92,600 Shares in Primo Brands Corporation $PRMB Bought by OMERS ADMINISTRATION Corp

Key Points

• OMERS ADMINISTRATION Corp has acquired 92,600 shares of Primo Brands Corporation, valued at approximately $3.3 million, as part of their 1st quarter investment strategy.
• Multiple institutional investors, including Signaturefd LLC and GAMMA Investing LLC, have also increased their stakes in Primo Brands, with hedge funds collectively owning 87.71% of the company.
• The stock currently holds an average rating of "Moderate Buy" with a price target of $37.30, despite the company's recent earnings report missing analyst expectations.

OMERS ADMINISTRATION Corp bought a new position in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 92,600 shares of the company's stock, valued at approximately $3,286,000.

Other institutional investors have also recently made changes to their positions in the company. Ritholtz Wealth Management purchased a new stake in shares of Primo Brands during the first quarter worth about $608,000. Bank of New York Mellon Corp grew its position in shares of Primo Brands by 7.3% during the first quarter. Bank of New York Mellon Corp now owns 1,414,616 shares of the company's stock worth $50,205,000 after purchasing an additional 96,366 shares in the last quarter. Amalgamated Bank grew its position in shares of Primo Brands by 27.6% during the first quarter. Amalgamated Bank now owns 6,872 shares of the company's stock worth $244,000 after purchasing an additional 1,488 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of Primo Brands by 14.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,465 shares of the company's stock worth $478,000 after purchasing an additional 1,656 shares in the last quarter. Finally, Sei Investments Co. grew its position in shares of Primo Brands by 8.7% during the first quarter. Sei Investments Co. now owns 372,722 shares of the company's stock worth $13,228,000 after purchasing an additional 29,939 shares in the last quarter. Hedge funds and other institutional investors own 87.71% of the company's stock.

Insider Activity

In related news, Director Steven P. Stanbrook purchased 12,400 shares of the business's stock in a transaction dated Tuesday, August 12th. The shares were acquired at an average cost of $24.04 per share, for a total transaction of $298,096.00. Following the acquisition, the director owned 125,025 shares of the company's stock, valued at $3,005,601. The trade was a 11.01% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael John Cramer bought 4,000 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The shares were acquired at an average price of $24.46 per share, for a total transaction of $97,840.00. Following the completion of the purchase, the director owned 12,762 shares in the company, valued at $312,158.52. The trade was a 45.65% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 24,685 shares of company stock worth $595,770. 58.40% of the stock is currently owned by company insiders.

Primo Brands Stock Down 0.5%

NYSE PRMB traded down $0.13 on Tuesday, reaching $24.98. 4,435,331 shares of the stock traded hands, compared to its average volume of 5,260,188. 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 company has a fifty day moving average price of $27.36 and a 200-day moving average price of $30.66. The company has a market cap of $9.33 billion, a price-to-earnings ratio of -227.13, a PEG ratio of 0.66 and a beta of 0.76. Primo Brands Corporation has a 12 month low of $21.60 and a 12 month high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.36 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.41 by ($0.05). Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The company had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.83 billion. The company's revenue was up 31.6% on a year-over-year basis. Primo Brands has set its FY 2025 guidance at EPS. As a group, research analysts forecast that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands Announces Dividend

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

Analysts Set New Price Targets

Several equities analysts have weighed in on PRMB shares. Morgan Stanley cut their price target on Primo Brands from $38.00 to $35.00 and set an "overweight" rating for the company in a report on Monday, August 11th. Barclays cut their price target on Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a report on Monday, June 16th. 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. Bank of America cut their price target on Primo Brands from $42.00 to $39.00 and set a "buy" rating for the company in a report on Friday, July 11th. Finally, Zacks Research cut Primo Brands from a "hold" rating to a "strong sell" rating in a report on Friday, August 22nd. 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 company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average 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.