Wellington Management Group LLP Invests $4.49 Million in Primo Brands Corporation $PRMB

Key Points

• Wellington Management acquired 183,868 Primo Brands shares worth approximately $4.49 million, giving it a 0.05% stake. Institutional investors and hedge funds collectively own 87.71% of the company.
• Primo Brands exceeded quarterly expectations, reporting $0.37 in EPS versus the $0.32 consensus and $1.80 billion in revenue, up 3.8% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $28.25, while CEO Eric Foss purchased 84,000 shares for nearly $2 million. The company also pays a quarterly dividend of $0.12 per share.

Wellington Management Group LLP acquired a new position in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 183,868 shares of the company's stock, valued at approximately $4,494,000. Wellington Management Group LLP owned 0.05% of Primo Brands as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Caption Management LLC acquired a new stake in Primo Brands during the 3rd quarter valued at $27,000. Picton Mahoney Asset Management increased its stake in Primo Brands by 65.2% during the 4th quarter. Picton Mahoney Asset Management now owns 2,153 shares of the company's stock worth $35,000 after buying an additional 850 shares during the period. Harbor Investment Advisory LLC acquired a new position in Primo Brands in the 2nd quarter worth $37,000. EverSource Wealth Advisors LLC lifted its holdings in Primo Brands by 76.9% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,962 shares of the company's stock worth $37,000 after buying an additional 853 shares in the last quarter. Finally, Quarry LP boosted its position in Primo Brands by 516.6% in the 4th quarter. Quarry LP now owns 2,380 shares of the company's stock valued at $39,000 after buying an additional 1,994 shares during the last quarter. Institutional investors and hedge funds own 87.71% of the company's stock.

Primo Brands Price Performance

Shares of PRMB opened at $20.90 on Thursday. Primo Brands Corporation has a 12 month low of $14.36 and a 12 month high of $26.21. The company has a debt-to-equity ratio of 1.71, a current ratio of 1.05 and a quick ratio of 0.86. The stock has a fifty day moving average price of $23.49 and a 200 day moving average price of $22.31. The company has a market cap of $7.57 billion, a P/E ratio of 80.40, a PEG ratio of 1.51 and a beta of 0.73.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.32 by $0.05. Primo Brands had a net margin of 1.49% and a return on equity of 14.24%. The firm had revenue of $1.80 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same period in the previous year, the business posted $0.36 EPS. Primo Brands's revenue was up 3.8% on a year-over-year basis. On average, research analysts forecast that Primo Brands Corporation will post 1.27 earnings per share for the current year.

Primo Brands Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 8th. Stockholders of record on Monday, August 24th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Monday, August 24th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.3%. Primo Brands's payout ratio is 184.62%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PRMB. Royal Bank Of Canada raised their target price on Primo Brands from $28.00 to $31.00 and gave the company an "outperform" rating in a research note on Friday, August 7th. TD Cowen reissued a "buy" rating on shares of Primo Brands in a report on Thursday, August 6th. Wall Street Zen upgraded Primo Brands from a "sell" rating to a "hold" rating in a research note on Saturday, May 23rd. Weiss Ratings restated a "hold (c)" rating on shares of Primo Brands in a report on Friday, August 7th. Finally, TD upped their target price on Primo Brands from $29.00 to $35.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Eleven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $28.25.

Insider Activity

In related news, CEO Eric Foss purchased 84,000 shares of the company's stock in a transaction that occurred on Monday, August 10th. The shares were purchased at an average price of $23.80 per share, with a total value of $1,999,200.00. Following the purchase, the chief executive officer owned 573,806 shares of the company's stock, valued at $13,656,582.80. This trade represents a 17.15% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. 32.90% of the stock is owned by company insiders.

About Primo Brands

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.