Raymond James Financial Inc. Buys 28,000 Shares of Primo Brands Corporation $PRMB

Key Points

• Raymond James Financial Inc. increased its holdings in Primo Brands Corporation by 4.3% during Q1, acquiring an additional 28,000 shares to own a total of 682,029 shares valued at approximately $24.2 million.
• Primo Brands has declared a quarterly dividend of $0.10 per share, with a dividend yield of 1.6%, to be paid on September 4th, while the company's current dividend payout ratio stands at -363.64%.
• Recent analyst reports have revised price targets for Primo Brands, with TD Securities lowering its target from $48.00 to $35.00 and a consensus average price target of $37.30, indicating a general "Moderate Buy" rating from analysts.

Raymond James Financial Inc. lifted its holdings in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 4.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 682,029 shares of the company's stock after buying an additional 28,000 shares during the quarter. Raymond James Financial Inc. owned about 0.18% of Primo Brands worth $24,205,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the company. Seven Grand Managers LLC bought a new stake in Primo Brands in the 1st quarter worth $35,490,000. Sei Investments Co. lifted its position in shares of Primo Brands by 8.7% in the 1st 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 during the period. Lord Abbett & CO. LLC lifted its position in shares of Primo Brands by 22.8% in the 1st quarter. Lord Abbett & CO. LLC now owns 1,251,670 shares of the company's stock worth $44,422,000 after purchasing an additional 232,331 shares during the period. Boston Partners lifted its position in shares of Primo Brands by 9,613.2% in the 1st quarter. Boston Partners now owns 7,117,540 shares of the company's stock worth $252,552,000 after purchasing an additional 7,044,263 shares during the period. Finally, Informed Momentum Co LLC purchased a new stake in shares of Primo Brands in the 1st quarter worth about $4,385,000. Institutional investors own 87.71% of the company's stock.

Primo Brands Stock Performance

Shares of PRMB stock opened at $24.8090 on Tuesday. The company has a 50 day moving average price of $27.85 and a 200-day moving average price of $30.94. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.55. The firm has a market capitalization of $9.27 billion, a PE ratio of -225.54, a P/E/G ratio of 0.68 and a beta of 0.72. Primo Brands Corporation has a 52 week low of $21.60 and a 52 week high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.36 earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $1.73 billion for the quarter, compared to analysts' expectations of $1.83 billion. The firm's quarterly revenue was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. As a group, equities research analysts expect that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 21st will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, August 21st. This represents a $0.40 dividend on an annualized basis and a yield of 1.6%. Primo Brands's dividend payout ratio is presently -363.64%.

Analyst Upgrades and Downgrades

PRMB has been the subject of several research analyst reports. TD Securities dropped their target price on shares of Primo Brands from $48.00 to $35.00 and set a "buy" rating for the company in a research report on Friday, August 8th. Mizuho dropped their target price on shares of Primo Brands from $43.00 to $40.00 and set an "outperform" rating for the company in a research report on Wednesday, August 20th. Bank of America dropped their target price on shares of Primo Brands from $42.00 to $39.00 and set a "buy" rating for the company in a research report on Friday, July 11th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $26.00 price target on shares of Primo Brands in a research report on Friday, August 8th. Finally, Barclays lowered their price target on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a research report on Monday, June 16th. Nine equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $37.30.

Insider Activity at Primo Brands

In other Primo Brands news, Director Steven P. Stanbrook purchased 12,400 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The shares were bought at an average price of $24.04 per share, with a total value of $298,096.00. Following the completion of the purchase, the director directly owned 125,025 shares in the company, valued at $3,005,601. This trade represents a 11.01% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Robbert Rietbroek purchased 8,285 shares of the firm's stock in a transaction that occurred on Wednesday, August 13th. The shares were acquired at an average cost of $24.12 per share, for a total transaction of $199,834.20. Following the purchase, the chief executive officer owned 586,349 shares of the company's stock, valued at $14,142,737.88. This represents a 1.43% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 24,685 shares of company stock valued at $595,770 over the last 90 days. 58.40% of the stock is owned by corporate insiders.

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.

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