State of New Jersey Common Pension Fund D Grows Holdings in Primo Brands Corporation $PRMB

State of New Jersey Common Pension Fund D increased its position in shares of Primo Brands Corporation (NYSE:PRMB) by 54.8% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 87,232 shares of the company’s stock after buying an additional 30,889 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Primo Brands were worth $2,584,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PRMB. Boston Partners increased its stake in Primo Brands by 9,613.2% during the 1st quarter. Boston Partners now owns 7,117,540 shares of the company’s stock worth $252,552,000 after buying an additional 7,044,263 shares during the period. Victory Capital Management Inc. purchased a new stake in Primo Brands during the 1st quarter worth $184,225,000. Vanguard Group Inc. increased its stake in Primo Brands by 28.7% during the 1st quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company’s stock worth $699,314,000 after buying an additional 4,389,327 shares during the period. Samlyn Capital LLC increased its stake in Primo Brands by 401.8% during the 1st quarter. Samlyn Capital LLC now owns 4,656,312 shares of the company’s stock worth $165,253,000 after buying an additional 3,728,344 shares during the period. Finally, Axiom Investors LLC DE purchased a new stake in Primo Brands during the 1st quarter worth $115,081,000. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Robbert Rietbroek bought 8,285 shares of the firm’s stock in a transaction on Wednesday, August 13th. The stock was purchased at an average price of $24.12 per share, for a total transaction of $199,834.20. Following the transaction, the chief executive officer 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 purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Steven P. Stanbrook bought 12,400 shares of the firm’s stock in a transaction on Tuesday, August 12th. The stock was purchased at an average price of $24.04 per share, with a total value of $298,096.00. Following the transaction, the director owned 125,025 shares in the company, valued at $3,005,601. The trade was a 11.01% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders bought 24,685 shares of company stock worth $595,770. Insiders own 58.40% of the company’s stock.

Primo Brands Trading Down 1.3%

NYSE PRMB opened at $22.28 on Wednesday. Primo Brands Corporation has a one year low of $21.37 and a one year high of $35.85. The company has a 50-day simple moving average of $23.15 and a 200-day simple moving average of $27.68. 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 capitalization of $8.32 billion, a PE ratio of -202.50, a price-to-earnings-growth ratio of 0.61 and a beta of 0.76.

Primo Brands (NYSE:PRMB) last posted its quarterly 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). Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The business had revenue of $1.73 billion during the quarter, compared to analyst estimates 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. On average, equities analysts forecast that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st were issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, August 21st. This represents a $0.40 annualized dividend and a dividend yield of 1.8%. Primo Brands’s payout ratio is -363.64%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on PRMB shares. Jefferies Financial Group started coverage on shares of Primo Brands in a research note on Friday, October 17th. They set a “hold” rating and a $23.00 price target on the stock. The Goldman Sachs Group started coverage on shares of Primo Brands in a research report on Thursday, September 11th. They issued a “neutral” rating and a $25.00 target price for the company. Morgan Stanley dropped their target price on shares of Primo Brands from $38.00 to $35.00 and set an “overweight” rating for the company in a research report on Monday, August 11th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $26.00 target price on shares of Primo Brands in a research report on Friday, August 8th. Finally, Bank of America dropped their target price on shares of Primo Brands from $32.00 to $26.00 and set a “buy” rating for the company in a research report on Wednesday, October 8th. Nine investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $33.58.

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.