Wellington Management Group LLP Buys Shares of 183,868 Primo Brands Corporation $PRMB

Wellington Management Group LLP purchased a new position in Primo Brands Corporation (NYSE:PRMB) in the second quarter, Holdings Channel reports. The fund purchased 183,868 shares of the company’s stock, valued at approximately $4,494,000.

Other large investors also recently made changes to their positions in the company. Xponance LLC increased its holdings in shares of Primo Brands by 4.2% during the 4th quarter. Xponance LLC now owns 13,114 shares of the company’s stock valued at $214,000 after acquiring an additional 528 shares during the last quarter. Picton Mahoney Asset Management lifted its holdings in Primo Brands by 65.2% in the 4th quarter. Picton Mahoney Asset Management now owns 2,153 shares of the company’s stock worth $35,000 after purchasing an additional 850 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in Primo Brands by 76.9% during the first quarter. EverSource Wealth Advisors LLC now owns 1,962 shares of the company’s stock worth $37,000 after purchasing an additional 853 shares during the period. Madison Asset Management LLC boosted its position in Primo Brands by 0.7% during the fourth quarter. Madison Asset Management LLC now owns 144,435 shares of the company’s stock worth $2,362,000 after purchasing an additional 943 shares during the period. Finally, US Bancorp DE grew its holdings in Primo Brands by 47.2% during the third quarter. US Bancorp DE now owns 2,948 shares of the company’s stock valued at $65,000 after purchasing an additional 945 shares during the last quarter. Institutional investors own 87.71% of the company’s stock.

Primo Brands Trading Down 4.5%

Shares of Primo Brands stock opened at $20.90 on Thursday. The company’s fifty day simple moving average is $23.49 and its 200-day simple moving average is $22.31. The company has a market cap of $7.57 billion, a price-to-earnings ratio of 80.40, a PEG ratio of 1.51 and a beta of 0.73. The company has a current ratio of 1.05, a quick ratio of 0.86 and a debt-to-equity ratio of 1.71. Primo Brands Corporation has a 1 year low of $14.36 and a 1 year high of $26.21.

Primo Brands (NYSE:PRMB) last released its earnings results on Wednesday, August 5th. The company reported $0.37 EPS for the quarter, beating the consensus estimate 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 analysts’ expectations of $1.77 billion. During the same period in the prior year, the company earned $0.36 EPS. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. As a group, sell-side analysts expect that Primo Brands Corporation will post 1.27 EPS for the current year.

Primo Brands Announces Dividend

The business also recently disclosed 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 dividend payout ratio is currently 184.62%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on PRMB shares. JPMorgan Chase & Co. lifted their price target on shares of Primo Brands from $26.00 to $29.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $25.00 target price on shares of Primo Brands in a research note on Thursday, August 6th. Royal Bank Of Canada boosted their target price on shares of Primo Brands from $28.00 to $31.00 and gave the stock an “outperform” rating in a research report on Friday, August 7th. TD Cowen restated a “buy” rating on shares of Primo Brands in a report on Thursday, August 6th. Finally, Wall Street Zen upgraded Primo Brands from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $28.25.

Insider Activity at Primo Brands

In related news, CEO Eric Foss bought 84,000 shares of Primo Brands stock in a transaction that occurred on Monday, August 10th. The stock was acquired at an average price of $23.80 per share, for a total transaction of $1,999,200.00. Following the completion of the purchase, the chief executive officer owned 573,806 shares in the company, valued at approximately $13,656,582.80. This represents a 17.15% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 32.90% of the company’s stock.

Primo Brands Company 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.