Heartland Advisors Inc. Acquires 398,311 Shares of Primo Brands Corporation $PRMB

Heartland Advisors Inc. grew its holdings in Primo Brands Corporation (NYSE:PRMB) by 83.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 875,411 shares of the company’s stock after buying an additional 398,311 shares during the period. Heartland Advisors Inc.’s holdings in Primo Brands were worth $16,484,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. One Rock Capital Partners LLC bought a new stake in Primo Brands in the 4th quarter valued at $1,900,047,000. Viking Global Investors LP boosted its position in Primo Brands by 17.5% during 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 during the period. Vanguard Group Inc. boosted its position in Primo Brands by 4.8% during 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 holdings in shares of 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 valued at $236,333,000 after purchasing an additional 9,461,990 shares during the last quarter. Finally, William Blair Investment Management LLC increased its holdings 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 valued at $206,458,000 after purchasing an additional 793,036 shares during the last quarter. 87.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PRMB. 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. Barclays upped their price target on shares of Primo Brands from $24.00 to $25.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Royal Bank Of Canada set a $28.00 price target on shares of Primo Brands in a report on Thursday, April 9th. Deutsche Bank Aktiengesellschaft lowered their price target 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. Finally, Jefferies Financial Group upgraded Primo Brands from a “hold” rating to a “buy” rating and set a $25.00 price objective for the company in a report on Friday, March 27th. Nine equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Primo Brands currently has a consensus rating of “Moderate Buy” and an average price target of $26.18.

Primo Brands Stock Down 2.2%

PRMB stock opened at $24.82 on Friday. Primo Brands Corporation has a fifty-two week low of $14.36 and a fifty-two week high of $29.23. The company has a debt-to-equity ratio of 1.72, a current ratio of 0.98 and a quick ratio of 0.79. The stock has a market capitalization of $9.01 billion, a price-to-earnings ratio of 177.31, a PEG ratio of 2.14 and a beta of 0.73. The business’s fifty day moving average price is $24.03 and its two-hundred day moving average price is $21.00.

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

Primo Brands Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Thursday, June 4th were paid a $0.12 dividend. The ex-dividend date was Thursday, June 4th. This represents a $0.48 annualized dividend and a yield of 1.9%. Primo Brands’s payout ratio is 342.86%.

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.