Madison Asset Management LLC Purchases New Shares in Primo Brands Corporation $PRMB

Madison Asset Management LLC acquired a new position in Primo Brands Corporation (NYSE:PRMB) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 143,301 shares of the company’s stock, valued at approximately $3,502,000.

Other large investors also recently made changes to their positions in the company. One Rock Capital Partners LLC bought a new position in shares of Primo Brands in the fourth quarter valued at about $1,900,047,000. Viking Global Investors LP grew its holdings in Primo Brands by 17.5% during the 3rd quarter. Viking Global Investors LP now owns 23,033,970 shares of the company’s stock worth $509,051,000 after acquiring an additional 3,431,854 shares during the last quarter. Vanguard Group Inc. increased its position in Primo Brands by 4.8% in the 4th quarter. Vanguard Group Inc. now owns 23,028,858 shares of the company’s stock valued at $376,522,000 after acquiring an additional 1,053,185 shares in the last quarter. Fuller & Thaler Asset Management Inc. increased its position in Primo Brands by 189.5% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 14,454,637 shares of the company’s stock valued at $236,333,000 after acquiring an additional 9,461,990 shares in the last quarter. Finally, William Blair Investment Management LLC raised its stake in shares of Primo Brands by 6.7% in the fourth quarter. William Blair Investment Management LLC now owns 12,627,420 shares of the company’s stock worth $206,458,000 after acquiring an additional 793,036 shares during the last quarter. Institutional investors own 87.71% of the company’s stock.

Analyst Upgrades and Downgrades

PRMB has been the topic of a number of research reports. Wall Street Zen upgraded shares of Primo Brands from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $25.00 price target on shares of Primo Brands in a report on Thursday, August 6th. Barclays boosted their price objective on shares of Primo Brands from $27.00 to $29.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. TD Cowen reaffirmed a “buy” rating on shares of Primo Brands in a report on Thursday, August 6th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Primo Brands in a research report on Friday, August 7th. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.25.

Primo Brands Stock Performance

Primo Brands stock opened at $23.10 on Friday. The company has a market cap of $8.37 billion, a PE ratio of 88.85, a PEG ratio of 1.63 and a beta of 0.74. 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. The company’s 50-day moving average is $24.02 and its two-hundred day moving average is $21.97.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.37 EPS for the quarter, topping 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 company had revenue of $1.80 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter in the previous year, the company earned $0.36 EPS. Primo Brands’s revenue was up 3.8% on a year-over-year basis. Equities analysts anticipate that Primo Brands Corporation will post 1.27 earnings per share for the current year.

Primo Brands Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Shareholders of record on Monday, August 24th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Monday, August 24th. Primo Brands’s payout ratio is currently 184.62%.

Insider Buying and Selling

In other Primo Brands news, CEO Eric J. Foss bought 84,000 shares of the company’s stock in a transaction on Monday, August 10th. The stock was bought at an average price of $23.80 per share, for a total transaction of $1,999,200.00. Following the transaction, the chief executive officer owned 573,806 shares of the company’s stock, valued at approximately $13,656,582.80. The trade was a 17.15% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 32.90% of the company’s stock.

About Primo Brands

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.