Gabelli Funds LLC Sells 16,700 Shares of Primo Brands Corporation $PRMB

Key Points

• Gabelli Funds LLC reduced its stake in Primo Brands Corporation by 48.8%, selling 16,700 shares, leaving them with 17,500 shares valued at approximately $621,000.
• Primo Brands Corporation announced a quarterly dividend of $0.10 per share, with a payment date of September 4th, indicating a dividend yield of 1.6%.
• Research analysts have rated Primo Brands with an overall average rating of "Moderate Buy" and set an average price target of $37.30, following various price adjustments by different firms.

Gabelli Funds LLC lowered its position in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 48.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 17,500 shares of the company's stock after selling 16,700 shares during the quarter. Gabelli Funds LLC's holdings in Primo Brands were worth $621,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of PRMB. Boston Partners lifted its position in shares of 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 buying an additional 7,044,263 shares in the last quarter. Victory Capital Management Inc. bought a new position in shares of Primo Brands during the 1st quarter worth approximately $184,225,000. Eminence Capital LP bought a new position in shares of Primo Brands during the 4th quarter worth approximately $145,670,000. Vanguard Group Inc. lifted its position in shares of 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 buying an additional 4,389,327 shares in the last quarter. Finally, Axiom Investors LLC DE bought a new position in shares of Primo Brands during the 1st quarter worth approximately $115,081,000. Institutional investors own 87.71% of the company's stock.

Primo Brands Stock Performance

Primo Brands stock traded down $0.13 during mid-day trading on Tuesday, reaching $24.98. The company's stock had a trading volume of 4,435,331 shares, compared to its average volume of 6,771,135. Primo Brands Corporation has a 12-month low of $21.60 and a 12-month high of $35.85. The company has a market capitalization of $9.33 billion, a P/E ratio of -227.13, a PEG ratio of 0.66 and a beta of 0.76. 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 firm's fifty day moving average price is $27.27 and its two-hundred day moving average price is $30.62.

Primo Brands (NYSE:PRMB - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.36 earnings per share for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $1.83 billion. The company'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. Sell-side analysts predict that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands Announces Dividend

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

Insider Buying and Selling at Primo Brands

In other news, CEO Robbert Rietbroek purchased 8,285 shares of the business's stock in a transaction on Wednesday, August 13th. The stock was purchased at an average cost of $24.12 per share, with a total value of $199,834.20. Following the acquisition, the chief executive officer directly owned 586,349 shares in the company, valued at approximately $14,142,737.88. This trade represents a 1.43% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael John Cramer purchased 4,000 shares of the business's stock in a transaction on Thursday, August 14th. The stock was purchased at an average cost of $24.46 per share, with a total value of $97,840.00. Following the completion of the acquisition, the director owned 12,762 shares in the company, valued at approximately $312,158.52. This trade represents a 45.65% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 24,685 shares of company stock valued at $595,770 in the last three months. Company insiders own 58.40% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on PRMB shares. TD Securities dropped their target price on shares of Primo Brands from $48.00 to $35.00 and set a "buy" rating on the stock in a research report on Friday, August 8th. Bank of America decreased their price target on shares of Primo Brands from $42.00 to $39.00 and set a "buy" rating for the company in a research note on Friday, July 11th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $26.00 price target on shares of Primo Brands in a research note on Friday, August 8th. Royal Bank Of Canada decreased their price target on shares of 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 decreased their price target on shares of Primo Brands from $43.00 to $40.00 and set an "outperform" rating for the company in a research note on Wednesday, August 20th. Nine 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 data from MarketBeat.com, Primo Brands presently has an average rating of "Moderate Buy" and an average target price of $37.30.

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.