Cetera Investment Advisers Has $2.44 Million Position in Primo Brands Corporation $PRMB

Cetera Investment Advisers lifted its holdings in Primo Brands Corporation (NYSE:PRMB) by 69.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 82,394 shares of the company’s stock after buying an additional 33,850 shares during the period. Cetera Investment Advisers’ holdings in Primo Brands were worth $2,441,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. lifted its stake in Primo Brands by 28.7% in 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 increased its holdings in shares of Primo Brands by 13.7% in the 2nd quarter. Boston Partners now owns 8,089,479 shares of the company’s stock valued at $239,551,000 after purchasing an additional 971,939 shares during the period. Eminence Capital LP lifted its position in shares of Primo Brands by 48.3% in the first quarter. Eminence Capital LP now owns 7,019,075 shares of the company’s stock worth $249,107,000 after purchasing an additional 2,284,912 shares in the last quarter. Samlyn Capital LLC lifted its position in shares of Primo Brands by 401.8% in 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 boosted its holdings in shares of Primo Brands by 60.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 3,802,613 shares of the company’s stock worth $112,405,000 after purchasing an additional 1,433,010 shares during the period. Hedge funds and other institutional investors own 87.71% of the company’s stock.

Primo Brands Trading Up 3.5%

Primo Brands stock opened at $16.17 on Friday. Primo Brands Corporation has a one year low of $14.36 and a one year high of $35.85. The company’s fifty day moving average price is $19.93 and its two-hundred day moving average price is $25.23. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.06 and a quick ratio of 0.88. The company has a market capitalization of $5.99 billion, a price-to-earnings ratio of -147.00, a PEG ratio of 0.61 and a beta of 0.72.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings results on Thursday, November 6th. The company reported $0.41 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.41. The company had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.78 billion. Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The company’s quarterly revenue was up 35.3% compared to the same quarter last year. On average, analysts forecast that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 5th. Shareholders of record on Tuesday, November 25th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.5%. The ex-dividend date is Tuesday, November 25th. Primo Brands’s dividend payout ratio (DPR) is -129.03%.

Primo Brands announced that its Board of Directors has initiated a stock buyback plan on Monday, November 10th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 0.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

Several research firms have weighed in on PRMB. Mizuho dropped their price objective on shares of Primo Brands from $35.00 to $28.00 and set an “outperform” rating on the stock in a research note on Wednesday. TD Securities dropped their price target on shares of Primo Brands from $35.00 to $27.00 and set a “buy” rating on the stock in a research note on Friday, November 7th. Weiss Ratings reissued a “sell (d+)” rating on shares of Primo Brands in a research report on Tuesday. Bank of America dropped their target price on Primo Brands from $32.00 to $26.00 and set a “buy” rating on the stock in a research report on Wednesday, October 8th. Finally, Zacks Research downgraded Primo Brands from a “hold” rating to a “strong sell” rating in a research note on Tuesday, November 4th. Nine 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’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.50.

Insider Activity

In other news, Director Michael John Cramer acquired 5,000 shares of Primo Brands stock in a transaction dated Monday, November 10th. The stock was acquired at an average cost of $15.73 per share, for a total transaction of $78,650.00. Following the completion of the purchase, the director owned 17,762 shares of the company’s stock, valued at $279,396.26. This represents a 39.18% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Eric J. Foss bought 123,049 shares of the stock in a transaction that occurred on Tuesday, November 11th. The stock was purchased at an average price of $15.52 per share, for a total transaction of $1,909,720.48. Following the completion of the purchase, the chief executive officer directly owned 355,066 shares in the company, valued at $5,510,624.32. The trade was a 53.03% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders purchased 203,469 shares of company stock worth $3,214,674. 58.40% of the stock is owned by company insiders.

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.