Primo Brands Corporation $PRMB Shares Sold by Intact Investment Management Inc.

Key Points

• Intact Investment Management cut its stake in Primo Brands by 21.6%, selling 80,370 shares and now holds 291,060 shares (about 0.08%) valued at roughly $4.76 million.
• Primo topped expectations in the latest quarter with $0.26 EPS vs. $0.20 expected and revenue of $1.55 billion (up 11.2% YoY), and analysts have a consensus rating of "Moderate Buy" with an average target of $25.82 following several upgrades.
• The company announced a quarterly dividend of $0.12 (annualized $0.48, yield 2.4%) despite a high payout ratio of 320%; the shares trade around $20.09 with a market cap of $7.30 billion and a P/E of about 133.9.

Intact Investment Management Inc. reduced its position in Primo Brands Corporation (NYSE:PRMB - Free Report) by 21.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 291,060 shares of the company's stock after selling 80,370 shares during the period. Intact Investment Management Inc. owned approximately 0.08% of Primo Brands worth $4,759,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of PRMB. Caption Management LLC acquired a new position in shares of Primo Brands in the 3rd quarter valued at about $27,000. Byrne Asset Management LLC acquired a new position in shares of Primo Brands in the 3rd quarter valued at about $47,000. GAMMA Investing LLC lifted its position in Primo Brands by 76.2% during the 4th quarter. GAMMA Investing LLC now owns 3,540 shares of the company's stock worth $58,000 after acquiring an additional 1,531 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Primo Brands by 102.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,091 shares of the company's stock worth $62,000 after acquiring an additional 1,058 shares during the period. Finally, US Bancorp DE boosted its holdings in Primo Brands by 47.2% in the 3rd quarter. US Bancorp DE now owns 2,948 shares of the company's stock worth $65,000 after acquiring an additional 945 shares during the period. 87.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. TD Securities upped their price target on Primo Brands from $27.00 to $29.00 and gave the stock a "buy" rating in a report on Friday, February 27th. Jefferies Financial Group upgraded Primo Brands from a "hold" rating to a "buy" rating and set a $25.00 price target for the company in a report on Friday, March 27th. Royal Bank Of Canada set a $28.00 price target on Primo Brands in a report on Thursday, April 9th. Zacks Research upgraded Primo Brands from a "strong sell" rating to a "hold" rating in a report on Friday, March 6th. Finally, Barclays decreased their price target on Primo Brands from $27.00 to $24.00 and set an "overweight" rating for the company in a report on Tuesday, April 14th. Nine equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Primo Brands currently has a consensus rating of "Moderate Buy" and an average target price of $25.82.

Primo Brands Stock Performance

Shares of PRMB opened at $20.09 on Tuesday. The business's 50 day moving average is $20.04 and its two-hundred day moving average is $18.75. Primo Brands Corporation has a 52-week low of $14.36 and a 52-week high of $33.70. The firm has a market cap of $7.30 billion, a price-to-earnings ratio of 133.91, a PEG ratio of 1.60 and a beta of 0.66. The company has a quick ratio of 0.78, a current ratio of 0.95 and a debt-to-equity ratio of 1.70.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its earnings results on Thursday, February 26th. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.20 by $0.06. Primo Brands had a return on equity of 14.52% and a net margin of 0.90%.The company had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same period in the prior year, the company posted $0.13 EPS. Primo Brands's quarterly revenue was up 11.2% on a year-over-year basis. Analysts forecast that Primo Brands Corporation will post 1.28 EPS for the current fiscal year.

Primo Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Thursday, June 4th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Thursday, June 4th. Primo Brands's dividend payout ratio is presently 320.00%.

About Primo Brands

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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