Northern Trust Corp Has $68.96 Million Position in Primo Brands Corporation $PRMB

Key Points

• Northern Trust Corp increased its stake in Primo Brands Corporation by 23.3% during Q1, acquiring an additional 366,846 shares, resulting in a total of 1,943,099 shares valued at approximately $68.96 million.
• CEO Robbert Rietbroek and Director Michael John Cramer both made notable purchases of the company's stock, with Rietbroek acquiring 8,285 shares and Cramer buying 4,000 shares during August 2023.
• Primo Brands plans to pay a quarterly dividend of $0.10 per share on September 4th, reflecting an annual yield of 1.6%, although the company's payout ratio currently stands at -363.64%.

Northern Trust Corp increased its position in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 23.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,943,099 shares of the company's stock after acquiring an additional 366,846 shares during the quarter. Northern Trust Corp owned about 0.51% of Primo Brands worth $68,961,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. IFP Advisors Inc acquired a new position in shares of Primo Brands during the first quarter valued at $40,000. Versant Capital Management Inc lifted its stake in shares of Primo Brands by 286.7% during the first quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock valued at $43,000 after acquiring an additional 906 shares during the period. New Age Alpha Advisors LLC acquired a new position in shares of Primo Brands during the first quarter valued at $43,000. Parallel Advisors LLC lifted its stake in shares of Primo Brands by 225.5% during the first quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock valued at $46,000 after acquiring an additional 902 shares during the period. Finally, Millstone Evans Group LLC acquired a new position in shares of Primo Brands during the first quarter valued at $54,000. Institutional investors and hedge funds own 87.71% of the company's stock.

Primo Brands Trading Up 0.4%

Primo Brands stock traded up $0.10 during mid-day trading on Friday, hitting $25.12. 4,532,407 shares of the company's stock were exchanged, compared to its average volume of 7,138,743. The firm has a market capitalization of $9.38 billion, a P/E ratio of -228.39, a PEG ratio of 0.66 and a beta of 0.76. Primo Brands Corporation has a fifty-two week low of $21.60 and a fifty-two week high of $35.85. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.55. The company's 50 day simple moving average is $27.46 and its 200-day simple moving average is $30.71.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly earnings data 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 for the quarter, compared to analyst estimates of $1.83 billion. Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The firm's revenue was up 31.6% on a year-over-year basis. Primo Brands has set its FY 2025 guidance at EPS. On average, equities analysts anticipate that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 21st will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, August 21st. This represents a $0.40 dividend on an annualized basis and a yield of 1.6%. Primo Brands's dividend payout ratio is presently -363.64%.

Insider Buying and Selling

In related news, Director Steven P. Stanbrook bought 12,400 shares of Primo Brands stock in a transaction that occurred on Tuesday, August 12th. The stock was purchased at an average cost of $24.04 per share, with a total value of $298,096.00. Following the purchase, the director 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robbert Rietbroek bought 8,285 shares of Primo Brands stock in a transaction that occurred on Wednesday, August 13th. The stock was bought at an average cost of $24.12 per share, with a total value of $199,834.20. Following the completion of the purchase, the chief executive officer owned 586,349 shares in the company, valued at approximately $14,142,737.88. This trade represents a 1.43% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 24,685 shares of company stock valued at $595,770. Company insiders own 58.40% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $26.00 price objective on shares of Primo Brands in a research note on Friday, August 8th. Morgan Stanley decreased their price objective on Primo Brands from $38.00 to $35.00 and set an "overweight" rating for the company in a research note on Monday, August 11th. Royal Bank Of Canada decreased their price objective on 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 downgraded shares of Primo Brands from a "hold" rating to a "strong sell" rating in a research report on Friday, August 22nd. Finally, Bank of America cut their price target on shares of Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a research report on Friday, July 11th. Nine equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Primo Brands currently has an average rating of "Moderate Buy" and a consensus price target of $37.30.

Primo Brands 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.