Hsbc Holdings PLC Sells 127,035 Shares of Primo Brands Corporation $PRMB

Key Points

• HSBC Holdings PLC cut its Primo Brands stake by 73.5% in the fourth quarter, selling 127,035 shares and ending with 45,881 shares valued at about $760,000.
• Primo Brands reported quarterly earnings of $0.23 per share, missing estimates by $0.01, while revenue came in at $1.63 billion, slightly above expectations.
• Analysts remain generally positive on the stock, with a Moderate Buy consensus and an average price target of $25.91; the company also pays a quarterly dividend of $0.12 per share, or $0.48 annually.

Hsbc Holdings PLC reduced its stake in Primo Brands Corporation (NYSE:PRMB - Free Report) by 73.5% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 45,881 shares of the company's stock after selling 127,035 shares during the quarter. Hsbc Holdings PLC's holdings in Primo Brands were worth $760,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PRMB. One Rock Capital Partners LLC acquired a new position in Primo Brands during the fourth quarter valued at approximately $1,900,047,000. Viking Global Investors LP lifted its stake in shares of Primo Brands by 290.2% in the second quarter. Viking Global Investors LP now owns 19,602,116 shares of the company's stock worth $580,615,000 after buying an additional 14,578,589 shares during the last quarter. Fuller & Thaler Asset Management Inc. boosted its holdings in shares of Primo Brands by 189.5% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 14,454,637 shares of the company's stock worth $236,333,000 after buying an additional 9,461,990 shares during the period. Alliancebernstein L.P. boosted its holdings in shares of Primo Brands by 2,486.6% during the 2nd quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company's stock worth $173,784,000 after buying an additional 5,640,287 shares during the period. Finally, Alyeska Investment Group L.P. grew its stake in Primo Brands by 622.5% in the 4th quarter. Alyeska Investment Group L.P. now owns 6,219,575 shares of the company's stock valued at $101,690,000 after buying an additional 5,358,687 shares during the last quarter. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Primo Brands Trading Up 1.5%

Shares of PRMB stock opened at $24.14 on Wednesday. Primo Brands Corporation has a 1 year low of $14.36 and a 1 year high of $29.23. The firm's fifty day simple moving average is $23.83 and its 200 day simple moving average is $20.85. The firm has a market capitalization of $8.76 billion, a P/E ratio of 172.41, a price-to-earnings-growth ratio of 2.05 and a beta of 0.73. The company has a current ratio of 0.98, a quick ratio of 0.79 and a debt-to-equity ratio of 1.72.

Primo Brands (NYSE:PRMB - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.01). Primo Brands had a net margin of 0.88% and a return on equity of 13.98%. The company had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same quarter in the previous year, the company earned $0.29 earnings per share. Primo Brands's revenue for the quarter was up .8% compared to the same quarter last year. As a group, sell-side analysts predict that Primo Brands Corporation will post 1.25 EPS for the current year.

Primo Brands Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Thursday, June 4th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.0%. The ex-dividend date was Thursday, June 4th. Primo Brands's dividend payout ratio (DPR) is presently 342.86%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Royal Bank Of Canada set a $28.00 target price on shares of Primo Brands in a report on Thursday, April 9th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Primo Brands from $24.00 to $19.00 and set a "hold" rating for the company in a report on Monday, March 30th. Barclays raised their price target on Primo Brands from $24.00 to $25.00 and gave the company an "overweight" rating in a research report on Monday, May 11th. JPMorgan Chase & Co. dropped their price objective on Primo Brands from $27.00 to $26.00 and set an "overweight" rating on the stock in a research note on Monday, May 4th. Finally, Weiss Ratings upgraded Primo Brands from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, May 11th. Nine analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Primo Brands presently has a consensus rating of "Moderate Buy" and a consensus price target of $25.91.

About Primo Brands

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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