Skandinaviska Enskilda Banken AB publ Has $7.66 Million Position in Primo Brands Corporation $PRMB

Skandinaviska Enskilda Banken AB publ boosted its holdings in Primo Brands Corporation (NYSE:PRMB) by 51.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 258,500 shares of the company’s stock after purchasing an additional 87,383 shares during the quarter. Skandinaviska Enskilda Banken AB publ owned about 0.07% of Primo Brands worth $7,657,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of PRMB. Vanguard Group Inc. lifted its stake in shares of Primo Brands by 28.7% in the first quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company’s stock valued at $699,314,000 after buying an additional 4,389,327 shares in the last quarter. Boston Partners raised its holdings in shares of Primo Brands by 13.7% in the 2nd quarter. Boston Partners now owns 8,089,479 shares of the company’s stock worth $239,551,000 after acquiring an additional 971,939 shares during the last quarter. Eminence Capital LP lifted its position in Primo Brands by 48.3% in the 1st quarter. Eminence Capital LP now owns 7,019,075 shares of the company’s stock valued at $249,107,000 after acquiring an additional 2,284,912 shares in the last quarter. Samlyn Capital LLC lifted its position in Primo Brands by 401.8% in the 1st quarter. Samlyn Capital LLC now owns 4,656,312 shares of the company’s stock valued at $165,253,000 after acquiring an additional 3,728,344 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in Primo Brands by 60.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 3,802,613 shares of the company’s stock valued at $112,405,000 after purchasing an additional 1,433,010 shares during the last quarter. Institutional investors and hedge funds own 87.71% of the company’s stock.

Insider Activity at Primo Brands

In other news, Director Michael John Cramer bought 5,000 shares of the firm’s stock in a transaction on Monday, November 10th. The stock was acquired at an average cost of $15.73 per share, with a total value of $78,650.00. Following the completion of the transaction, the director directly owned 17,762 shares of the company’s stock, valued at $279,396.26. This represents a 39.18% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Eric J. Foss bought 4,970 shares of the stock in a transaction on Wednesday, November 12th. The stock was purchased at an average price of $16.15 per share, for a total transaction of $80,265.50. Following the completion of the purchase, the chief executive officer owned 360,036 shares of the company’s stock, valued at approximately $5,814,581.40. This trade represents a 1.40% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders purchased 203,469 shares of company stock worth $3,214,674. Company insiders own 58.40% of the company’s stock.

Analyst Upgrades and Downgrades

PRMB has been the subject of several analyst reports. Zacks Research downgraded Primo Brands from a “hold” rating to a “strong sell” rating in a research note on Tuesday, November 4th. Mizuho dropped their price objective on Primo Brands from $35.00 to $28.00 and set an “outperform” rating on the stock in a research note on Wednesday. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $26.00 price objective on shares of Primo Brands in a report on Friday, August 8th. TD Securities lowered their target price on shares of Primo Brands from $35.00 to $27.00 and set a “buy” rating for the company in a report on Friday, November 7th. Finally, Barclays cut their price target on shares of Primo Brands from $25.00 to $24.00 and set an “overweight” rating on the stock in a report on Wednesday. Nine research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $29.50.

Primo Brands Trading Up 3.5%

Shares of Primo Brands stock opened at $16.17 on Monday. The firm has a market cap of $5.99 billion, a PE ratio of -147.00, 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 company has a debt-to-equity ratio of 1.55, a current ratio of 1.06 and a quick ratio of 0.88. The stock has a fifty day moving average price of $19.93 and a 200-day moving average price of $25.14.

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

Primo Brands announced that its Board of Directors has authorized a stock repurchase program on Monday, November 10th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to reacquire up to 0.9% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Primo Brands Dividend Announcement

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