Primo Brands Corporation $PRMB Shares Bought by Sei Investments Co.

Key Points

• Sei Investments Co. increased its holdings in Primo Brands Corporation by 8.7%, acquiring an additional 29,939 shares during the first quarter, resulting in ownership of approximately 372,722 shares worth $13.2 million.
• Primo Brands reported a quarterly EPS of $0.36, missing estimates by $0.05, but showed a 31.6% revenue year-over-year increase with total revenue of $1.73 billion.
• The company has declared a quarterly dividend of $0.10 per share, with an expected annualized yield of 1.6%, despite a payout ratio of -363.64%.

Sei Investments Co. increased its holdings in Primo Brands Corporation (NYSE:PRMB - Free Report) by 8.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 372,722 shares of the company's stock after purchasing an additional 29,939 shares during the quarter. Sei Investments Co. owned 0.10% of Primo Brands worth $13,228,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. IFP Advisors Inc acquired a new position in shares of Primo Brands during the 1st quarter worth approximately $40,000. Versant Capital Management Inc grew its stake in Primo Brands by 286.7% in the 1st quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock valued at $43,000 after acquiring an additional 906 shares during the period. New Age Alpha Advisors LLC purchased a new stake in Primo Brands in the 1st quarter worth $43,000. Parallel Advisors LLC increased its holdings in Primo Brands by 225.5% in the 1st quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock worth $46,000 after acquiring an additional 902 shares in the last quarter. Finally, Millstone Evans Group LLC acquired a new position in Primo Brands during the first quarter worth $54,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Primo Brands Trading Up 0.9%

Shares of PRMB traded up $0.2150 during midday trading on Wednesday, reaching $25.0350. The company had a trading volume of 5,874,101 shares, compared to its average volume of 6,951,680. Primo Brands Corporation has a 1-year low of $21.54 and a 1-year high of $35.85. 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 50 day simple moving average of $28.14 and a 200-day simple moving average of $31.15. The stock has a market cap of $9.35 billion, a PE ratio of -227.59, a price-to-earnings-growth ratio of 0.58 and a beta of 0.72.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.36 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.41 by ($0.05). The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.83 billion. Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The business's quarterly revenue was up 31.6% on a year-over-year basis. Primo Brands has set its FY 2025 guidance at EPS. Research analysts forecast that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands Announces Dividend

The firm also recently announced 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. This represents a $0.40 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Thursday, August 21st. Primo Brands's dividend payout ratio is presently -363.64%.

Insider Buying and Selling

In related news, Director Michael John Cramer acquired 4,000 shares of the business's stock in a transaction dated Thursday, August 14th. The shares were acquired at an average price of $24.46 per share, with a total value of $97,840.00. Following the completion of the transaction, the director owned 12,762 shares of the company's stock, valued at $312,158.52. The trade was a 45.65% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Steven P. Stanbrook purchased 12,400 shares of the business's stock in a transaction on Tuesday, August 12th. The shares were bought at an average price of $24.04 per share, for a total transaction of $298,096.00. Following the acquisition, the director 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 disclosure for this purchase can be found here. Insiders have acquired a total of 24,685 shares of company stock valued at $595,770 in the last ninety days. Company insiders own 58.40% of the company's stock.

Analysts Set New Price Targets

Several research firms recently weighed in on PRMB. Mizuho reduced their price target 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. Barclays cut their price objective on Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a research note on Monday, June 16th. TD Securities decreased their target price on Primo Brands from $48.00 to $35.00 and set a "buy" rating on the stock in a research report on Friday, August 8th. Royal Bank Of Canada lowered their price target on Primo Brands from $40.00 to $37.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. Finally, Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $26.00 price objective on shares of Primo Brands in a research note on Friday, August 8th. Nine investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $37.30.

Primo Brands 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.