American Century Companies Inc. Decreases Position in Primo Brands Corporation $PRMB

American Century Companies Inc. lowered its position in shares of Primo Brands Corporation (NYSE:PRMB) by 71.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,908 shares of the company’s stock after selling 61,656 shares during the period. American Century Companies Inc.’s holdings in Primo Brands were worth $884,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in PRMB. Boston Partners raised its stake in shares of Primo Brands by 9,613.2% during the first quarter. Boston Partners now owns 7,117,540 shares of the company’s stock valued at $252,552,000 after purchasing an additional 7,044,263 shares during the period. Victory Capital Management Inc. purchased a new stake in shares of Primo Brands during the first quarter valued at approximately $184,225,000. Vanguard Group Inc. raised its stake in shares of Primo Brands by 28.7% during the first quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company’s stock valued at $699,314,000 after purchasing an additional 4,389,327 shares during the period. Nuveen Asset Management LLC purchased a new stake in shares of Primo Brands during the fourth quarter valued at approximately $98,302,000. Finally, Ameriprise Financial Inc. purchased a new stake in shares of Primo Brands during the fourth quarter valued at approximately $80,225,000. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Insider Activity

In other news, Director Steven P. Stanbrook purchased 12,400 shares of Primo Brands stock in a transaction dated Tuesday, August 12th. The stock was bought at an average price of $24.04 per share, with a total value of $298,096.00. Following the completion of the acquisition, the director owned 125,025 shares in the company, valued at $3,005,601. The trade was a 11.01% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robbert Rietbroek purchased 8,285 shares of Primo Brands stock in a transaction dated Wednesday, August 13th. The shares were purchased at an average cost of $24.12 per share, with a total value of $199,834.20. Following the acquisition, the chief executive officer owned 586,349 shares of the company’s stock, valued at approximately $14,142,737.88. This trade represents a 1.43% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 24,685 shares of company stock valued at $595,770. 58.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently issued reports on PRMB shares. Barclays dropped their price objective on shares of Primo Brands from $40.00 to $38.00 and set an “overweight” rating on the stock in a research note on Monday, June 16th. Mizuho dropped their price objective on shares of Primo Brands from $43.00 to $40.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 20th. Royal Bank Of Canada decreased their price target on shares of Primo Brands from $40.00 to $37.00 and set an “outperform” rating for the company in a research report on Friday, August 8th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $26.00 price target on shares of Primo Brands in a research report on Friday, August 8th. Finally, Bank of America decreased their price target on shares of Primo Brands from $42.00 to $39.00 and set a “buy” rating for the company in a research report on Friday, July 11th. Nine equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.30.

Primo Brands Stock Performance

Primo Brands stock opened at $25.10 on Friday. The company has a market cap of $9.37 billion, a PE ratio of -228.14, a P/E/G ratio of 0.64 and a beta of 0.76. The company has a fifty day moving average price of $27.09 and a two-hundred day moving average price of $30.52. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.06 and a quick ratio of 0.88. Primo Brands Corporation has a 12 month low of $21.60 and a 12 month high of $35.85.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.05). Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.83 billion. Primo Brands’s revenue for the quarter was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. Research analysts expect that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, August 21st. This represents a $0.40 annualized dividend and a dividend yield of 1.6%. Primo Brands’s payout ratio is -363.64%.

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.