Vanguard Group Inc. Has $699.31 Million Position in Primo Brands Corporation (NYSE:PRMB)

Vanguard Group Inc. increased its position in Primo Brands Corporation (NYSE:PRMB - Free Report) by 28.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,704,538 shares of the company's stock after buying an additional 4,389,327 shares during the period. Vanguard Group Inc. owned 5.18% of Primo Brands worth $699,314,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Signaturefd LLC lifted its holdings in Primo Brands by 12.1% in the first quarter. Signaturefd LLC now owns 3,013 shares of the company's stock valued at $107,000 after acquiring an additional 325 shares during the last quarter. GAMMA Investing LLC boosted its stake in Primo Brands by 34.5% in the first quarter. GAMMA Investing LLC now owns 1,942 shares of the company's stock valued at $69,000 after acquiring an additional 498 shares in the last quarter. CWM LLC boosted its stake in shares of Primo Brands by 20.5% during the first quarter. CWM LLC now owns 4,975 shares of the company's stock worth $177,000 after buying an additional 847 shares during the period. Parallel Advisors LLC lifted its position in Primo Brands by 225.5% in the first quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock valued at $46,000 after purchasing an additional 902 shares during the period. Finally, Versant Capital Management Inc increased its holdings in Primo Brands by 286.7% in the first quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock valued at $43,000 after buying an additional 906 shares in the last quarter. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

Primo Brands Price Performance

PRMB traded up $0.01 during trading on Friday, reaching $24.58. 5,734,339 shares of the company traded hands, compared to its average volume of 6,909,999. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.88 and a current ratio of 1.06. Primo Brands Corporation has a 12-month low of $21.54 and a 12-month high of $35.85. The firm has a fifty day simple moving average of $28.39 and a 200 day simple moving average of $31.31. The company has a market cap of $9.18 billion, a P/E ratio of -223.45, a PEG ratio of 0.58 and a beta of 0.72.

Primo Brands (NYSE:PRMB - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.36 earnings per share for the quarter, missing analysts' consensus estimates 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 business had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.83 billion. The company's revenue for the quarter was up 31.6% compared to the same quarter last year. On average, equities analysts forecast that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Dividend Announcement

The business also recently disclosed 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 dividend on an annualized basis and a yield of 1.6%. Primo Brands's payout ratio is -363.64%.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Morgan Stanley reduced their target price on shares of Primo Brands from $38.00 to $35.00 and set an "overweight" rating on the stock in a report on Monday, August 11th. Mizuho began coverage on shares of Primo Brands in a report on Monday, May 12th. They issued an "outperform" rating and a $43.00 price objective for the company. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $26.00 price target on shares of Primo Brands in a research report on Friday, August 8th. Bank of America lowered their target price on shares of Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a research note on Friday, July 11th. Finally, Barclays dropped 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. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $37.60.

Insiders Place Their Bets

In other news, Director Steven P. Stanbrook purchased 12,400 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The shares were purchased at an average price of $24.04 per share, for a total transaction of $298,096.00. Following the purchase, the director directly owned 125,025 shares of the company's stock, valued at $3,005,601. This represents a 11.01% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robbert Rietbroek purchased 8,285 shares of Primo Brands stock in a transaction dated Wednesday, August 13th. The stock was acquired at an average cost of $24.12 per share, with a total value of $199,834.20. Following the completion of the acquisition, 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 ownership of the stock. The disclosure for this purchase can be found here. Insiders own 58.40% of the company's stock.

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.