Primo Brands Corporation $PRMB Stake Lifted by Swiss National Bank

Swiss National Bank boosted its stake in Primo Brands Corporation (NYSE:PRMB) by 25.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 503,051 shares of the company’s stock after buying an additional 101,200 shares during the period. Swiss National Bank’s holdings in Primo Brands were worth $14,900,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Handelsbanken Fonder AB grew its position in shares of Primo Brands by 9.1% during the second quarter. Handelsbanken Fonder AB now owns 51,441 shares of the company’s stock worth $1,524,000 after acquiring an additional 4,300 shares during the last quarter. Catalyst Funds Management Pty Ltd bought a new stake in Primo Brands in the 2nd quarter valued at about $1,193,000. Ensign Peak Advisors Inc boosted its stake in Primo Brands by 11.4% during the 2nd quarter. Ensign Peak Advisors Inc now owns 12,984 shares of the company’s stock valued at $385,000 after purchasing an additional 1,330 shares during the period. NewGen Equity Long Short Fund bought a new position in Primo Brands in the 2nd quarter worth about $6,967,000. Finally, Empowered Funds LLC grew its position in Primo Brands by 34.9% in the 2nd quarter. Empowered Funds LLC now owns 223,392 shares of the company’s stock worth $6,617,000 after purchasing an additional 57,736 shares during the last quarter. 87.71% of the stock is currently owned by institutional investors.

Primo Brands Trading Up 0.8%

Shares of PRMB stock opened at $15.61 on Thursday. The stock has a 50-day simple moving average of $20.20 and a 200 day simple moving average of $25.41. The stock has a market capitalization of $5.78 billion, a P/E ratio of -141.86, a P/E/G ratio of 0.61 and a beta of 0.72. Primo Brands Corporation has a fifty-two week low of $14.36 and a fifty-two week high of $35.85. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.55.

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, meeting analysts’ consensus estimates of $0.41. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.78 billion. Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. Primo Brands’s revenue was up 35.3% compared to the same quarter last year. On average, sell-side analysts expect that Primo Brands Corporation will post 1.13 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 Friday, December 5th. Investors of record on Tuesday, November 25th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Tuesday, November 25th. Primo Brands’s dividend payout ratio (DPR) is presently -129.03%.

Primo Brands declared that its Board of Directors has authorized a share buyback program on Monday, November 10th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 0.9% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $26.00 price target on shares of Primo Brands in a report on Friday, August 8th. Zacks Research cut Primo Brands from a “hold” rating to a “strong sell” rating in a research report on Tuesday, November 4th. Mizuho cut their target price on Primo Brands from $35.00 to $28.00 and set an “outperform” rating on the stock in a research note on Wednesday. TD Securities reduced their price target on Primo Brands from $35.00 to $27.00 and set a “buy” rating for the company in a research report on Friday, November 7th. Finally, Bank of America lowered their price target on Primo Brands from $32.00 to $26.00 and set a “buy” rating on the stock in a report on Wednesday, October 8th. Nine 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. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.50.

Insider Buying and Selling at Primo Brands

In related news, Director Steven P. Stanbrook purchased 54,540 shares of the company’s stock in a transaction on Thursday, November 13th. The shares were bought at an average price of $16.43 per share, with a total value of $896,092.20. Following the completion of the acquisition, the director owned 181,601 shares of the company’s stock, valued at approximately $2,983,704.43. This represents a 42.92% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Michael John Cramer acquired 5,000 shares of the business’s stock in a transaction dated Monday, November 10th. The shares were bought at an average price of $15.73 per share, with a total value of $78,650.00. Following the transaction, the director directly owned 17,762 shares in the company, valued at approximately $279,396.26. The trade was a 39.18% increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have bought 203,469 shares of company stock worth $3,214,674. 58.40% of the stock is owned by corporate insiders.

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.