Wellington Management Group LLP Invests $4.49 Million in Primo Brands Corporation $PRMB

Wellington Management Group LLP acquired a new position in shares of Primo Brands Corporation (NYSE:PRMB) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 183,868 shares of the company’s stock, valued at approximately $4,494,000. Wellington Management Group LLP owned 0.05% of Primo Brands as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Caption Management LLC acquired a new stake in Primo Brands during the 3rd quarter valued at $27,000. Picton Mahoney Asset Management increased its stake in Primo Brands by 65.2% during the 4th quarter. Picton Mahoney Asset Management now owns 2,153 shares of the company’s stock worth $35,000 after buying an additional 850 shares during the period. Harbor Investment Advisory LLC acquired a new position in Primo Brands in the 2nd quarter worth $37,000. EverSource Wealth Advisors LLC lifted its holdings in Primo Brands by 76.9% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,962 shares of the company’s stock worth $37,000 after buying an additional 853 shares in the last quarter. Finally, Quarry LP boosted its position in Primo Brands by 516.6% in the 4th quarter. Quarry LP now owns 2,380 shares of the company’s stock valued at $39,000 after buying an additional 1,994 shares during the last quarter. Institutional investors and hedge funds own 87.71% of the company’s stock.

Primo Brands Price Performance

Shares of PRMB opened at $20.90 on Thursday. Primo Brands Corporation has a 12 month low of $14.36 and a 12 month high of $26.21. The company has a debt-to-equity ratio of 1.71, a current ratio of 1.05 and a quick ratio of 0.86. The stock has a fifty day moving average price of $23.49 and a 200 day moving average price of $22.31. The company has a market cap of $7.57 billion, a P/E ratio of 80.40, a PEG ratio of 1.51 and a beta of 0.73.

Primo Brands (NYSE:PRMB) last posted its earnings results on Wednesday, August 5th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.05. Primo Brands had a net margin of 1.49% and a return on equity of 14.24%. The firm had revenue of $1.80 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same period in the previous year, the business posted $0.36 EPS. Primo Brands’s revenue was up 3.8% on a year-over-year basis. On average, research analysts forecast that Primo Brands Corporation will post 1.27 earnings per share for the current year.

Primo Brands Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 8th. Stockholders of record on Monday, August 24th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Monday, August 24th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.3%. Primo Brands’s payout ratio is 184.62%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PRMB. Royal Bank Of Canada raised their target price on Primo Brands from $28.00 to $31.00 and gave the company an “outperform” rating in a research note on Friday, August 7th. TD Cowen reissued a “buy” rating on shares of Primo Brands in a report on Thursday, August 6th. Wall Street Zen upgraded Primo Brands from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Weiss Ratings restated a “hold (c)” rating on shares of Primo Brands in a report on Friday, August 7th. Finally, TD upped their target price on Primo Brands from $29.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Eleven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.25.

Insider Activity

In related news, CEO Eric Foss purchased 84,000 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The shares were purchased at an average price of $23.80 per share, with a total value of $1,999,200.00. Following the purchase, the chief executive officer owned 573,806 shares of the company’s stock, valued at $13,656,582.80. This trade represents a 17.15% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. 32.90% of the stock is owned by company insiders.

About Primo Brands

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.