Principal Financial Group Inc. Has $2.81 Million Position in Primo Brands Corporation (NYSE:PRMB)

Principal Financial Group Inc. lifted its stake in Primo Brands Corporation (NYSE:PRMB) by 7.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 79,224 shares of the company’s stock after buying an additional 5,383 shares during the period. Principal Financial Group Inc.’s holdings in Primo Brands were worth $2,812,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in PRMB. PNC Financial Services Group Inc. bought a new stake in shares of Primo Brands in the 4th quarter worth approximately $252,000. HighTower Advisors LLC acquired a new position in shares of Primo Brands in the fourth quarter valued at $211,000. EverSource Wealth Advisors LLC bought a new position in Primo Brands in the fourth quarter worth $30,000. Swiss National Bank acquired a new stake in Primo Brands during the fourth quarter worth $9,512,000. Finally, Natixis Advisors LLC bought a new stake in Primo Brands in the 4th quarter valued at $770,000. 87.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PRMB. Mizuho initiated coverage on shares of Primo Brands in a report on Monday, May 12th. They set an “outperform” rating and a $43.00 price objective for the company. Barclays cut their price target on shares of Primo Brands from $40.00 to $38.00 and set an “overweight” rating for the company in a research note on Monday, June 16th. Bank of America decreased their price objective on Primo Brands from $42.00 to $39.00 and set a “buy” rating on the stock in a report on Friday, July 11th. Truist Financial started coverage on Primo Brands in a report on Friday, April 4th. They issued a “buy” rating and a $42.00 target price for the company. Finally, Morgan Stanley started coverage on Primo Brands in a research note on Wednesday, July 2nd. They issued an “overweight” rating and a $38.00 price target on the stock. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $40.70.

Primo Brands Stock Performance

Primo Brands stock opened at $28.98 on Friday. The stock has a 50-day simple moving average of $30.53 and a 200 day simple moving average of $32.03. The stock has a market capitalization of $10.91 billion, a price-to-earnings ratio of -362.20, a P/E/G ratio of 0.54 and a beta of 0.73. The company has a quick ratio of 0.87, a current ratio of 1.07 and a debt-to-equity ratio of 1.49. Primo Brands Corporation has a 12-month low of $24.41 and a 12-month high of $35.85.

Primo Brands (NYSE:PRMB) last announced its earnings results on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.05. The company had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.63 billion. Primo Brands had a negative net margin of 1.86% and a positive return on equity of 8.35%. Primo Brands’s revenue was up 42.1% compared to the same quarter last year. On average, research analysts anticipate that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th were paid a $0.10 dividend. The ex-dividend date was Friday, June 6th. This represents a $0.40 annualized dividend and a dividend yield of 1.38%. Primo Brands’s dividend payout ratio (DPR) is currently -500.00%.

Insider Buying and Selling at Primo Brands

In related news, Director Tony W. Lee sold 50,657,562 shares of the firm’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $31.67, for a total value of $1,604,324,988.54. Following the transaction, the director owned 116,210,806 shares in the company, valued at $3,680,396,226.02. This trade represents a 30.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 58.40% of the stock is currently owned by insiders.

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.