Assenagon Asset Management S.A. Sells 1,360,221 Shares of Primo Brands Corporation $PRMB

Assenagon Asset Management S.A. cut its position in shares of Primo Brands Corporation (NYSE:PRMB) by 98.9% in the first quarter, Holdings Channel.com reports. The firm owned 14,555 shares of the company’s stock after selling 1,360,221 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Primo Brands were worth $274,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. One Rock Capital Partners LLC purchased a new stake in shares of Primo Brands in the fourth quarter worth approximately $1,900,047,000. Viking Global Investors LP grew its position in Primo Brands by 17.5% in the 3rd quarter. Viking Global Investors LP now owns 23,033,970 shares of the company’s stock valued at $509,051,000 after acquiring an additional 3,431,854 shares during the last quarter. Vanguard Group Inc. increased its stake in Primo Brands by 4.8% in the fourth quarter. Vanguard Group Inc. now owns 23,028,858 shares of the company’s stock worth $376,522,000 after purchasing an additional 1,053,185 shares during the period. Fuller & Thaler Asset Management Inc. increased its stake in Primo Brands by 189.5% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 14,454,637 shares of the company’s stock worth $236,333,000 after purchasing an additional 9,461,990 shares during the period. Finally, William Blair Investment Management LLC lifted its position in shares of Primo Brands by 6.7% during the fourth quarter. William Blair Investment Management LLC now owns 12,627,420 shares of the company’s stock worth $206,458,000 after purchasing an additional 793,036 shares during the last quarter. 87.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Zacks Research raised shares of Primo Brands from a “strong sell” rating to a “hold” rating in a research note on Friday, March 6th. Barclays raised their price target on shares of Primo Brands from $24.00 to $25.00 and gave the stock an “overweight” rating in a research note on Monday, May 11th. Wall Street Zen raised shares of Primo Brands from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. JPMorgan Chase & Co. lowered their price objective on shares of Primo Brands from $27.00 to $26.00 and set an “overweight” rating for the company in a research report on Monday, May 4th. Finally, Weiss Ratings upgraded shares of Primo Brands from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Nine equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $25.91.

Primo Brands Price Performance

Shares of PRMB opened at $25.00 on Friday. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.79 and a current ratio of 0.98. The company has a 50 day moving average price of $23.25 and a 200-day moving average price of $20.44. Primo Brands Corporation has a fifty-two week low of $14.36 and a fifty-two week high of $30.98. The stock has a market capitalization of $9.07 billion, a PE ratio of 178.58, a PEG ratio of 2.15 and a beta of 0.73.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $1.58 billion. Primo Brands had a net margin of 0.88% and a return on equity of 13.98%. The business’s quarterly revenue was up .8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.29 earnings per share. Equities analysts predict that Primo Brands Corporation will post 1.25 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

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