Parallel Advisors LLC Boosts Holdings in Primo Brands Corporation $PRMB

Parallel Advisors LLC increased its holdings in Primo Brands Corporation (NYSE:PRMB) by 98.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,586 shares of the company’s stock after purchasing an additional 1,284 shares during the period. Parallel Advisors LLC’s holdings in Primo Brands were worth $77,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Primo Brands by 28.7% during the 1st quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company’s stock worth $699,314,000 after acquiring an additional 4,389,327 shares in the last quarter. Boston Partners raised its holdings in shares of Primo Brands by 9,613.2% during the 1st quarter. Boston Partners now owns 7,117,540 shares of the company’s stock worth $252,552,000 after acquiring an additional 7,044,263 shares in the last quarter. Eminence Capital LP raised its holdings in shares of Primo Brands by 48.3% during the 1st quarter. Eminence Capital LP now owns 7,019,075 shares of the company’s stock worth $249,107,000 after acquiring an additional 2,284,912 shares in the last quarter. Victory Capital Management Inc. purchased a new stake in shares of Primo Brands during the 1st quarter worth approximately $184,225,000. Finally, Samlyn Capital LLC raised its holdings in shares of Primo Brands by 401.8% during the 1st quarter. Samlyn Capital LLC now owns 4,656,312 shares of the company’s stock worth $165,253,000 after acquiring an additional 3,728,344 shares in the last quarter. 87.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Primo Brands

In other Primo Brands news, CEO Robbert Rietbroek acquired 8,285 shares of the business’s stock in a transaction on Wednesday, August 13th. The shares were bought at an average price of $24.12 per share, with a total value of $199,834.20. Following the transaction, the chief executive officer directly owned 586,349 shares of the company’s stock, valued at $14,142,737.88. The trade was a 1.43% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Michael John Cramer acquired 4,000 shares of the business’s stock in a transaction on Thursday, August 14th. The stock was acquired at an average cost of $24.46 per share, for a total transaction of $97,840.00. Following the transaction, the director directly owned 12,762 shares in the company, valued at $312,158.52. The trade was a 45.65% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 24,685 shares of company stock valued at $595,770 in the last quarter. 58.40% of the stock is owned by insiders.

Primo Brands Stock Performance

Shares of Primo Brands stock opened at $22.33 on Thursday. The stock’s fifty day moving average is $25.33 and its two-hundred day moving average is $29.56. The company has a market capitalization of $8.34 billion, a PE ratio of -203.00, a price-to-earnings-growth ratio of 0.59 and a beta of 0.76. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.55. Primo Brands Corporation has a 52 week low of $21.60 and a 52 week high of $35.85.

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

Primo Brands Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st were given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Thursday, August 21st. Primo Brands’s dividend payout ratio is -363.64%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PRMB. Barclays decreased their price objective on Primo Brands from $40.00 to $38.00 and set an “overweight” rating on the stock in a report on Monday, June 16th. The Goldman Sachs Group began coverage on Primo Brands in a report on Thursday, September 11th. They set a “neutral” rating and a $25.00 price objective on the stock. Zacks Research cut Primo Brands from a “hold” rating to a “strong sell” rating in a report on Friday, August 22nd. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $26.00 target price on shares of Primo Brands in a research report on Friday, August 8th. Finally, Morgan Stanley cut their target price on Primo Brands from $38.00 to $35.00 and set an “overweight” rating on the stock in a research report on Monday, August 11th. Nine investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $36.18.

Primo Brands Company Profile

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.