Credit Agricole S A Trims Stock Position in Primo Brands Corporation $PRMB

Key Points

• Credit Agricole S A reduced its stake in Primo Brands Corporation by 34.1%, now owning about 0.06% of the company, worth approximately $7.8 million after selling over 113,000 shares.
• Multiple institutional investors have increased their positions in Primo Brands, with Vanguard Group Inc. boosting its holdings by 28.7%, and Boston Partners significantly increasing its stake by 9,613.2% during the same period.
• Primo Brands recently reported quarterly earnings that missed estimates, with an EPS of $0.36 against a forecast of $0.41, and announced a $0.10 quarterly dividend to be paid in September.

Credit Agricole S A decreased its position in Primo Brands Corporation (NYSE:PRMB - Free Report) by 34.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 219,607 shares of the company's stock after selling 113,521 shares during the quarter. Credit Agricole S A owned about 0.06% of Primo Brands worth $7,794,000 as of its most recent filing with the SEC.

A number of other large investors have also recently added to or reduced their stakes in PRMB. LPL Financial LLC bought a new stake in Primo Brands during the fourth quarter worth approximately $550,000. Wells Fargo & Company MN bought a new stake in shares of Primo Brands during the fourth quarter worth $3,155,000. Envestnet Asset Management Inc. bought a new stake in shares of Primo Brands during the fourth quarter worth $3,929,000. Bank of Montreal Can bought a new position in Primo Brands in the fourth quarter valued at about $282,000. Finally, Invesco Ltd. bought a new position in Primo Brands during the fourth quarter worth about $4,007,000. Institutional investors own 87.71% of the company's stock.

Analysts Set New Price Targets

PRMB has been the topic of a number of recent research reports. Barclays dropped their target price on Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a research report on Monday, June 16th. Bank of America dropped their price objective on Primo Brands from $42.00 to $39.00 and set a "buy" rating for the company in a report on Friday, July 11th. Morgan Stanley lowered their target price on Primo Brands from $38.00 to $35.00 and set an "overweight" rating for the company in a report on Monday, August 11th. Royal Bank Of Canada decreased their price target on Primo Brands from $40.00 to $37.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. Finally, Mizuho cut their price target on Primo Brands from $43.00 to $40.00 and set an "outperform" rating on the stock in a report on Wednesday, August 20th. Nine investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $37.30.

Insider Activity

In other Primo Brands news, Director Michael John Cramer purchased 4,000 shares of the stock in a transaction that occurred on Thursday, August 14th. The stock was purchased at an average price of $24.46 per share, with a total value of $97,840.00. Following the acquisition, the director owned 12,762 shares in the company, valued at approximately $312,158.52. The trade was a 45.65% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Robbert Rietbroek purchased 8,285 shares of the stock in a transaction that occurred on Wednesday, August 13th. The stock was acquired at an average cost of $24.12 per share, with a total value of $199,834.20. Following the acquisition, the chief executive officer owned 586,349 shares in the company, valued at $14,142,737.88. The trade was a 1.43% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 24,685 shares of company stock worth $595,770 over the last 90 days. Corporate insiders own 58.40% of the company's stock.

Primo Brands Trading Up 2.0%

Shares of PRMB traded up $0.51 during trading hours on Wednesday, hitting $25.37. The company had a trading volume of 1,051,203 shares, compared to its average volume of 5,238,569. Primo Brands Corporation has a 52-week low of $21.60 and a 52-week high of $35.85. The firm has a market cap of $9.47 billion, a P/E ratio of -230.45, a P/E/G ratio of 0.66 and a beta of 0.72. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.55. The stock's 50 day moving average price is $27.75 and its 200 day moving average price is $30.90.

Primo Brands (NYSE:PRMB - Get Free Report) last posted 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). The firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.83 billion. Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The firm's revenue for the quarter was up 31.6% on a year-over-year basis. Primo Brands has set its FY 2025 guidance at EPS. On average, research analysts predict that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Thursday, August 21st. Primo Brands's dividend payout ratio is presently -363.64%.

Primo Brands Company 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.