William Blair Investment Management LLC Sells 799,329 Shares of Primo Brands Corporation $PRMB

Key Points

• William Blair Investment Management LLC reduced its stake in Primo Brands Corporation by 7.0%, selling 799,329 shares, leaving them with 10,602,683 shares valued at approximately $314 million.
• Insider trading activity includes purchases by Director Michael John Cramer, who bought 4,000 shares, and CEO Robbert Rietbroek, who acquired 8,285 shares, signaling confidence in the company.
• Primo Brands recently reported a quarterly loss with an EPS of $0.36, missing estimates, and declared a dividend of $0.10 per share, representing an annual yield of 1.8% despite a negative payout ratio.

William Blair Investment Management LLC lessened its stake in Primo Brands Corporation (NYSE:PRMB - Free Report) by 7.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,602,683 shares of the company's stock after selling 799,329 shares during the quarter. Primo Brands comprises about 0.8% of William Blair Investment Management LLC's investment portfolio, making the stock its 21st largest holding. William Blair Investment Management LLC owned about 2.82% of Primo Brands worth $314,051,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in PRMB. IFP Advisors Inc bought a new stake in Primo Brands in the first quarter valued at about $40,000. New Age Alpha Advisors LLC bought a new stake in Primo Brands in the first quarter valued at about $43,000. Millstone Evans Group LLC bought a new stake in Primo Brands in the first quarter valued at about $54,000. GAMMA Investing LLC increased its holdings 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 purchasing an additional 498 shares during the last quarter. Finally, TD Private Client Wealth LLC bought a new stake in Primo Brands in the second quarter valued at about $71,000. Institutional investors own 87.71% of the company's stock.

Insider Buying and Selling at Primo Brands

In related news, Director Michael John Cramer purchased 4,000 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was purchased at an average cost of $24.46 per share, for a total transaction of $97,840.00. Following the completion of the purchase, the director directly owned 12,762 shares in the company, valued at $312,158.52. This trade represents a 45.65% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robbert Rietbroek purchased 8,285 shares of the firm's stock in a transaction on Wednesday, August 13th. The stock was bought 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 owned 586,349 shares of the company's stock, valued at approximately $14,142,737.88. This represents a 1.43% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 24,685 shares of company stock worth $595,770 over the last ninety days. 58.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Weiss Ratings restated a "hold (c-)" rating on shares of Primo Brands in a report on Wednesday, October 8th. Morgan Stanley lowered their price target on 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 lowered their price target on Primo Brands from $32.00 to $26.00 and set a "buy" rating for the company in a report on Wednesday, October 8th. Mizuho lowered their price target on Primo Brands from $43.00 to $40.00 and set an "outperform" rating for the company in a report on Wednesday, August 20th. Finally, Jefferies Financial Group assumed coverage on Primo Brands in a report on Friday. They issued a "hold" rating and a $23.00 price target for the company. Nine research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $34.00.

Primo Brands Trading Down 0.5%

NYSE PRMB opened at $22.10 on Friday. The stock has a market capitalization of $8.25 billion, a price-to-earnings ratio of -200.91, a PEG ratio of 0.59 and a beta of 0.76. The stock's 50 day moving average price is $23.46 and its two-hundred day moving average price is $28.32. 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 52 week low of $21.37 and a 52 week high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.05). The firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.83 billion. Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The business's revenue for the quarter 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 earnings per share for the current fiscal year.

Primo Brands Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date was Thursday, August 21st. Primo Brands's dividend payout ratio (DPR) is currently -363.64%.

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.

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