Allspring Global Investments Holdings LLC Grows Holdings in Primo Brands Corporation $PRMB

Allspring Global Investments Holdings LLC lifted its stake in shares of Primo Brands Corporation (NYSE:PRMB) by 5.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,465,724 shares of the company’s stock after buying an additional 219,807 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 1.21% of Primo Brands worth $72,300,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Viking Global Investors LP raised its stake in shares of Primo Brands by 17.5% in the 3rd 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 in the last quarter. William Blair Investment Management LLC increased its holdings in Primo Brands by 11.6% in the third 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 last quarter. Alliancebernstein L.P. raised its stake in Primo Brands by 2,486.6% during the second quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company’s stock valued at $173,784,000 after buying an additional 5,640,287 shares in the last quarter. Third Point LLC lifted its holdings in Primo Brands by 108.1% during the 2nd 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 during the last quarter. Finally, Ameriprise Financial Inc. grew its position 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 in the last quarter. 87.71% of the stock is owned by institutional investors and hedge funds.

Primo Brands Trading Up 2.1%

Shares of NYSE PRMB opened at $18.85 on Wednesday. The company has a market cap of $6.84 billion, a price-to-earnings ratio of 125.64, a price-to-earnings-growth ratio of 1.34 and a beta of 0.61. Primo Brands Corporation has a 12-month low of $14.36 and a 12-month high of $35.85. 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 stock’s 50 day simple moving average is $19.71 and its 200 day simple moving average is $19.13.

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

Primo Brands Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 23rd. Investors of record on Friday, March 6th were issued a $0.12 dividend. This is a boost from Primo Brands’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend was Friday, March 6th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.5%. Primo Brands’s dividend payout ratio is 266.67%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on PRMB shares. Deutsche Bank Aktiengesellschaft lowered their price target on Primo Brands from $24.00 to $19.00 and set a “hold” rating for the company in a report on Monday. Royal Bank Of Canada lifted their price objective on shares of Primo Brands to $26.00 and gave the stock an “outperform” rating in a report on Tuesday, February 24th. TD Securities boosted 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. Mizuho increased their target price on shares of Primo Brands from $24.00 to $28.00 and gave the stock an “outperform” rating in a report on Thursday, March 5th. Finally, Zacks Research upgraded shares of Primo Brands from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. Ten investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Primo Brands has a consensus rating of “Moderate Buy” and an average target price of $26.83.

Primo Brands 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.