Hsbc Holdings PLC Trims Stock Position in Primo Brands Corporation $PRMB

Key Points

• Hsbc Holdings PLC reduced its stake in Primo Brands Corporation by 66.5%, now holding 23,111 shares valued at approximately $816,000.
• Insider trading shows significant activity, with Director Steven P. Stanbrook increasing his ownership by 11.01% and Director Michael John Cramer enhancing his position by 45.65%.
• Primo Brands has a negative net margin of 1.20% and reported earnings of $0.36 per share for the last quarter, missing analysts' estimates by $0.05.

Hsbc Holdings PLC lessened its holdings in Primo Brands Corporation (NYSE:PRMB - Free Report) by 66.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,111 shares of the company's stock after selling 45,960 shares during the period. Hsbc Holdings PLC's holdings in Primo Brands were worth $816,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in PRMB. IFP Advisors Inc acquired a new stake in shares of Primo Brands in the 1st quarter worth about $40,000. Versant Capital Management Inc increased its stake 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 buying an additional 906 shares during the last quarter. New Age Alpha Advisors LLC purchased a new stake in Primo Brands in the 1st quarter valued at about $43,000. Parallel Advisors LLC increased its stake 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 buying an additional 902 shares during the last quarter. Finally, Millstone Evans Group LLC purchased a new stake in Primo Brands in the 1st quarter valued at about $54,000. Institutional investors and hedge funds own 87.71% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Royal Bank Of Canada decreased their price objective 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. Zacks Research lowered shares of Primo Brands from a "hold" rating to a "strong sell" rating in a research note on Friday, August 22nd. Mizuho cut their price target on Primo Brands from $43.00 to $40.00 and set an "outperform" rating for the company in a report on Wednesday, August 20th. TD Securities cut their price target on Primo Brands from $48.00 to $35.00 and set a "buy" rating for the company in a report on Friday, August 8th. Finally, Morgan Stanley reduced their price target on shares of Primo Brands from $38.00 to $35.00 and set an "overweight" rating for the company in a research report on Monday, August 11th. Nine research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $37.30.

Primo Brands Trading Down 0.5%

Shares of NYSE PRMB traded down $0.13 during midday trading on Tuesday, hitting $24.98. 4,435,331 shares of the company traded hands, 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 debt-to-equity ratio of 1.55, a quick ratio of 0.88 and a current ratio of 1.06. The stock has a 50-day moving average price of $27.27 and a 200 day moving average price of $30.62. The firm has a market cap of $9.33 billion, a P/E ratio of 24.14, a P/E/G ratio of 0.66 and a beta of 0.76.

Primo Brands (NYSE:PRMB - Get Free Report) last announced 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). The business had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.83 billion. Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The business's revenue was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. As a group, analysts expect that Primo Brands Corporation will post 1.13 earnings per share 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 given a $0.10 dividend. The ex-dividend date is Thursday, August 21st. This represents a $0.40 annualized dividend and a yield of 1.6%. Primo Brands's dividend payout ratio (DPR) is presently -363.64%.

Insiders Place Their Bets

In other Primo Brands news, CEO Robbert Rietbroek purchased 8,285 shares of the firm's stock in a transaction on Wednesday, August 13th. The shares were acquired at an average cost of $24.12 per share, for a total transaction of $199,834.20. Following the completion of the transaction, the chief executive officer owned 586,349 shares of the company's stock, valued at approximately $14,142,737.88. The trade was a 1.43% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Steven P. Stanbrook acquired 12,400 shares of the firm's stock in a transaction dated Tuesday, August 12th. The shares were purchased at an average price of $24.04 per share, for a total transaction of $298,096.00. Following the completion of the transaction, the director directly owned 125,025 shares in the company, valued at approximately $3,005,601. This trade represents a 11.01% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 24,685 shares of company stock worth $595,770. Company insiders own 58.40% of the company's stock.

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.