Swiss National Bank Grows Stock Position in Primo Brands Corporation $PRMB

Swiss National Bank raised its stake in Primo Brands Corporation (NYSE:PRMB) by 25.2% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 503,051 shares of the company’s stock after purchasing an additional 101,200 shares during the quarter. Swiss National Bank owned about 0.13% of Primo Brands worth $14,900,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Primo Brands by 28.7% during the first quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company’s stock worth $699,314,000 after buying an additional 4,389,327 shares during the period. Boston Partners boosted its position in Primo Brands by 13.7% during the 2nd quarter. Boston Partners now owns 8,089,479 shares of the company’s stock worth $239,551,000 after purchasing an additional 971,939 shares during the period. Eminence Capital LP increased its holdings in Primo Brands by 48.3% in the 1st quarter. Eminence Capital LP now owns 7,019,075 shares of the company’s stock valued at $249,107,000 after purchasing an additional 2,284,912 shares in the last quarter. Samlyn Capital LLC lifted its stake in shares of Primo Brands by 401.8% during the first quarter. Samlyn Capital LLC now owns 4,656,312 shares of the company’s stock worth $165,253,000 after purchasing an additional 3,728,344 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in Primo Brands by 60.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 3,802,613 shares of the company’s stock worth $112,405,000 after acquiring an additional 1,433,010 shares in the last quarter. Institutional investors and hedge funds own 87.71% of the company’s stock.

Primo Brands Stock Up 0.8%

NYSE:PRMB opened at $15.61 on Thursday. The stock has a 50-day simple moving average of $20.20 and a 200 day simple moving average of $25.41. Primo Brands Corporation has a one year low of $14.36 and a one year high of $35.85. The company has a market capitalization of $5.78 billion, a price-to-earnings ratio of -141.86, a price-to-earnings-growth ratio of 0.61 and a beta of 0.72. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.88 and a current ratio of 1.06.

Primo Brands (NYSE:PRMB) last issued its earnings results on Thursday, November 6th. The company reported $0.41 EPS for the quarter, hitting the consensus estimate of $0.41. Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The company had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.78 billion. The company’s revenue was up 35.3% on a year-over-year basis. Sell-side analysts predict that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands declared that its Board of Directors has initiated a share buyback program on Monday, November 10th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 0.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Primo Brands Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 5th. Shareholders of record on Tuesday, November 25th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Tuesday, November 25th. Primo Brands’s payout ratio is currently -129.03%.

Insider Buying and Selling at Primo Brands

In other Primo Brands news, Director Steven P. Stanbrook purchased 54,540 shares of the firm’s stock in a transaction dated Thursday, November 13th. The stock was acquired at an average cost of $16.43 per share, with a total value of $896,092.20. Following the acquisition, the director owned 181,601 shares of the company’s stock, valued at approximately $2,983,704.43. This represents a 42.92% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Eric J. Foss acquired 4,970 shares of the stock in a transaction that occurred on Wednesday, November 12th. The shares were acquired at an average cost of $16.15 per share, with a total value of $80,265.50. Following the transaction, the chief executive officer owned 360,036 shares in the company, valued at approximately $5,814,581.40. The trade was a 1.40% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have bought 203,469 shares of company stock worth $3,214,674 in the last ninety days. 58.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Jefferies Financial Group assumed coverage on shares of Primo Brands in a research note on Friday, October 17th. They set a “hold” rating and a $23.00 price objective on the stock. Royal Bank Of Canada dropped their price target on shares of Primo Brands from $37.00 to $30.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 4th. TD Securities decreased their price objective on shares of Primo Brands from $35.00 to $27.00 and set a “buy” rating for the company in a research report on Friday, November 7th. Mizuho reduced their price target on Primo Brands from $35.00 to $28.00 and set an “outperform” rating for the company in a report on Wednesday. Finally, Barclays dropped their price objective on Primo Brands from $25.00 to $24.00 and set an “overweight” rating on the stock in a report on Wednesday. Nine equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.50.

About Primo Brands

Primo Brands Corp. is a branded beverage company, which focuses on healthy hydration. It delivers sustainably and domestically sourced diversified offerings across products, formats, channels, price points and consumer occasions, distributed in the United States and Canada. The company provides water filtration units for home and business consumers across North America.