Wellington Management Group LLP Sells 568,645 Shares of Primo Brands Corporation $PRMB

Key Points

• Wellington Management Group LLP has reduced its holdings in Primo Brands Corporation by 40.3%, selling over half a million shares during the first quarter, which leaves them with about 842,234 shares valued at approximately $29.89 million.
• In contrast, other institutional investors have increased their stakes, with Vanguard Group Inc. growing its position by 28.7% and Boston Partners increasing by a staggering 9,613.2% in the same period.
• Primo Brands recently reported a quarterly revenue of $1.73 billion, missing estimates, and has set its FY 2025 guidance with an expected EPS of 1.13.

Wellington Management Group LLP decreased its stake in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 40.3% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 842,234 shares of the company's stock after selling 568,645 shares during the period. Wellington Management Group LLP owned 0.22% of Primo Brands worth $29,891,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of PRMB. Invesco Ltd. bought a new stake in shares of Primo Brands during the 4th quarter worth about $4,007,000. Mariner LLC bought a new stake in shares of Primo Brands during the 4th quarter worth about $574,000. Guggenheim Capital LLC bought a new stake in shares of Primo Brands during the 4th quarter worth about $465,000. Dimensional Fund Advisors LP bought a new stake in shares of Primo Brands during the 4th quarter worth about $101,064,000. Finally, MetLife Investment Management LLC bought a new stake in shares of Primo Brands during the 4th quarter worth about $2,935,000. Institutional investors own 87.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on PRMB shares. Royal Bank Of Canada cut their price objective on shares of Primo Brands from $40.00 to $37.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $26.00 price objective on shares of Primo Brands in a report on Friday, August 8th. Morgan Stanley cut their price objective on shares of Primo Brands from $38.00 to $35.00 and set an "overweight" rating for the company in a report on Monday, August 11th. Bank of America cut their price objective on shares of Primo Brands from $42.00 to $39.00 and set a "buy" rating for the company in a report on Friday, July 11th. Finally, Mizuho cut their price objective on shares of Primo Brands from $43.00 to $40.00 and set an "outperform" rating for the company in a report on Wednesday, August 20th. Nine equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $37.30.

Primo Brands Price Performance

Shares of Primo Brands stock traded up $0.10 on Friday, reaching $25.12. 4,532,407 shares of the stock were exchanged, compared to its average volume of 7,204,267. The firm's 50 day moving average is $27.46 and its 200-day moving average is $30.73. Primo Brands Corporation has a one year low of $21.60 and a one year high of $35.85. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.88 and a current ratio of 1.06. The firm has a market cap of $9.38 billion, a PE ratio of -228.39, a P/E/G ratio of 0.66 and a beta of 0.72.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly 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 firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.83 billion. The firm's revenue was up 31.6% on a year-over-year basis. Primo Brands has set its FY 2025 guidance at EPS. As a group, analysts anticipate that Primo Brands Corporation will post 1.13 EPS 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. Stockholders of record on Thursday, August 21st will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Thursday, August 21st. Primo Brands's dividend payout ratio is -363.64%.

Insider Transactions at Primo Brands

In related news, Director Michael John Cramer acquired 4,000 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The stock was acquired at an average price of $24.46 per share, with a total value of $97,840.00. Following the purchase, the director directly owned 12,762 shares in the company, valued at approximately $312,158.52. This trade represents a 45.65% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Steven P. Stanbrook acquired 12,400 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The stock was bought 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 in the company, valued at $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. In the last 90 days, insiders bought 24,685 shares of company stock valued at $595,770. Company 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.