JPMorgan Chase & Co. Raises Stock Holdings in Primo Brands Corporation $PRMB

JPMorgan Chase & Co. lifted its holdings in Primo Brands Corporation (NYSE:PRMB) by 25.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,698,550 shares of the company’s stock after acquiring an additional 751,250 shares during the period. JPMorgan Chase & Co. owned 0.99% of Primo Brands worth $81,739,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Viking Global Investors LP grew its position in Primo Brands by 290.2% in the 2nd quarter. Viking Global Investors LP now owns 19,602,116 shares of the company’s stock valued at $580,615,000 after acquiring an additional 14,578,589 shares during the last quarter. Boston Partners lifted its position 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 purchasing an additional 971,939 shares during the period. Alliancebernstein L.P. boosted its position in Primo Brands by 2,486.6% during the 2nd quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company’s stock valued at $173,784,000 after acquiring an additional 5,640,287 shares in the last quarter. Third Point LLC boosted its position in Primo Brands by 108.1% during the second quarter. Third Point LLC now owns 5,775,000 shares of the company’s stock valued at $171,056,000 after purchasing an additional 3,000,000 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its holdings in shares of Primo Brands by 32.7% in the 2nd quarter. Ameriprise Financial Inc. now owns 4,912,684 shares of the company’s stock valued at $145,514,000 after buying an additional 1,210,773 shares in the last quarter. 87.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on PRMB shares. The Goldman Sachs Group lowered their target price on shares of Primo Brands from $21.00 to $18.00 and set a “neutral” rating for the company in a research note on Tuesday, November 25th. BMO Capital Markets restated an “outperform” rating and issued a $35.00 target price on shares of Primo Brands in a research note on Friday, January 23rd. Royal Bank Of Canada dropped their price target on shares of Primo Brands from $37.00 to $30.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 4th. Morgan Stanley reissued an “overweight” rating on shares of Primo Brands in a report on Monday, January 5th. Finally, Barclays cut their target price on shares of Primo Brands from $25.00 to $24.00 and set an “overweight” rating for the company in a research note on Wednesday, November 26th. Nine analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Primo Brands has a consensus rating of “Moderate Buy” and an average target price of $26.83.

Primo Brands Stock Up 1.4%

Shares of NYSE:PRMB opened at $18.99 on Tuesday. Primo Brands Corporation has a 52-week low of $14.36 and a 52-week high of $35.85. The stock has a market cap of $7.03 billion, a P/E ratio of -61.26, a PEG ratio of 0.67 and a beta of 0.63. The business has a fifty day moving average of $17.99 and a two-hundred day moving average of $19.92. The company has a quick ratio of 0.86, a current ratio of 1.02 and a debt-to-equity ratio of 1.59.

Primo Brands Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 23rd. Shareholders of record on Friday, March 6th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.5%. This is a boost from Primo Brands’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Friday, March 6th. Primo Brands’s payout ratio is presently -129.03%.

Primo Brands announced that its board has authorized a stock repurchase plan 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 plans are generally an indication that the company’s board of directors believes its stock is undervalued.

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.