KLP Kapitalforvaltning AS Acquires 10,000 Shares of Primo Brands Corporation (NYSE:PRMB)

Key Points

• KLP Kapitalforvaltning AS increased its stake in Primo Brands Corporation by 31.6% in the first quarter, holding shares worth approximately $1.48 million.
• The stock has a consensus rating of "Buy" from ten analysts, with a target price averaging $40.70 per share.
• Primo Brands recently announced a quarterly dividend of $0.10, resulting in an annualized dividend yield of 1.38%.

KLP Kapitalforvaltning AS grew its stake in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 31.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 41,691 shares of the company's stock after acquiring an additional 10,000 shares during the period. KLP Kapitalforvaltning AS's holdings in Primo Brands were worth $1,480,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. IFP Advisors Inc purchased a new stake in shares of Primo Brands during the 1st quarter valued at $40,000. Versant Capital Management Inc grew its holdings in shares of Primo Brands by 286.7% during the 1st quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock valued at $43,000 after purchasing an additional 906 shares during the last quarter. Parallel Advisors LLC grew its holdings in shares of Primo Brands by 225.5% during the 1st quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock valued at $46,000 after purchasing an additional 902 shares during the last quarter. Millstone Evans Group LLC bought a new position in shares of Primo Brands during the 1st quarter valued at $54,000. Finally, Federated Hermes Inc. bought a new position in shares of Primo Brands during the 4th quarter valued at $55,000. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

Primo Brands Stock Down 1.1%

Primo Brands stock traded down $0.30 during trading hours on Wednesday, hitting $27.95. The stock had a trading volume of 4,140,388 shares, compared to its average volume of 5,045,306. The company has a quick ratio of 0.87, a current ratio of 1.07 and a debt-to-equity ratio of 1.49. The stock has a market capitalization of $10.52 billion, a P/E ratio of -349.33, a price-to-earnings-growth ratio of 0.53 and a beta of 0.73. Primo Brands Corporation has a 12-month low of $20.16 and a 12-month high of $35.85. The stock's 50-day moving average price is $29.98 and its 200-day moving average price is $31.89.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.05. Primo Brands had a negative net margin of 1.86% and a positive return on equity of 8.35%. The business had revenue of $1.61 billion during the quarter, compared to analysts' expectations of $1.63 billion. The firm's revenue for the quarter was up 42.1% compared to the same quarter last year. Equities research analysts anticipate that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.40 annualized dividend and a dividend yield of 1.43%. Primo Brands's payout ratio is -500.00%.

Analysts Set New Price Targets

Several equities analysts recently commented on PRMB shares. TD Securities started coverage on shares of Primo Brands in a report on Tuesday, April 8th. They set a "buy" rating and a $48.00 target price on the stock. Truist Financial started coverage on shares of Primo Brands in a report on Friday, April 4th. They issued a "buy" rating and a $42.00 price target on the stock. 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 report on Friday, July 11th. Mizuho started coverage on shares of Primo Brands in a report on Monday, May 12th. They issued an "outperform" rating and a $43.00 price target on the stock. Finally, Barclays cut their price target on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a report on Monday, June 16th. Ten equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $40.70.

Insider Buying and Selling at Primo Brands

In other news, Director Tony W. Lee sold 50,657,562 shares of the business's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $31.67, for a total transaction of $1,604,324,988.54. Following the completion of the transaction, the director directly owned 116,210,806 shares of the company's stock, valued at $3,680,396,226.02. The trade was a 30.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 58.40% of the stock is owned by insiders.

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.