Primo Brands Corporation $PRMB Shares Purchased by Bamco Inc. NY

Bamco Inc. NY raised its stake in Primo Brands Corporation (NYSE:PRMB) by 1,128.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,252,512 shares of the company’s stock after purchasing an additional 2,069,093 shares during the period. Bamco Inc. NY owned 0.61% of Primo Brands worth $49,781,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in PRMB. Viking Global Investors LP increased its stake in Primo Brands by 17.5% in the third quarter. Viking Global Investors LP now owns 23,033,970 shares of the company’s stock valued at $509,051,000 after purchasing an additional 3,431,854 shares during the period. William Blair Investment Management LLC lifted its holdings in shares of Primo Brands by 11.6% in the 3rd quarter. William Blair Investment Management LLC now owns 11,834,384 shares of the company’s stock valued at $261,540,000 after buying an additional 1,231,701 shares during the period. Alliancebernstein L.P. boosted its position in shares of Primo Brands by 2,486.6% during the 2nd quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company’s stock worth $173,784,000 after purchasing an additional 5,640,287 shares in the last quarter. Third Point LLC boosted its holdings in Primo Brands by 108.1% during the second quarter. Third Point LLC now owns 5,775,000 shares of the company’s stock worth $171,056,000 after buying an additional 3,000,000 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its holdings in shares of Primo Brands by 3.6% in the 3rd quarter. Ameriprise Financial Inc. now owns 5,090,613 shares of the company’s stock worth $112,503,000 after acquiring an additional 177,929 shares during the period. Institutional investors and hedge funds own 87.71% of the company’s stock.

Primo Brands Stock Performance

PRMB opened at $20.75 on Monday. The company has a current ratio of 0.95, a quick ratio of 0.78 and a debt-to-equity ratio of 1.70. The business’s 50 day moving average is $19.46 and its 200-day moving average is $19.62. The stock has a market cap of $7.54 billion, a PE ratio of 138.35, a price-to-earnings-growth ratio of 1.51 and a beta of 0.61. Primo Brands Corporation has a twelve month low of $14.36 and a twelve month high of $35.85.

Primo Brands (NYSE:PRMB) last issued its quarterly earnings data on Thursday, February 26th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. Primo Brands had a return on equity of 14.52% and a net margin of 0.90%.The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same period in the prior year, the company posted $0.13 EPS. The business’s revenue for the quarter was up 11.2% compared to the same quarter last year. On average, analysts predict that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 23rd. Stockholders of record on Friday, March 6th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Friday, March 6th. This is a positive change from Primo Brands’s previous quarterly dividend of $0.10. This represents a $0.48 annualized dividend and a dividend yield of 2.3%. Primo Brands’s dividend payout ratio (DPR) is currently 266.67%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Barclays upped their target price on Primo Brands from $21.00 to $27.00 and gave the company an “overweight” rating in a research note on Monday, March 2nd. The Goldman Sachs Group cut their price target on Primo Brands from $21.00 to $18.00 and set a “neutral” rating for the company in a report on Tuesday, November 25th. JPMorgan Chase & Co. reduced their target price on Primo Brands from $23.00 to $21.00 and set an “overweight” rating on the stock in a report on Thursday, December 18th. Zacks Research raised shares of Primo Brands from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. Finally, TD Securities upped their target price on shares of Primo Brands from $27.00 to $29.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Nine investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $27.25.

Primo Brands Company Profile

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.