Cetera Investment Advisers Sells 60,512 Shares of Primo Brands Corporation $PRMB

Key Points

• Cetera Investment Advisers cut its Primo Brands stake by 47.3%, selling 60,512 shares and retaining 67,540 shares valued at approximately $1.27 million. Institutional investors collectively own 87.71% of the company.
• Analysts remain broadly bullish, with 11 Buy ratings and four Holds, producing a “Moderate Buy” consensus and an average price target of $28.25. Several firms recently raised their targets, including TD to $35.
• Primo Brands exceeded quarterly expectations, reporting $0.37 in EPS versus $0.32 estimated and revenue of $1.80 billion. The company also declared a $0.12 quarterly dividend, while CEO Eric Foss bought 84,000 shares worth nearly $2 million.

Cetera Investment Advisers trimmed its stake in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 47.3% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 67,540 shares of the company's stock after selling 60,512 shares during the period. Cetera Investment Advisers' holdings in Primo Brands were worth $1,272,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Caption Management LLC purchased a new stake in Primo Brands in the 3rd quarter worth $27,000. LRI Investments LLC grew its position in shares of Primo Brands by 203.1% during the fourth quarter. LRI Investments LLC now owns 1,949 shares of the company's stock valued at $32,000 after purchasing an additional 1,306 shares in the last quarter. Picton Mahoney Asset Management grew its position in shares of Primo Brands by 65.2% during the fourth quarter. Picton Mahoney Asset Management now owns 2,153 shares of the company's stock valued at $35,000 after purchasing an additional 850 shares in the last quarter. Quarry LP grew its position in shares of Primo Brands by 516.6% during the fourth quarter. Quarry LP now owns 2,380 shares of the company's stock valued at $39,000 after purchasing an additional 1,994 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its holdings in shares of Primo Brands by 21,481.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,374 shares of the company's stock worth $39,000 after purchasing an additional 2,363 shares during the last quarter. 87.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PRMB has been the topic of a number of research analyst reports. Barclays boosted their target price on Primo Brands from $27.00 to $29.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Royal Bank Of Canada raised their price target on Primo Brands from $28.00 to $31.00 and gave the company an "outperform" rating in a report on Friday, August 7th. TD lifted their price objective on Primo Brands from $29.00 to $35.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Morgan Stanley reaffirmed an "overweight" rating and issued a $29.00 price objective on shares of Primo Brands in a research note on Friday, August 7th. Finally, JPMorgan Chase & Co. upped their price objective on Primo Brands from $26.00 to $29.00 and gave the stock an "overweight" rating in a report on Thursday, July 16th. Eleven equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $28.25.

Primo Brands Stock Performance

Shares of NYSE:PRMB opened at $23.93 on Thursday. Primo Brands Corporation has a 52 week low of $14.36 and a 52 week high of $26.21. The stock has a market capitalization of $8.67 billion, a P/E ratio of 92.04, a PEG ratio of 1.65 and a beta of 0.74. The firm has a fifty day simple moving average of $23.91 and a two-hundred day simple moving average of $21.75. The company has a quick ratio of 0.86, a current ratio of 1.05 and a debt-to-equity ratio of 1.71.

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

Primo Brands Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Shareholders of record on Monday, August 24th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Monday, August 24th. Primo Brands's payout ratio is presently 184.62%.

Insiders Place Their Bets

In related news, CEO Eric J. Foss acquired 84,000 shares of the firm's stock in a transaction on Monday, August 10th. The shares were acquired at an average cost of $23.80 per share, for a total transaction of $1,999,200.00. Following the completion of the transaction, the chief executive officer directly owned 573,806 shares in the company, valued at approximately $13,656,582.80. This trade represents a 17.15% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 32.90% of the stock is owned by insiders.

Primo Brands 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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