Heartland Advisors Inc. Raises Stock Holdings in Primo Brands Corporation $PRMB

Heartland Advisors Inc. boosted its holdings in Primo Brands Corporation (NYSE:PRMB) by 96.1% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 477,100 shares of the company’s stock after buying an additional 233,803 shares during the quarter. Heartland Advisors Inc.’s holdings in Primo Brands were worth $7,801,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Deprince Race & Zollo Inc. purchased a new stake in shares of Primo Brands during the fourth quarter worth about $11,559,000. William Blair Investment Management LLC boosted its stake in Primo Brands by 11.6% in the 3rd quarter. William Blair Investment Management LLC now owns 11,834,384 shares of the company’s stock worth $261,540,000 after purchasing an additional 1,231,701 shares during the period. JPMorgan Chase & Co. grew its holdings in Primo Brands by 25.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,698,550 shares of the company’s stock valued at $81,739,000 after buying an additional 751,250 shares in the last quarter. Clarkston Capital Partners LLC purchased a new stake in Primo Brands during the 3rd quarter valued at approximately $50,281,000. Finally, KBC Group NV raised its position in shares of Primo Brands by 12.5% during the fourth quarter. KBC Group NV now owns 3,380,056 shares of the company’s stock valued at $55,264,000 after buying an additional 376,855 shares during the last quarter. 87.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. TD Securities boosted their target price on shares of Primo Brands from $27.00 to $29.00 and gave the stock a “buy” rating in a report on Friday, February 27th. JPMorgan Chase & Co. lowered their target price on shares of Primo Brands from $27.00 to $26.00 and set an “overweight” rating on the stock in a report on Monday, May 4th. Mizuho boosted their target price on shares of Primo Brands from $24.00 to $28.00 and gave the stock an “outperform” rating in a report on Thursday, March 5th. Zacks Research raised shares of Primo Brands from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. Finally, Jefferies Financial Group raised shares of Primo Brands from a “hold” rating to a “buy” rating and set a $25.00 target price on the stock in a report on Friday, March 27th. Nine investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $25.91.

Primo Brands Trading Down 2.0%

PRMB stock opened at $22.91 on Thursday. The firm has a fifty day moving average price of $21.61 and a 200 day moving average price of $19.45. Primo Brands Corporation has a fifty-two week low of $14.36 and a fifty-two week high of $30.98. The firm has a market cap of $8.31 billion, a PE ratio of 163.66, a price-to-earnings-growth ratio of 2.01 and a beta of 0.72. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.79 and a current ratio of 0.98.

Primo Brands (NYSE:PRMB) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). Primo Brands had a net margin of 0.88% and a return on equity of 13.98%. The business had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the previous year, the company earned $0.29 EPS. Primo Brands’s revenue for the quarter was up .8% compared to the same quarter last year. Sell-side analysts anticipate that Primo Brands Corporation will post 1.25 earnings per share for the current fiscal year.

Primo Brands Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Thursday, June 4th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Thursday, June 4th. Primo Brands’s dividend payout ratio (DPR) is presently 342.86%.

Primo Brands Company Profile

Primo Brands (NYSE: PRMB) is a consumer packaged beverage company that was established as an independent entity following a corporate spin‐off in 2023. The company specializes in the production, marketing and distribution of a broad portfolio of bottled water products, including purified, mineral and sparkling varieties. Through its focus on quality control and innovation, Primo Brands aims to deliver clean, great-tasting water in formats tailored to both at-home consumption and on-the-go lifestyles.

Its product range spans multi-serve and single-serve bottles, aluminum cans and other eco-friendly packaging solutions.