KBC Group NV Has $94.93 Million Stake in Primo Brands Corporation $PRMB

KBC Group NV grew its position in shares of Primo Brands Corporation (NYSE:PRMB) by 49.2% in the 1st quarter, Holdings Channel reports. The institutional investor owned 5,041,625 shares of the company’s stock after acquiring an additional 1,661,569 shares during the period. KBC Group NV’s holdings in Primo Brands were worth $94,934,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Heartland Advisors Inc. increased its holdings in Primo Brands by 83.5% in the first quarter. Heartland Advisors Inc. now owns 875,411 shares of the company’s stock worth $16,484,000 after buying an additional 398,311 shares during the last quarter. Aurora Investment Counsel acquired a new stake in Primo Brands in the first quarter valued at approximately $2,184,000. Bessemer Group Inc. bought a new stake in Primo Brands in the first quarter worth approximately $244,000. Allspring Global Investments Holdings LLC grew its position in Primo Brands by 57.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 7,050,888 shares of the company’s stock worth $133,050,000 after acquiring an additional 2,585,164 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in Primo Brands by 3.5% in the first quarter. Bank of New York Mellon Corp now owns 774,190 shares of the company’s stock worth $14,578,000 after acquiring an additional 26,541 shares in the last quarter. Institutional investors own 87.71% of the company’s stock.

Primo Brands Stock Up 0.0%

Primo Brands stock opened at $24.82 on Monday. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.98 and a quick ratio of 0.79. Primo Brands Corporation has a fifty-two week low of $14.36 and a fifty-two week high of $29.23. The firm has a fifty day moving average price of $24.03 and a two-hundred day moving average price of $21.03. The firm has a market cap of $9.01 billion, a price-to-earnings ratio of 177.31, a P/E/G ratio of 2.14 and a beta of 0.73.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.01). The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.58 billion. Primo Brands had a net margin of 0.88% and a return on equity of 13.98%. The company’s revenue for the quarter was up .8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.29 earnings per share. As a group, analysts forecast that Primo Brands Corporation will post 1.25 earnings per share for the current year.

Primo Brands Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Thursday, June 4th were paid a dividend of $0.12 per share. The ex-dividend date was Thursday, June 4th. This represents a $0.48 annualized dividend and a yield of 1.9%. Primo Brands’s dividend payout ratio is presently 342.86%.

Wall Street Analysts Forecast Growth

PRMB has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft cut their price target on shares of Primo Brands from $24.00 to $19.00 and set a “hold” rating on the stock in a report on Monday, March 30th. Wall Street Zen upgraded Primo Brands from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Jefferies Financial Group raised Primo Brands from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a report on Friday, March 27th. JPMorgan Chase & Co. raised their price objective on Primo Brands from $26.00 to $29.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, Weiss Ratings upgraded Primo Brands from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Nine analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Primo Brands has a consensus rating of “Moderate Buy” and a consensus target price of $26.18.

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.