Primo Brands Corporation $PRMB Shares Acquired by Invesco Ltd.

Key Points

• Invesco Ltd. significantly increased its stake in Primo Brands Corporation by 79.4%, owning approximately 0.06% of the company valued at $8.29 million after acquiring additional shares in Q1.
• Analysts have mixed outlooks on PRMB, with target prices adjusted downwards by several firms, and an average target price currently set at $37.30.
• Primo Brands announced a quarterly dividend of $0.10 per share, with a payout ratio of -363.64%, reflecting its ongoing financial strategy despite lower-than-expected quarterly earnings results.

Invesco Ltd. raised its position in Primo Brands Corporation (NYSE:PRMB - Free Report) by 79.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 233,605 shares of the company's stock after purchasing an additional 103,396 shares during the quarter. Invesco Ltd. owned 0.06% of Primo Brands worth $8,291,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PRMB. Mariner LLC purchased a new stake in Primo Brands in the fourth quarter valued at approximately $574,000. Dimensional Fund Advisors LP purchased a new stake in Primo Brands in the fourth quarter valued at approximately $101,064,000. TD Waterhouse Canada Inc. purchased a new stake in Primo Brands in the fourth quarter valued at approximately $62,000. Tower Research Capital LLC TRC purchased a new stake in Primo Brands in the fourth quarter valued at approximately $98,000. Finally, State of Tennessee Department of Treasury purchased a new stake in Primo Brands in the fourth quarter valued at approximately $710,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Primo Brands Stock Up 0.4%

NYSE:PRMB traded up $0.10 during trading hours on Friday, hitting $25.12. The company's stock had a trading volume of 4,532,407 shares, compared to its average volume of 7,138,743. The stock has a market capitalization of $9.38 billion, a P/E ratio of -228.39, a price-to-earnings-growth ratio of 0.66 and a beta of 0.76. The stock has a fifty day moving average of $27.46 and a 200-day moving average of $30.71. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55. Primo Brands Corporation has a 52-week low of $21.60 and a 52-week high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.36 EPS for the quarter, missing the consensus estimate 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 negative net margin of 1.20% and a positive return on equity of 9.64%. Primo Brands's revenue was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. On average, equities analysts forecast that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Investors 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 is -363.64%.

Insider Activity at Primo Brands

In related news, CEO Robbert Rietbroek acquired 8,285 shares of the firm's stock in a transaction on Wednesday, August 13th. The stock was bought at an average price of $24.12 per share, for a total transaction of $199,834.20. Following the completion of the purchase, the chief executive officer directly 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Michael John Cramer acquired 4,000 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was bought at an average price of $24.46 per share, with a total value of $97,840.00. Following the purchase, the director directly owned 12,762 shares of the company's stock, valued at $312,158.52. This represents a 45.65% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 24,685 shares of company stock valued at $595,770 over the last quarter. 58.40% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PRMB. Royal Bank Of Canada cut their price objective on Primo Brands from $40.00 to $37.00 and set an "outperform" rating on the stock in a research report on Friday, August 8th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $26.00 target price on shares of Primo Brands in a research note on Friday, August 8th. 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. Bank of America cut their price target on Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a report on Friday, July 11th. Finally, Morgan Stanley cut their price target on Primo Brands from $38.00 to $35.00 and set an "overweight" rating on the stock in a report on Monday, August 11th. Nine 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. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus 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.