Corebridge Financial Inc. Purchases 19,176 Shares of Primo Brands Corporation $PRMB

Key Points

• Corebridge Financial Inc. increased its stake in Primo Brands Corporation by 24.4% during the 1st quarter, acquiring an additional 19,176 shares, bringing its total holdings to 97,673 shares valued at approximately $3.47 million.
• Primo Brands announced a quarterly dividend of $0.10 per share, with an annualized yield of 1.6%, and the dividend will be paid on September 4th to investors of record on August 21st.
• Primo Brands' stock showed a 0.4% increase, with a current trading price of $25.12, and the company's recent earnings report revealed a net margin of -1.20% and a revenue of $1.73 billion, missing expectations.

Corebridge Financial Inc. boosted its position in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 24.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 97,673 shares of the company's stock after acquiring an additional 19,176 shares during the period. Corebridge Financial Inc.'s holdings in Primo Brands were worth $3,466,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Primo Brands by 28.7% during the 1st quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company's stock worth $699,314,000 after acquiring an additional 4,389,327 shares during the period. Boston Partners raised its stake in Primo Brands by 9,613.2% during the 1st quarter. Boston Partners now owns 7,117,540 shares of the company's stock worth $252,552,000 after acquiring an additional 7,044,263 shares during the period. Victory Capital Management Inc. bought a new stake in Primo Brands during the 1st quarter worth approximately $184,225,000. Eminence Capital LP bought a new stake in Primo Brands during the 4th quarter worth approximately $145,670,000. Finally, Ameriprise Financial Inc. raised its stake in Primo Brands by 42.0% during the 1st quarter. Ameriprise Financial Inc. now owns 3,701,911 shares of the company's stock worth $131,381,000 after acquiring an additional 1,094,650 shares during the period. Institutional investors own 87.71% of the company's stock.

Insider Transactions at Primo Brands

In other Primo Brands news, Director Michael John Cramer bought 4,000 shares of the firm's stock in a transaction dated Thursday, August 14th. The stock was acquired at an average cost of $24.46 per share, for a total transaction of $97,840.00. Following the completion of the transaction, the director owned 12,762 shares in the company, valued at $312,158.52. This trade represents a 45.65% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Steven P. Stanbrook bought 12,400 shares of the firm's stock in a transaction dated Tuesday, August 12th. The shares were acquired at an average price of $24.04 per share, with a total value of $298,096.00. Following the completion of the transaction, the director owned 125,025 shares of the company's stock, valued at approximately $3,005,601. The trade was a 11.01% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 24,685 shares of company stock worth $595,770. 58.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. TD Securities cut their price objective on shares of Primo Brands from $48.00 to $35.00 and set a "buy" rating for the company in a report on Friday, August 8th. Mizuho cut their price objective on shares of Primo Brands from $43.00 to $40.00 and set an "outperform" rating for the company in a report on Wednesday, August 20th. Bank of America cut their price objective on shares of Primo Brands from $42.00 to $39.00 and set a "buy" rating for the company in a report on Friday, July 11th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $26.00 price objective on shares of Primo Brands in a report on Friday, August 8th. Finally, Morgan Stanley cut their price objective on shares of Primo Brands from $38.00 to $35.00 and set an "overweight" rating for the company in a report on Monday, August 11th. Nine research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Primo Brands presently has a consensus rating of "Moderate Buy" and a consensus price target of $37.30.

Primo Brands Trading Down 0.5%

NYSE PRMB traded down $0.13 on Tuesday, hitting $24.98. 4,435,331 shares of the stock were exchanged, compared to its average volume of 6,771,135. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.88 and a current ratio of 1.06. The stock has a fifty day moving average price of $27.27 and a two-hundred day moving average price of $30.62. The firm has a market capitalization of $9.33 billion, a P/E ratio of -227.13, a P/E/G ratio of 0.66 and a beta of 0.76. Primo Brands Corporation has a 52-week low of $21.60 and a 52-week high of $35.85.

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

Primo Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Thursday, August 21st. Primo Brands's dividend payout ratio (DPR) is -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.