KBC Group NV Has $94.93 Million Stock Position in Primo Brands Corporation $PRMB

Key Points

• KBC Group NV boosted its Primo Brands stake by 49.2% in Q1, ending with 5,041,625 shares worth about $94.9 million and representing roughly 1.39% of the company.
• Institutional interest in Primo Brands remains strong, with hedge funds and other investors owning 87.71% of the stock after several firms increased or initiated positions during the quarter.
• Analyst sentiment is broadly positive, with nine Buy ratings and four Hold ratings, giving the stock a consensus Moderate Buy rating and average price target of $26.18.

KBC Group NV increased its stake in Primo Brands Corporation (NYSE:PRMB - Free Report) by 49.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,041,625 shares of the company's stock after purchasing an additional 1,661,569 shares during the quarter. KBC Group NV owned approximately 1.39% of Primo Brands worth $94,934,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Heartland Advisors Inc. boosted its holdings in shares of Primo Brands by 83.5% in the first quarter. Heartland Advisors Inc. now owns 875,411 shares of the company's stock worth $16,484,000 after buying an additional 398,311 shares during the period. Aurora Investment Counsel purchased a new position in shares of Primo Brands in the first quarter worth approximately $2,184,000. Bessemer Group Inc. acquired a new stake in shares of Primo Brands during the first quarter valued at approximately $244,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Primo Brands by 57.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 7,050,888 shares of the company's stock valued at $133,050,000 after acquiring an additional 2,585,164 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in shares of Primo Brands by 3.5% in the 1st quarter. Bank of New York Mellon Corp now owns 774,190 shares of the company's stock valued at $14,578,000 after acquiring an additional 26,541 shares in the last quarter. Institutional investors and hedge funds own 87.71% of the company's stock.

Wall Street Analyst Weigh In

PRMB has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Primo Brands from $24.00 to $19.00 and set a "hold" rating for the company in a research note on Monday, March 30th. Royal Bank Of Canada set a $28.00 target price on shares of Primo Brands in a research note on Thursday, April 9th. Jefferies Financial Group upgraded Primo Brands from a "hold" rating to a "buy" rating and set a $25.00 target price for the company in a report on Friday, March 27th. Weiss Ratings raised Primo Brands from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, May 11th. Finally, JPMorgan Chase & Co. upped their price target on Primo Brands from $26.00 to $29.00 and gave the company an "overweight" rating in a research report on Thursday. Nine equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $26.18.

Primo Brands Stock Performance

PRMB stock opened at $24.82 on Monday. The firm has a 50 day simple moving average of $24.03 and a 200 day simple moving average of $21.03. Primo Brands Corporation has a 52 week low of $14.36 and a 52 week high of $29.23. The stock has a market cap of $9.01 billion, a P/E ratio of 177.31, a P/E/G ratio of 2.14 and a beta of 0.73. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.79 and a current ratio of 0.98.

Primo Brands (NYSE:PRMB - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.23 earnings per share 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 during the quarter, compared to analyst estimates of $1.58 billion. During the same quarter in the prior year, the company posted $0.29 EPS. The firm's quarterly revenue was up .8% compared to the same quarter last year. Research analysts anticipate that Primo Brands Corporation will post 1.25 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Thursday, June 4th were paid a $0.12 dividend. The ex-dividend date of this dividend was Thursday, June 4th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.9%. Primo Brands's dividend payout ratio is 342.86%.

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.

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