Cibc World Market Inc. Has $3.51 Million Stock Holdings in Primo Brands Corporation $PRMB

Cibc World Market Inc. increased its stake in Primo Brands Corporation (NYSE:PRMB) by 461.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 158,971 shares of the company’s stock after buying an additional 130,674 shares during the quarter. Cibc World Market Inc.’s holdings in Primo Brands were worth $3,513,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the company. Dynamic Advisor Solutions LLC raised its holdings in shares of Primo Brands by 1.2% in the 3rd quarter. Dynamic Advisor Solutions LLC now owns 47,067 shares of the company’s stock valued at $1,040,000 after purchasing an additional 567 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Primo Brands in the second quarter valued at approximately $26,000. EverSource Wealth Advisors LLC lifted its position in shares of Primo Brands by 102.4% in the second quarter. EverSource Wealth Advisors LLC now owns 2,091 shares of the company’s stock valued at $62,000 after buying an additional 1,058 shares during the last quarter. Phoenix Financial Ltd. boosted its stake in shares of Primo Brands by 14.6% during the 3rd quarter. Phoenix Financial Ltd. now owns 10,151 shares of the company’s stock worth $224,000 after acquiring an additional 1,292 shares during the period. Finally, Ensign Peak Advisors Inc increased its holdings in shares of Primo Brands by 11.4% during the 2nd quarter. Ensign Peak Advisors Inc now owns 12,984 shares of the company’s stock worth $385,000 after acquiring an additional 1,330 shares during the last quarter. Institutional investors and hedge funds own 87.71% of the company’s stock.

Wall Street Analysts Forecast Growth

PRMB has been the subject of several research reports. Mizuho cut their price target on Primo Brands from $28.00 to $24.00 and set an “outperform” rating for the company in a report on Thursday, January 8th. Zacks Research cut shares of Primo Brands from a “hold” rating to a “strong sell” rating in a research note on Tuesday, November 4th. BMO Capital Markets reiterated an “outperform” rating and issued a $35.00 price target on shares of Primo Brands in a research note on Friday, January 23rd. Weiss Ratings reissued a “sell (d+)” rating on shares of Primo Brands in a report on Monday, December 29th. Finally, The Goldman Sachs Group lowered their target price on Primo Brands from $21.00 to $18.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 25th. Nine equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.83.

Primo Brands Trading Down 0.9%

Shares of NYSE:PRMB opened at $18.74 on Monday. The business’s 50 day simple moving average is $17.67 and its 200 day simple moving average is $20.24. Primo Brands Corporation has a 1 year low of $14.36 and a 1 year high of $35.85. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.02 and a quick ratio of 0.86. The company has a market capitalization of $6.94 billion, a P/E ratio of -60.45, a P/E/G ratio of 0.63 and a beta of 0.63.

Primo Brands announced that its Board of Directors has initiated a share repurchase program on Monday, November 10th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 0.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

About Primo Brands

Primo Brands (NYSE: PRMB) is a consumer packaged beverage company that was established as an independent entity following a corporate spin‐off in 2023. The company specializes in the production, marketing and distribution of a broad portfolio of bottled water products, including purified, mineral and sparkling varieties. Through its focus on quality control and innovation, Primo Brands aims to deliver clean, great-tasting water in formats tailored to both at-home consumption and on-the-go lifestyles.

Its product range spans multi-serve and single-serve bottles, aluminum cans and other eco-friendly packaging solutions.