Vanguard Personalized Indexing Management LLC lessened its position in shares of Primo Brands Corporation (NYSE:PRMB – Free Report) by 2.2% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 27,175 shares of the company’s stock after selling 598 shares during the quarter. Vanguard Personalized Indexing Management LLC’s holdings in Primo Brands were worth $805,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. IFP Advisors Inc acquired a new stake in Primo Brands during the first quarter valued at $40,000. New Age Alpha Advisors LLC acquired a new stake in Primo Brands during the first quarter valued at $43,000. Millstone Evans Group LLC acquired a new stake in Primo Brands during the first quarter valued at $54,000. GAMMA Investing LLC grew its position in Primo Brands by 34.5% during the first quarter. GAMMA Investing LLC now owns 1,942 shares of the company’s stock valued at $69,000 after buying an additional 498 shares during the period. Finally, TD Private Client Wealth LLC acquired a new stake in Primo Brands during the second quarter valued at $71,000. Institutional investors and hedge funds own 87.71% of the company’s stock.
Primo Brands Stock Performance
NYSE:PRMB opened at $22.19 on Tuesday. The company’s 50-day moving average price is $23.42 and its 200-day moving average price is $28.14. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55. The company has a market cap of $8.29 billion, a P/E ratio of -201.76, a P/E/G ratio of 0.58 and a beta of 0.76. Primo Brands Corporation has a twelve month low of $21.37 and a twelve month high of $35.85.
Primo Brands Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend was Thursday, August 21st. Primo Brands’s dividend payout ratio (DPR) is currently -363.64%.
Insiders Place Their Bets
In other news, Director Michael John Cramer bought 4,000 shares of Primo Brands stock in a transaction on Thursday, August 14th. The shares were bought at an average cost of $24.46 per share, with a total value of $97,840.00. Following the completion of the purchase, the director directly owned 12,762 shares of the company’s stock, valued at approximately $312,158.52. This trade represents a 45.65% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Robbert Rietbroek bought 8,285 shares of Primo Brands stock in a transaction on Wednesday, August 13th. The shares were purchased at an average cost of $24.12 per share, for a total transaction of $199,834.20. Following the completion of the purchase, the chief executive officer directly owned 586,349 shares of the company’s stock, valued at $14,142,737.88. This trade represents a 1.43% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 24,685 shares of company stock valued at $595,770 over the last ninety days. Company insiders own 58.40% of the company’s stock.
Analyst Upgrades and Downgrades
Several analysts recently commented on PRMB shares. Jefferies Financial Group assumed coverage on shares of Primo Brands in a research report on Friday. They set a “hold” rating and a $23.00 price target on the stock. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $26.00 target price on shares of Primo Brands in a research report on Friday, August 8th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Primo Brands in a research report on Wednesday, October 8th. The Goldman Sachs Group assumed coverage on shares of Primo Brands in a research report on Thursday, September 11th. They issued a “neutral” rating and a $25.00 target price on the stock. Finally, Bank of America dropped their target price on shares of Primo Brands from $32.00 to $26.00 and set a “buy” rating on the stock in a research report on Wednesday, October 8th. Nine research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $34.00.
Check Out Our Latest Research Report on PRMB
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.
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