Public Employees Retirement System of Ohio Buys Shares of 70,971 Primo Brands Corporation $PRMB

Key Points

• Public Employees Retirement System of Ohio bought 70,971 shares of Primo Brands worth approximately $1.735 million during the second quarter. Institutional investors now own 87.71% of the company.
• Primo Brands exceeded quarterly expectations, reporting $0.37 in earnings per share versus the $0.32 consensus estimate and $1.80 billion in revenue, up 3.8% year over year.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and $28.25 price target. The company also announced a quarterly dividend of $0.12 per share, while CEO Eric Foss purchased 84,000 shares.

Public Employees Retirement System of Ohio purchased a new stake in Primo Brands Corporation (NYSE:PRMB - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 70,971 shares of the company's stock, valued at approximately $1,735,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Ancora Advisors LLC acquired a new stake in shares of Primo Brands during the second quarter worth $172,000. Neumeier Poma Investment Counsel LLC bought a new stake in Primo Brands in the second quarter valued at about $21,404,185. Madison Asset Management LLC acquired a new position in Primo Brands in the second quarter valued at about $3,502,000. Fulton Bank N.A. lifted its stake in Primo Brands by 10.5% in the second quarter. Fulton Bank N.A. now owns 28,759 shares of the company's stock valued at $703,000 after buying an additional 2,741 shares during the period. Finally, Revolve Wealth Partners LLC bought a new position in Primo Brands during the second quarter worth about $419,000. 87.71% of the stock is currently owned by institutional investors.

Primo Brands Stock Performance

Shares of PRMB stock opened at $22.01 on Monday. 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 company has a market capitalization of $7.98 billion, a P/E ratio of 84.66, a price-to-earnings-growth ratio of 1.51 and a beta of 0.73. The company's 50 day moving average price is $23.67 and its two-hundred day moving average price is $22.25. Primo Brands Corporation has a 52 week low of $14.36 and a 52 week high of $26.21.

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

Primo Brands Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Monday, August 24th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Monday, August 24th. This represents a $0.48 dividend on an annualized basis and a yield of 2.2%. Primo Brands's dividend payout ratio is presently 184.62%.

Analyst Ratings Changes

Several research firms have recently issued reports on PRMB. TD boosted their target price on Primo Brands from $29.00 to $35.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Wall Street Zen raised shares of Primo Brands from a "sell" rating to a "hold" rating in a research note on Saturday, May 23rd. Barclays boosted their price objective on shares of Primo Brands from $27.00 to $29.00 and gave the company an "overweight" rating in a report on Friday, August 7th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $25.00 target price on shares of Primo Brands in a research note on Thursday, August 6th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Primo Brands in a report on Friday, August 7th. Eleven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $28.25.

Insiders Place Their Bets

In other news, CEO Eric Foss bought 84,000 shares of the stock in a transaction 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 acquisition, the chief executive officer owned 573,806 shares in the company, valued at approximately $13,656,582.80. This trade represents a 17.15% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 32.90% of the company's stock.

Primo Brands Company Profile

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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