KBC Group NV Purchases 15,299 Shares of Primo Brands Corporation $PRMB

KBC Group NV raised its holdings in Primo Brands Corporation (NYSE:PRMB) by 0.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,066,527 shares of the company’s stock after acquiring an additional 15,299 shares during the period. KBC Group NV’s holdings in Primo Brands were worth $61,211,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of PRMB. Axiom Investors LLC DE bought a new stake in shares of Primo Brands during the first quarter worth $115,081,000. Sei Investments Co. boosted its stake in Primo Brands by 8.7% in the 1st quarter. Sei Investments Co. now owns 372,722 shares of the company’s stock worth $13,228,000 after purchasing an additional 29,939 shares during the period. Eminence Capital LP increased its holdings in Primo Brands by 48.3% during the 1st quarter. Eminence Capital LP now owns 7,019,075 shares of the company’s stock worth $249,107,000 after purchasing an additional 2,284,912 shares in the last quarter. Third Point LLC increased its holdings in Primo Brands by 15.6% during the 1st quarter. Third Point LLC now owns 2,775,000 shares of the company’s stock worth $98,485,000 after purchasing an additional 375,000 shares in the last quarter. Finally, Alyeska Investment Group L.P. raised its stake in shares of Primo Brands by 87.0% in the 1st quarter. Alyeska Investment Group L.P. now owns 1,904,001 shares of the company’s stock valued at $67,573,000 after purchasing an additional 885,765 shares during the period. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Primo Brands

In other Primo Brands news, CFO David W. Hass purchased 15,910 shares of the stock in a transaction on Tuesday, November 11th. The shares were purchased at an average price of $15.71 per share, with a total value of $249,946.10. Following the completion of the transaction, the chief financial officer directly owned 64,745 shares in the company, valued at $1,017,143.95. This represents a 32.58% 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, Director Michael John Cramer acquired 5,000 shares of the company’s stock in a transaction on Monday, November 10th. The stock was acquired at an average price of $15.73 per share, for a total transaction of $78,650.00. Following the purchase, the director directly owned 17,762 shares of the company’s stock, valued at approximately $279,396.26. This trade represents a 39.18% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 58.40% of the company’s stock.

Wall Street Analysts Forecast Growth

PRMB has been the subject of several recent research reports. Zacks Research cut Primo Brands from a “hold” rating to a “strong sell” rating in a research report on Tuesday, November 4th. Barclays cut their target price on Primo Brands from $29.00 to $25.00 and set an “overweight” rating on the stock in a research note on Monday. Mizuho decreased their price target on shares of Primo Brands from $40.00 to $35.00 and set an “outperform” rating for the company in a research note on Tuesday, October 28th. Jefferies Financial Group began coverage on shares of Primo Brands in a report on Friday, October 17th. They issued a “hold” rating and a $23.00 price objective on the stock. Finally, The Goldman Sachs Group began coverage on shares of Primo Brands in a report on Thursday, September 11th. They set a “neutral” rating and a $25.00 target price for the company. Nine investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $30.75.

Primo Brands Price Performance

NYSE:PRMB opened at $16.11 on Thursday. The stock has a market capitalization of $5.96 billion, a PE ratio of -146.44, a P/E/G ratio of 0.61 and a beta of 0.72. Primo Brands Corporation has a 1-year low of $14.36 and a 1-year high of $35.85. The firm has a fifty day simple moving average of $21.89 and a 200 day simple moving average of $26.61. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings results on Thursday, November 6th. The company reported $0.41 EPS for the quarter, meeting analysts’ consensus estimates of $0.41. Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The firm had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.78 billion. The company’s quarterly revenue was up 35.3% on a year-over-year basis. On average, research analysts expect that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands announced that its board has authorized a share repurchase plan on Monday, November 10th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 0.9% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Primo Brands Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 5th. Investors of record on Tuesday, November 25th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.5%. The ex-dividend date is Tuesday, November 25th. Primo Brands’s dividend payout ratio (DPR) is -129.03%.

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.