Primo Brands Corporation $PRMB Stock Position Increased by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its Primo Brands stake by 2,881.5% in the third quarter, acquiring 1.89 million additional shares and bringing its holdings to 1.95 million shares worth approximately $37.2 million. Institutional investors collectively own 87.71% of PRMB.
• Analysts remain generally positive, with a consensus rating of “Moderate Buy” and an average price target of $28.18. Ten analysts rate the stock Buy, while four assign a Hold rating.
• Primo Brands exceeded quarterly expectations, reporting $0.37 in EPS versus the $0.32 consensus and revenue of $1.80 billion, up 3.8% year over year. CEO Eric Foss also purchased 84,000 shares, while the company maintains a quarterly dividend of $0.12.

Assenagon Asset Management S.A. boosted its position in Primo Brands Corporation (NYSE:PRMB - Free Report) by 2,881.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,954,180 shares of the company's stock after purchasing an additional 1,888,636 shares during the quarter. Assenagon Asset Management S.A. owned about 0.54% of Primo Brands worth $37,227,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC raised its holdings in Primo Brands by 57.9% in the 1st 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 last quarter. Bank of America Corp DE lifted its position in Primo Brands by 41.7% during the 1st quarter. Bank of America Corp DE now owns 6,067,351 shares of the company's stock worth $114,248,000 after acquiring an additional 1,785,259 shares in the last quarter. KBC Group NV boosted its stake in shares of Primo Brands by 49.2% in the first quarter. KBC Group NV now owns 5,041,625 shares of the company's stock valued at $94,934,000 after purchasing an additional 1,661,569 shares during the period. Deprince Race & Zollo Inc. boosted its position in Primo Brands by 442.2% in the 1st quarter. Deprince Race & Zollo Inc. now owns 3,833,041 shares of the company's stock valued at $72,176,000 after buying an additional 3,126,083 shares during the last quarter. Finally, Tidal Investments LLC grew its stake in Primo Brands by 226.7% during the 2nd quarter. Tidal Investments LLC now owns 1,150,675 shares of the company's stock valued at $28,122,000 after purchasing an additional 798,488 shares in the last quarter. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on PRMB shares. Royal Bank Of Canada upped their price target on shares of Primo Brands from $28.00 to $31.00 and gave the company an "outperform" rating in a report on Friday, August 7th. Morgan Stanley reiterated an "overweight" rating and set a $29.00 price objective on shares of Primo Brands in a research note on Friday, August 7th. Barclays decreased their price objective on shares of Primo Brands from $29.00 to $26.00 and set an "overweight" rating for the company in a report on Friday. JPMorgan Chase & Co. boosted their target price on shares of Primo Brands from $26.00 to $29.00 and gave the stock an "overweight" rating in a research report on Thursday, July 16th. Finally, TD boosted their target price on shares of Primo Brands from $29.00 to $35.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Ten equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Primo Brands presently has a consensus rating of "Moderate Buy" and a consensus target price of $28.18.

Insider Transactions at Primo Brands

In related news, CEO Eric Foss bought 84,000 shares of the firm's stock in a transaction that occurred on Monday, August 10th. The stock was purchased at an average price of $23.80 per share, for a total transaction of $1,999,200.00. Following the transaction, the chief executive officer directly owned 573,806 shares of the company's stock, valued at approximately $13,656,582.80. This represents a 17.15% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 32.90% of the stock is owned by corporate insiders.

Primo Brands Trading Up 3.7%

NYSE PRMB opened at $19.68 on Friday. Primo Brands Corporation has a one year low of $14.36 and a one year high of $26.21. The company has a 50-day simple moving average of $21.27 and a 200-day simple moving average of $22.18. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.86 and a current ratio of 1.05. The firm has a market capitalization of $7.13 billion, a PE ratio of 75.71, a price-to-earnings-growth ratio of 1.52 and a beta of 0.71.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.05. Primo Brands had a return on equity of 14.24% and a net margin of 1.49%. The business had revenue of $1.80 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter last year, the business posted $0.36 EPS. The business's revenue was up 3.8% on a year-over-year basis. On average, equities analysts forecast that Primo Brands Corporation will post 1.27 earnings per share for the current year.

Primo Brands Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 8th. Investors of record on Monday, August 24th were issued a $0.12 dividend. The ex-dividend date of this dividend was Monday, August 24th. This represents a $0.48 annualized dividend and a yield of 2.4%. Primo Brands's dividend payout ratio is presently 184.62%.

About Primo Brands

Primo Brands Corporation is a beverage company focused on hydration products and water services. Its offerings include purified, spring and mineral water; enhanced and sparkling water; water dispensers; filtration products; and bottled-water delivery services for homes, businesses and other organizations.

The company markets a broad portfolio of regional and national brands, including Primo, Poland Spring, Deer Park, Arrowhead, Ice Mountain, Ozarka, Pure Life and Splash. Its business combines packaged beverages sold through retail and other distribution channels with direct-to-consumer delivery and water solutions supported by dispensers and filtration systems.

Primo Brands was formed through the combination of Primo Water Corporation and BlueTriton Brands, a transaction completed in 2024.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.