iA Global Asset Management Inc. Sells 274,720 Shares of Primo Brands Corporation $PRMB

iA Global Asset Management Inc. lowered its stake in Primo Brands Corporation (NYSE:PRMB) by 79.3% during the fourth quarter, Holdings Channel reports. The firm owned 71,850 shares of the company’s stock after selling 274,720 shares during the period. iA Global Asset Management Inc.’s holdings in Primo Brands were worth $1,175,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of PRMB. Dynamic Technology Lab Private Ltd bought a new position in shares of Primo Brands in the first quarter worth $229,000. Caxton Associates LLP bought a new position in shares of Primo Brands in the first quarter worth $266,000. American Century Companies Inc. increased its position in shares of Primo Brands by 9.3% in the second quarter. American Century Companies Inc. now owns 27,226 shares of the company’s stock worth $806,000 after purchasing an additional 2,318 shares during the period. Arrowstreet Capital Limited Partnership increased its position in shares of Primo Brands by 797.8% in the second quarter. Arrowstreet Capital Limited Partnership now owns 54,589 shares of the company’s stock worth $1,617,000 after purchasing an additional 48,509 shares during the period. Finally, Invesco Ltd. increased its position in shares of Primo Brands by 29.1% in the second quarter. Invesco Ltd. now owns 301,535 shares of the company’s stock worth $8,931,000 after purchasing an additional 67,930 shares during the period. Institutional investors own 87.71% of the company’s stock.

Primo Brands Stock Performance

NYSE:PRMB opened at $23.48 on Tuesday. The stock has a market cap of $8.52 billion, a P/E ratio of 167.73, a price-to-earnings-growth ratio of 1.95 and a beta of 0.66. The company has a current ratio of 0.98, a quick ratio of 0.79 and a debt-to-equity ratio of 1.72. The stock’s 50-day moving average is $20.30 and its 200-day moving average is $18.77. Primo Brands Corporation has a 1-year low of $14.36 and a 1-year high of $33.29.

Primo Brands (NYSE:PRMB) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.01). The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.58 billion. Primo Brands had a return on equity of 13.98% and a net margin of 0.88%.The business’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter last year, the firm posted $0.29 earnings per share. Equities research analysts anticipate that Primo Brands Corporation will post 1.28 earnings per share for the current year.

Primo Brands Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Thursday, June 4th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Thursday, June 4th. Primo Brands’s payout ratio is 342.86%.

Analysts Set New Price Targets

A number of research analysts have issued reports on PRMB shares. BMO Capital Markets reiterated an “outperform” rating and issued a $35.00 target price on shares of Primo Brands in a research report on Friday, January 23rd. Wall Street Zen cut Primo Brands from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Zacks Research upgraded Primo Brands from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. Barclays lifted their target price on Primo Brands from $24.00 to $25.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. Finally, TD Securities lifted their target price on Primo Brands from $27.00 to $29.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Nine equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, Primo Brands currently has a consensus rating of “Moderate Buy” and an average price target of $25.91.

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.