Bank of America Corp DE Grows Position in Primo Brands Corporation $PRMB

Bank of America Corp DE raised its position in Primo Brands Corporation (NYSE:PRMB) by 41.7% during the first quarter, HoldingsChannel.com reports. The firm owned 6,067,351 shares of the company’s stock after purchasing an additional 1,785,259 shares during the period. Bank of America Corp DE’s holdings in Primo Brands were worth $114,248,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of PRMB. Xponance LLC lifted its holdings in Primo Brands by 4.2% during the 4th quarter. Xponance LLC now owns 13,114 shares of the company’s stock worth $214,000 after buying an additional 528 shares during the last quarter. Picton Mahoney Asset Management raised its holdings in shares of Primo Brands by 65.2% during the fourth quarter. Picton Mahoney Asset Management now owns 2,153 shares of the company’s stock worth $35,000 after purchasing an additional 850 shares during the period. EverSource Wealth Advisors LLC lifted its position in shares of Primo Brands by 76.9% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,962 shares of the company’s stock worth $37,000 after buying an additional 853 shares during the last quarter. Madison Asset Management LLC boosted its holdings in shares of Primo Brands by 0.7% in the 4th quarter. Madison Asset Management LLC now owns 144,435 shares of the company’s stock valued at $2,362,000 after buying an additional 943 shares during the period. Finally, US Bancorp DE boosted its holdings in shares of Primo Brands by 47.2% in the 3rd quarter. US Bancorp DE now owns 2,948 shares of the company’s stock valued at $65,000 after buying an additional 945 shares during the period. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Primo Brands Trading Down 1.2%

Shares of NYSE PRMB opened at $23.62 on Friday. The company has a current ratio of 1.05, a quick ratio of 0.79 and a debt-to-equity ratio of 1.71. Primo Brands Corporation has a one year low of $14.36 and a one year high of $26.21. The business has a 50-day moving average price of $23.96 and a two-hundred day moving average price of $21.64. The firm has a market capitalization of $8.56 billion, a PE ratio of 90.83, a PEG ratio of 1.81 and a beta of 0.74.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.05. The business had revenue of $1.80 billion during the quarter, compared to analyst estimates of $1.77 billion. Primo Brands had a net margin of 1.49% and a return on equity of 14.24%. The firm’s revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.36 earnings per share. As a group, 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 will be paid on Tuesday, September 8th. Shareholders of record on Monday, August 24th will be given a $0.12 dividend. The ex-dividend date is Monday, August 24th. This represents a $0.48 dividend on an annualized basis and a yield of 2.0%. Primo Brands’s dividend payout ratio is presently 342.86%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Weiss Ratings raised shares of Primo Brands from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. TD lifted their price target on Primo Brands from $29.00 to $35.00 and gave the company a “buy” rating in a report on Thursday. Barclays increased their price objective on Primo Brands from $27.00 to $29.00 and gave the stock an “overweight” rating in a report on Friday. Morgan Stanley reiterated an “overweight” rating and set a $29.00 price target on shares of Primo Brands in a research report on Friday. Finally, Wall Street Zen raised Primo Brands from a “sell” rating to a “hold” rating in a research note on Saturday, May 23rd. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $28.25.

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.