Swiss National Bank Buys 92,703 Shares of Primo Brands Corporation $PRMB

Swiss National Bank lifted its holdings in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 30.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 401,851 shares of the company's stock after acquiring an additional 92,703 shares during the quarter. Swiss National Bank owned 0.11% of Primo Brands worth $14,262,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of PRMB. Ritholtz Wealth Management purchased a new stake in Primo Brands in the first quarter worth $608,000. Bank of New York Mellon Corp increased its position in Primo Brands by 7.3% in the first quarter. Bank of New York Mellon Corp now owns 1,414,616 shares of the company's stock worth $50,205,000 after buying an additional 96,366 shares during the last quarter. Amalgamated Bank increased its position in Primo Brands by 27.6% in the first quarter. Amalgamated Bank now owns 6,872 shares of the company's stock worth $244,000 after buying an additional 1,488 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Primo Brands by 14.0% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,465 shares of the company's stock worth $478,000 after buying an additional 1,656 shares during the last quarter. Finally, Asset Management One Co. Ltd. purchased a new stake in Primo Brands in the first quarter worth $74,000. 87.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Robbert Rietbroek purchased 8,285 shares of the company's stock in a transaction on Wednesday, August 13th. The stock was purchased at an average price of $24.12 per share, with a total value of $199,834.20. Following the completion of the purchase, the chief executive officer directly owned 586,349 shares in the company, valued at approximately $14,142,737.88. This trade represents a 1.43% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Steven P. Stanbrook purchased 12,400 shares of the company's stock in a transaction on Tuesday, August 12th. The shares were purchased at an average cost of $24.04 per share, with a total value of $298,096.00. Following the purchase, the director owned 125,025 shares of the company's stock, valued at approximately $3,005,601. The trade was a 11.01% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 58.40% of the company's stock.

Primo Brands Price Performance

NYSE:PRMB traded up $0.40 during trading hours on Monday, hitting $24.94. 1,471,937 shares of the company's stock traded hands, compared to its average volume of 5,276,645. The firm has a market cap of $9.31 billion, a P/E ratio of -227.05, a P/E/G ratio of 0.58 and a beta of 0.72. Primo Brands Corporation has a 52 week low of $21.54 and a 52 week high of $35.85. The business's fifty day simple moving average is $28.39 and its two-hundred day simple moving average is $31.29. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.55.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.36 earnings per share (EPS) 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 business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.83 billion. Primo Brands's revenue for the quarter was up 31.6% compared to the same quarter last year. On average, research analysts anticipate that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders 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 annualized dividend and a yield of 1.6%. Primo Brands's payout ratio is -363.64%.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Morgan Stanley decreased their target price on Primo Brands from $38.00 to $35.00 and set an "overweight" rating for the company in a research report on Monday, August 11th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $26.00 price target on shares of Primo Brands in a research report on Friday, August 8th. Royal Bank Of Canada reduced their price target on Primo Brands from $40.00 to $37.00 and set an "outperform" rating for the company in a research report on Friday, August 8th. Barclays reduced their price target on Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a research report on Monday, June 16th. Finally, Bank of America reduced their price target on Primo Brands from $42.00 to $39.00 and set a "buy" rating for the company in a research report on Friday, July 11th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $37.60.

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.