KBC Group NV Boosts Holdings in Primo Brands Corporation $PRMB

Key Points

• KBC Group NV raised its stake in Primo Brands by 12.5% to 3,380,056 shares (worth ~$55.26M), leaving it with a 0.91% ownership; institutional investors now own about 87.71% of the company.
• Wall Street has a consensus rating of "Moderate Buy" with an average target of $25.36, though views vary — Deutsche Bank cut its target to $19 while Jefferies upgraded the stock to a "Buy".
• Primo beat its latest quarter expectations with $0.26 EPS (vs. $0.20 estimate) and revenue up 11.2% year-over-year, and it raised the quarterly dividend to $0.12 (2.4% yield), though the payout ratio is unusually high at 266.67%.

KBC Group NV increased its holdings in Primo Brands Corporation (NYSE:PRMB - Free Report) by 12.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,380,056 shares of the company's stock after buying an additional 376,855 shares during the quarter. KBC Group NV owned 0.91% of Primo Brands worth $55,264,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in PRMB. Caption Management LLC purchased a new position in shares of Primo Brands in the third quarter worth approximately $27,000. Byrne Asset Management LLC purchased a new position in shares of Primo Brands in the third quarter worth approximately $47,000. 1620 Investment Advisors Inc. purchased a new position in shares of Primo Brands in the third quarter worth approximately $54,000. Blue Trust Inc. purchased a new position in shares of Primo Brands in the third quarter worth approximately $57,000. Finally, GAMMA Investing LLC boosted its holdings in shares of Primo Brands by 76.2% in the fourth quarter. GAMMA Investing LLC now owns 3,540 shares of the company's stock worth $58,000 after buying an additional 1,531 shares during the last quarter. Hedge funds and other institutional investors own 87.71% of the company's stock.

Wall Street Analysts Forecast Growth

PRMB has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Primo Brands from $24.00 to $19.00 and set a "hold" rating on the stock in a report on Monday, March 30th. Royal Bank Of Canada set a $28.00 price target on shares of Primo Brands in a report on Thursday, April 9th. Zacks Research raised shares of Primo Brands from a "strong sell" rating to a "hold" rating in a report on Friday, March 6th. Jefferies Financial Group raised shares of Primo Brands from a "hold" rating to a "buy" rating and set a $25.00 price target on the stock in a report on Friday, March 27th. Finally, Weiss Ratings raised shares of Primo Brands from a "sell (d+)" rating to a "hold (c-)" rating in a report on Monday, March 23rd. Nine equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $25.36.

Primo Brands Price Performance

Shares of NYSE:PRMB opened at $20.32 on Friday. The company has a debt-to-equity ratio of 1.70, a current ratio of 0.95 and a quick ratio of 0.78. Primo Brands Corporation has a 1-year low of $14.36 and a 1-year high of $33.85. The company has a market capitalization of $7.38 billion, a P/E ratio of 135.43, a P/E/G ratio of 1.45 and a beta of 0.66. The firm's 50 day simple moving average is $19.78 and its two-hundred day simple moving average is $18.92.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly earnings results on Thursday, February 26th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.06. Primo Brands had a net margin of 0.90% and a return on equity of 14.52%. The business had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter in the previous year, the firm earned $0.13 earnings per share. The company's revenue for the quarter was up 11.2% on a year-over-year basis. Research analysts expect that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 23rd. Stockholders of record on Friday, March 6th were given a dividend of $0.12 per share. The ex-dividend date was Friday, March 6th. This is an increase from Primo Brands's previous quarterly dividend of $0.10. This represents a $0.48 annualized dividend and a dividend yield of 2.4%. Primo Brands's dividend payout ratio (DPR) is 266.67%.

Primo Brands Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.