Primo Brands Corporation $PRMB Shares Bought by Royal Bank of Canada

Royal Bank of Canada lifted its stake in shares of Primo Brands Corporation (NYSE:PRMB) by 127.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 130,877 shares of the company’s stock after acquiring an additional 73,253 shares during the quarter. Royal Bank of Canada’s holdings in Primo Brands were worth $2,464,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of PRMB. One Rock Capital Partners LLC purchased a new stake in shares of Primo Brands during the fourth quarter valued at $1,900,047,000. Viking Global Investors LP boosted its position in shares of Primo Brands by 17.5% in the 3rd quarter. Viking Global Investors LP now owns 23,033,970 shares of the company’s stock valued at $509,051,000 after purchasing an additional 3,431,854 shares during the period. Vanguard Group Inc. increased its stake in Primo Brands by 4.8% in the 4th quarter. Vanguard Group Inc. now owns 23,028,858 shares of the company’s stock worth $376,522,000 after purchasing an additional 1,053,185 shares in the last quarter. Fuller & Thaler Asset Management Inc. increased its stake in Primo Brands by 189.5% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 14,454,637 shares of the company’s stock worth $236,333,000 after purchasing an additional 9,461,990 shares in the last quarter. Finally, William Blair Investment Management LLC raised its holdings in Primo Brands by 6.7% during the 4th quarter. William Blair Investment Management LLC now owns 12,627,420 shares of the company’s stock worth $206,458,000 after buying an additional 793,036 shares during the period. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Eric J. Foss purchased 84,000 shares of Primo Brands stock in a transaction dated Monday, August 10th. The stock was acquired at an average cost of $23.80 per share, with a total value of $1,999,200.00. Following the completion of the transaction, the chief executive officer directly owned 573,806 shares of the company’s stock, valued at $13,656,582.80. This trade represents a 17.15% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 32.90% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have commented on PRMB shares. Morgan Stanley reaffirmed an “overweight” rating and set a $29.00 price objective on shares of Primo Brands in a research note on Friday, August 7th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $25.00 target price on shares of Primo Brands in a research report on Thursday, August 6th. JPMorgan Chase & Co. lifted their target price on shares of Primo Brands from $26.00 to $29.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Wall Street Zen upgraded shares of Primo Brands from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. Finally, TD upped their price target on shares of Primo Brands from $29.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Primo Brands currently has a consensus rating of “Moderate Buy” and an average target price of $28.25.

Primo Brands Stock Performance

Shares of PRMB stock opened at $24.65 on Monday. The company has a market capitalization of $8.93 billion, a price-to-earnings ratio of 94.80, a P/E/G ratio of 1.70 and a beta of 0.74. Primo Brands Corporation has a 1-year low of $14.36 and a 1-year high of $26.21. The company has a current ratio of 1.05, a quick ratio of 0.86 and a debt-to-equity ratio of 1.71. The stock’s fifty day simple moving average is $23.98 and its 200-day simple moving average is $21.83.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.05. Primo Brands had a return on equity of 14.24% and a net margin of 1.49%.The firm had revenue of $1.80 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the prior year, the business earned $0.36 EPS. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. On average, sell-side analysts predict that Primo Brands Corporation will post 1.27 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Monday, August 24th will be issued a $0.12 dividend. The ex-dividend date is Monday, August 24th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.9%. Primo Brands’s dividend payout ratio is currently 184.62%.

Primo Brands 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.