Primo Brands Corporation $PRMB Shares Purchased by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC raised its holdings in shares of Primo Brands Corporation (NYSE:PRMB) by 5.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,465,724 shares of the company’s stock after acquiring an additional 219,807 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Primo Brands were worth $72,300,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Viking Global Investors LP grew its stake in shares of Primo Brands by 17.5% in the third quarter. Viking Global Investors LP now owns 23,033,970 shares of the company’s stock worth $509,051,000 after purchasing an additional 3,431,854 shares in the last quarter. William Blair Investment Management LLC raised its stake in shares of Primo Brands by 11.6% during the third quarter. William Blair Investment Management LLC now owns 11,834,384 shares of the company’s stock valued at $261,540,000 after purchasing an additional 1,231,701 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in Primo Brands by 2,486.6% in the second quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company’s stock worth $173,784,000 after purchasing an additional 5,640,287 shares during the period. Third Point LLC lifted its holdings in Primo Brands by 108.1% in the second quarter. Third Point LLC now owns 5,775,000 shares of the company’s stock worth $171,056,000 after purchasing an additional 3,000,000 shares during the period. Finally, Ameriprise Financial Inc. grew its position in Primo Brands by 3.6% in the 3rd quarter. Ameriprise Financial Inc. now owns 5,090,613 shares of the company’s stock valued at $112,503,000 after buying an additional 177,929 shares in the last quarter. Institutional investors and hedge funds own 87.71% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on PRMB shares. BMO Capital Markets reissued an “outperform” rating and set a $35.00 target price on shares of Primo Brands in a research note on Friday, January 23rd. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Primo Brands from $24.00 to $19.00 and set a “hold” rating for the company in a report on Monday. Barclays raised their price objective on shares of Primo Brands from $21.00 to $27.00 and gave the company an “overweight” rating in a research note on Monday, March 2nd. Weiss Ratings upgraded Primo Brands from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, March 23rd. Finally, Jefferies Financial Group raised Primo Brands from a “hold” rating to a “buy” rating and set a $25.00 price target for the company in a research note on Friday, March 27th. Ten equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $26.83.

Primo Brands Stock Performance

Shares of PRMB opened at $18.85 on Wednesday. The firm’s 50 day moving average is $19.71 and its 200-day moving average is $19.13. The stock has a market capitalization of $6.84 billion, a P/E ratio of 125.64, a P/E/G ratio of 1.34 and a beta of 0.61. The company has a debt-to-equity ratio of 1.70, a current ratio of 0.95 and a quick ratio of 0.78. Primo Brands Corporation has a 12-month low of $14.36 and a 12-month high of $35.85.

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

Primo Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 23rd. Stockholders of record on Friday, March 6th were given a dividend of $0.12 per share. This is a boost from Primo Brands’s previous quarterly dividend of $0.10. The ex-dividend date was Friday, March 6th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.5%. Primo Brands’s payout ratio is currently 266.67%.

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.