Assenagon Asset Management S.A. Has $22.48 Million Stock Holdings in Primo Brands Corporation $PRMB

Assenagon Asset Management S.A. decreased its holdings in shares of Primo Brands Corporation (NYSE:PRMB) by 56.0% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 1,374,776 shares of the company’s stock after selling 1,750,878 shares during the period. Assenagon Asset Management S.A.’s holdings in Primo Brands were worth $22,478,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in PRMB. iA Global Asset Management Inc. grew its holdings in Primo Brands by 102.7% during the third quarter. iA Global Asset Management Inc. now owns 346,570 shares of the company’s stock valued at $7,659,000 after purchasing an additional 175,620 shares during the period. WINTON GROUP Ltd acquired a new stake in Primo Brands in the second quarter worth $3,255,000. Universal Beteiligungs und Servicegesellschaft mbH boosted its position in shares of Primo Brands by 249.0% during the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 77,792 shares of the company’s stock worth $1,719,000 after purchasing an additional 55,505 shares in the last quarter. William Blair Investment Management LLC grew its holdings in shares of Primo Brands by 11.6% in the 3rd quarter. William Blair Investment Management LLC now owns 11,834,384 shares of the company’s stock valued at $261,540,000 after buying an additional 1,231,701 shares during the period. Finally, Ceredex Value Advisors LLC acquired a new position in shares of Primo Brands in the 2nd quarter valued at $41,154,000. Institutional investors and hedge funds own 87.71% of the company’s stock.

Primo Brands Trading Down 2.8%

PRMB opened at $17.90 on Friday. The stock has a market capitalization of $6.50 billion, a P/E ratio of 119.35, a P/E/G ratio of 1.34 and a beta of 0.61. The company has a current ratio of 0.95, a quick ratio of 0.78 and a debt-to-equity ratio of 1.70. Primo Brands Corporation has a 12 month low of $14.36 and a 12 month high of $35.85. The firm’s fifty day simple moving average is $19.72 and its 200 day simple moving average is $19.32.

Primo Brands (NYSE:PRMB) last released its earnings results on Thursday, February 26th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. The firm had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.52 billion. Primo Brands had a return on equity of 14.52% and a net margin of 0.90%.The company’s revenue was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.13 EPS. As a group, research analysts anticipate that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 23rd. Investors of record on Friday, March 6th were given a $0.12 dividend. The ex-dividend date of this dividend was Friday, March 6th. This represents a $0.48 dividend on an annualized basis and a yield of 2.7%. This is a boost from Primo Brands’s previous quarterly dividend of $0.10. Primo Brands’s payout ratio is 266.67%.

Analysts Set New Price Targets

Several analysts recently commented on the company. BMO Capital Markets reaffirmed an “outperform” rating and set a $35.00 price objective on shares of Primo Brands in a research note on Friday, January 23rd. Mizuho boosted their target price on Primo Brands from $24.00 to $28.00 and gave the company an “outperform” rating in a research note on Thursday, March 5th. JPMorgan Chase & Co. dropped their price target on Primo Brands from $23.00 to $21.00 and set an “overweight” rating on the stock in a research report on Thursday, December 18th. Morgan Stanley reiterated an “overweight” rating on shares of Primo Brands in a report on Monday, January 5th. Finally, Royal Bank Of Canada boosted their price objective on Primo Brands to $26.00 and gave the company an “outperform” rating in a research report on Tuesday, February 24th. Nine investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Primo Brands presently has a consensus rating of “Moderate Buy” and an average target price of $27.25.

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.