 after purchasing an additional 1,488 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position 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 valued at $478,000 after purchasing an additional 1,656 shares in the last quarter. Finally, Asset Management One Co. Ltd. purchased a new position in shares of Primo Brands during the first quarter valued at about $74,000. 87.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

PRMB has been the subject of several recent research reports. Mizuho assumed coverage on Primo Brands in a research report on Monday, May 12th. They issued an "outperform" rating and a $43.00 price target for the company. Morgan Stanley decreased their target price on shares of Primo Brands from $38.00 to $35.00 and set an "overweight" rating for the company in a research report on Monday. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $26.00 price objective on shares of Primo Brands in a report on Friday, August 8th. Royal Bank Of Canada decreased their price objective on shares of Primo Brands from $40.00 to $37.00 and set an "outperform" rating on the stock in a report on Friday, August 8th. Finally, Barclays decreased their price target on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a research report on Monday, June 16th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, Primo Brands has an average rating of "Moderate Buy" and an average price target of $37.60.

Primo Brands Trading Up 0.2%

Shares of PRMB traded up $0.06 during midday trading on Wednesday, hitting $24.20. The stock had a trading volume of 1,140,816 shares, compared to its average volume of 5,264,972. The business has a 50-day simple moving average of $28.79 and a two-hundred day simple moving average of $31.47. 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 firm has a market cap of $9.04 billion, a P/E ratio of -219.77, a price-to-earnings-growth ratio of 0.45 and a beta of 0.72. Primo Brands Corporation has a fifty-two week low of $21.54 and a fifty-two week high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.83 billion. The firm's revenue was up 31.6% compared to the same quarter last year. As a group, equities analysts forecast that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, August 21st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.7%. Primo Brands's dividend payout ratio (DPR) is presently -363.64%.

Primo Brands Profile

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.