Envestnet Asset Management Inc. Reduces Stock Holdings in Primo Brands Corporation (NYSE:PRMB)

Key Points

• Envestnet Asset Management Inc. significantly reduced its holdings in Primo Brands Corporation by 62.9%, selling 80,379 shares, and now owns 47,316 shares valued at approximately $1.68 million.
• Institutional investors hold 87.71% of Primo Brands' stock, indicating strong institutional interest in the company.
• Primo Brands reported an earnings per share (EPS) of $0.29, exceeding estimates, while revenue reached $1.61 billion, slightly below analyst expectations.

Envestnet Asset Management Inc. reduced its position in Primo Brands Corporation (NYSE:PRMB - Free Report) by 62.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 47,316 shares of the company's stock after selling 80,379 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Primo Brands were worth $1,679,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PRMB. GAMMA Investing LLC grew its position in Primo Brands by 34.5% in the 1st quarter. GAMMA Investing LLC now owns 1,942 shares of the company's stock valued at $69,000 after acquiring an additional 498 shares during the last quarter. Parallel Advisors LLC grew its position in Primo Brands by 225.5% in the 1st quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock valued at $46,000 after acquiring an additional 902 shares during the last quarter. Versant Capital Management Inc grew its position in Primo Brands by 286.7% in the 1st quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock valued at $43,000 after acquiring an additional 906 shares during the last quarter. Amalgamated Bank grew its position in Primo Brands by 27.6% in the 1st quarter. Amalgamated Bank now owns 6,872 shares of the company's stock valued at $244,000 after acquiring an additional 1,488 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its position in Primo Brands by 14.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 13,465 shares of the company's stock valued at $478,000 after acquiring an additional 1,656 shares during the last quarter. 87.71% of the stock is owned by hedge funds and other institutional investors.

Primo Brands Stock Down 2.0%

NYSE:PRMB traded down $0.56 during midday trading on Friday, reaching $27.05. 5,842,946 shares of the stock traded hands, compared to its average volume of 4,651,352. Primo Brands Corporation has a 12-month low of $20.16 and a 12-month high of $35.85. The business has a 50-day moving average of $29.81 and a two-hundred day moving average of $31.84. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.87 and a current ratio of 1.07. The stock has a market capitalization of $10.18 billion, a PE ratio of 29.40, a price-to-earnings-growth ratio of 0.51 and a beta of 0.73.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.29 EPS for the quarter, beating analysts' consensus estimates of $0.24 by $0.05. The company had revenue of $1.61 billion during the quarter, compared to analysts' expectations of $1.63 billion. Primo Brands had a negative net margin of 1.86% and a positive return on equity of 8.35%. The business's revenue was up 42.1% compared to the same quarter last year. On average, equities analysts forecast that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Primo Brands news, Director Tony W. Lee sold 50,657,562 shares of the business's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $31.67, for a total transaction of $1,604,324,988.54. Following the sale, the director owned 116,210,806 shares of the company's stock, valued at approximately $3,680,396,226.02. The trade was a 30.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 58.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on PRMB. Bank of America dropped their price target on Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a research report on Friday, July 11th. Truist Financial initiated coverage on Primo Brands in a research report on Friday, April 4th. They set a "buy" rating and a $42.00 price target on the stock. TD Securities began coverage on shares of Primo Brands in a research note on Tuesday, April 8th. They set a "buy" rating and a $48.00 price objective on the stock. Morgan Stanley started coverage on shares of Primo Brands in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $38.00 price objective for the company. Finally, Mizuho initiated coverage on Primo Brands in a report on Monday, May 12th. They set an "outperform" rating and a $43.00 target price for the company. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $40.70.

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.