Vanguard Group Inc. Acquires 1,053,185 Shares of Primo Brands Corporation $PRMB

Key Points

• Vanguard Group Inc. increased its stake in Primo Brands by 4.8% in Q4, buying 1,053,185 shares to own 23,028,858 shares (about 6.22%) worth roughly $376.5 million.
• Primo reported quarterly EPS of $0.23 (missed by $0.01) while revenue beat at $1.63 billion; the stock trades near $19.79 and the company declared a $0.12 quarterly dividend (annualized $0.48, 2.4% yield) despite a high payout ratio of 320%.
• Analysts maintain a consensus rating of Moderate Buy with an average price target of $25.82, though recent notes are mixed (TD raised its target to $29 while Deutsche Bank cut theirs to $19).

Vanguard Group Inc. grew its holdings in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 4.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 23,028,858 shares of the company's stock after purchasing an additional 1,053,185 shares during the period. Vanguard Group Inc. owned about 6.22% of Primo Brands worth $376,522,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in PRMB. US Bancorp DE grew its position in Primo Brands by 47.2% during the third quarter. US Bancorp DE now owns 2,948 shares of the company's stock worth $65,000 after buying an additional 945 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Primo Brands by 102.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,091 shares of the company's stock valued at $62,000 after acquiring an additional 1,058 shares during the period. Caption Management LLC acquired a new stake in shares of Primo Brands during the 3rd quarter worth $27,000. Phoenix Financial Ltd. increased its position in shares of Primo Brands by 14.6% in the third quarter. Phoenix Financial Ltd. now owns 10,151 shares of the company's stock worth $224,000 after purchasing an additional 1,292 shares during the period. Finally, GAMMA Investing LLC raised its stake in Primo Brands by 76.2% in the fourth quarter. GAMMA Investing LLC now owns 3,540 shares of the company's stock valued at $58,000 after purchasing an additional 1,531 shares in the last quarter. 87.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

PRMB has been the topic of several recent analyst reports. TD Securities raised their target price on shares of Primo Brands from $27.00 to $29.00 and gave the company a "buy" rating in a report on Friday, February 27th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Primo Brands from $24.00 to $19.00 and set a "hold" rating for the company in a research report on Monday, March 30th. Zacks Research raised Primo Brands from a "strong sell" rating to a "hold" rating in a report on Friday, March 6th. JPMorgan Chase & Co. decreased their price target on Primo Brands from $27.00 to $26.00 and set an "overweight" rating on the stock in a research note on Monday. Finally, Weiss Ratings upgraded Primo Brands from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Monday, March 23rd. Nine research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $25.82.

Primo Brands Stock Down 2.4%

NYSE:PRMB opened at $19.79 on Thursday. Primo Brands Corporation has a one year low of $14.36 and a one year high of $33.70. The company has a debt-to-equity ratio of 1.70, a current ratio of 0.95 and a quick ratio of 0.78. The company has a market cap of $7.19 billion, a PE ratio of 131.95, a P/E/G ratio of 1.62 and a beta of 0.66. The firm's 50 day simple moving average is $20.08 and its 200 day simple moving average is $18.72.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its earnings results on Thursday, May 7th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.01). The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.58 billion. Primo Brands had a return on equity of 14.52% and a net margin of 0.90%. On average, research analysts anticipate that Primo Brands Corporation will post 1.28 earnings per share for the current year.

Primo Brands Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Thursday, June 4th will be given a $0.12 dividend. The ex-dividend date is Thursday, June 4th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.4%. Primo Brands's payout ratio is 320.00%.

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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