91,272 Shares in Primo Brands Corporation $PRMB Purchased by Vestmark Advisory Solutions Inc.

Vestmark Advisory Solutions Inc. acquired a new stake in shares of Primo Brands Corporation (NYSE:PRMB) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 91,272 shares of the company’s stock, valued at approximately $2,703,000.

Several other large investors also recently added to or reduced their stakes in PRMB. Bank of New York Mellon Corp lifted its position in shares of Primo Brands by 7.3% in the 1st quarter. Bank of New York Mellon Corp now owns 1,414,616 shares of the company’s stock worth $50,205,000 after purchasing an additional 96,366 shares during the period. Amalgamated Bank increased its holdings in Primo Brands by 27.6% during the first quarter. Amalgamated Bank now owns 6,872 shares of the company’s stock valued at $244,000 after buying an additional 1,488 shares during the period. Axiom Investors LLC DE bought a new position in Primo Brands in the first quarter worth approximately $115,081,000. Sei Investments Co. lifted its holdings in Primo Brands by 8.7% during the first quarter. Sei Investments Co. now owns 372,722 shares of the company’s stock worth $13,228,000 after buying an additional 29,939 shares during the period. Finally, Eminence Capital LP lifted its holdings in Primo Brands by 48.3% during the first quarter. Eminence Capital LP now owns 7,019,075 shares of the company’s stock worth $249,107,000 after buying an additional 2,284,912 shares during the period. 87.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Primo Brands

In related news, Director Steven P. Stanbrook acquired 12,400 shares of the company’s stock in a transaction dated Tuesday, August 12th. The shares were purchased at an average cost of $24.04 per share, with a total value of $298,096.00. Following the completion of the acquisition, 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 ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robbert Rietbroek bought 8,285 shares of the business’s stock in a transaction that occurred on Wednesday, August 13th. The stock was purchased at an average cost of $24.12 per share, for a total transaction of $199,834.20. Following the completion of the transaction, the chief executive officer owned 586,349 shares in the company, valued at $14,142,737.88. This trade represents a 1.43% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have purchased 24,685 shares of company stock worth $595,770. 58.40% of the stock is owned by corporate insiders.

Primo Brands Trading Down 18.4%

Primo Brands stock opened at $14.45 on Friday. 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 stock has a market cap of $5.40 billion, a PE ratio of -131.32, a price-to-earnings-growth ratio of 0.61 and a beta of 0.72. The stock has a 50-day moving average of $22.44 and a two-hundred day moving average of $26.96. Primo Brands Corporation has a one year low of $14.36 and a one year high of $35.85.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings results on Thursday, November 6th. The company reported $0.41 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.41. The business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.78 billion. Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The business’s revenue was up 35.3% compared to the same quarter last year. On average, research analysts anticipate that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 5th. Shareholders of record on Tuesday, November 25th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Tuesday, November 25th. Primo Brands’s payout ratio is currently -363.64%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on PRMB shares. Mizuho cut their price target on Primo Brands from $40.00 to $35.00 and set an “outperform” rating on the stock in a report on Tuesday, October 28th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Primo Brands in a research note on Wednesday, October 8th. Bank of America reduced their target price on shares of Primo Brands from $32.00 to $26.00 and set a “buy” rating for the company in a report on Wednesday, October 8th. Jefferies Financial Group initiated coverage on shares of Primo Brands in a research report on Friday, October 17th. They set a “hold” rating and a $23.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $26.00 price objective on shares of Primo Brands in a research report on Friday, August 8th. Nine research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $31.83.

About Primo Brands

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.