Russell Investments Group Ltd. Sells 179,769 Shares of Primo Brands Corporation $PRMB

Key Points

• Russell Investments Group Ltd. reduced its stake in Primo Brands by 27.9%, selling 179,769 shares and now holding 465,357 shares worth approximately $16.5 million.
• Primo Brands is set to pay a quarterly dividend of $0.10 per share on September 4th, with the ex-dividend date on August 21st, providing a return yield of 1.6%.
• Following a recent earnings report, Primo Brands missed earnings estimates, reporting $0.36 per share against a consensus of $0.41, with revenue of $1.73 billion, below analyst expectations of $1.83 billion.

Russell Investments Group Ltd. lowered its holdings in Primo Brands Corporation (NYSE:PRMB - Free Report) by 27.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 465,357 shares of the company's stock after selling 179,769 shares during the period. Russell Investments Group Ltd. owned approximately 0.12% of Primo Brands worth $16,516,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. grew its position in Primo Brands by 28.7% during the first quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company's stock valued at $699,314,000 after purchasing an additional 4,389,327 shares in the last quarter. Victory Capital Management Inc. purchased a new position in Primo Brands during the first quarter valued at approximately $184,225,000. Eminence Capital LP purchased a new position in Primo Brands during the fourth quarter valued at approximately $145,670,000. Fuller & Thaler Asset Management Inc. purchased a new stake in shares of Primo Brands during the 4th quarter worth about $128,982,000. Finally, Dimensional Fund Advisors LP purchased a new stake in shares of Primo Brands during the 4th quarter worth about $101,064,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on PRMB. TD Securities decreased their price objective on shares of Primo Brands from $48.00 to $35.00 and set a "buy" rating for the company in a report on Friday, August 8th. Morgan Stanley decreased their price objective on shares of Primo Brands from $38.00 to $35.00 and set an "overweight" rating for the company in a report on Monday, August 11th. Mizuho decreased their price objective on shares of Primo Brands from $43.00 to $40.00 and set an "outperform" rating for the company in a report on Wednesday. Royal Bank Of Canada decreased their price objective on shares of Primo Brands from $40.00 to $37.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Finally, Barclays decreased their price objective on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a report on Monday, June 16th. Nine research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $37.30.

Primo Brands Stock Performance

Shares of NYSE:PRMB traded down $0.0060 on Friday, hitting $24.9040. 1,136,530 shares of the company were exchanged, compared to its average volume of 5,254,041. The company's 50 day moving average price is $28.05 and its two-hundred day moving average price is $31.10. Primo Brands Corporation has a one year low of $21.54 and a one year high of $35.85. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.88 and a current ratio of 1.06. The firm has a market capitalization of $9.30 billion, a price-to-earnings ratio of -226.59, a PEG ratio of 0.59 and a beta of 0.72.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.05). Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate 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. Research analysts expect that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

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

Insider Transactions at Primo Brands

In other Primo Brands news, Director Steven P. Stanbrook bought 12,400 shares of the stock in a transaction dated Tuesday, August 12th. The shares were bought at an average cost of $24.04 per share, with a total value of $298,096.00. Following the completion of the acquisition, the director owned 125,025 shares of the company's stock, valued at $3,005,601. This trade represents a 11.01% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Michael John Cramer acquired 4,000 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The stock was bought at an average cost of $24.46 per share, with a total value of $97,840.00. Following the purchase, the director owned 12,762 shares in the company, valued at $312,158.52. The trade was a 45.65% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 24,685 shares of company stock valued at $595,770 over the last three months. 58.40% of the stock is currently owned by corporate insiders.

About Primo Brands

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.