First Trust Advisors LP Sells 509,646 Shares of Primo Brands Corporation $PRMB

First Trust Advisors LP trimmed its holdings in Primo Brands Corporation (NYSE:PRMB) by 21.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,918,540 shares of the company’s stock after selling 509,646 shares during the period. First Trust Advisors LP owned approximately 0.53% of Primo Brands worth $36,126,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of PRMB. Heartland Advisors Inc. grew its position in shares of Primo Brands by 96.1% in the fourth quarter. Heartland Advisors Inc. now owns 477,100 shares of the company’s stock valued at $7,801,000 after purchasing an additional 233,803 shares in the last quarter. One Rock Capital Partners LLC purchased a new stake in Primo Brands during the 4th quarter worth about $1,900,047,000. Deprince Race & Zollo Inc. purchased a new stake in Primo Brands during the 4th quarter worth about $11,559,000. KBC Group NV boosted its stake in Primo Brands by 12.5% in the 4th quarter. KBC Group NV now owns 3,380,056 shares of the company’s stock worth $55,264,000 after purchasing an additional 376,855 shares during the period. Finally, Aberdeen Group plc purchased a new position in Primo Brands during the 4th quarter valued at about $12,015,000. Institutional investors own 87.71% of the company’s stock.

Analyst Ratings Changes

PRMB has been the topic of several analyst reports. Weiss Ratings upgraded Primo Brands from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. JPMorgan Chase & Co. boosted their price objective on shares of Primo Brands from $26.00 to $29.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. Deutsche Bank Aktiengesellschaft decreased their target price 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 shares of Primo Brands from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Finally, Barclays raised their price target on shares of Primo Brands from $25.00 to $27.00 and gave the company an “overweight” rating in a report on Tuesday, July 21st. Nine equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, Primo Brands currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.36.

Primo Brands Stock Performance

NYSE:PRMB opened at $22.82 on Tuesday. The stock has a market cap of $8.28 billion, a P/E ratio of 162.99, a PEG ratio of 1.92 and a beta of 0.73. The company has a quick ratio of 0.79, a current ratio of 0.98 and a debt-to-equity ratio of 1.72. The business’s 50-day moving average price is $24.02 and its two-hundred day moving average price is $21.33. Primo Brands Corporation has a twelve month low of $14.36 and a twelve month high of $29.00.

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

Primo Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Thursday, June 4th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend was Thursday, June 4th. Primo Brands’s payout ratio is currently 342.86%.

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.