Intact Investment Management Inc. Sells 133,530 Shares of Primo Brands Corporation $PRMB

Intact Investment Management Inc. trimmed its stake in shares of Primo Brands Corporation (NYSE:PRMB) by 26.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 371,430 shares of the company’s stock after selling 133,530 shares during the quarter. Intact Investment Management Inc. owned 0.10% of Primo Brands worth $8,209,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of PRMB. Viking Global Investors LP boosted its stake in Primo Brands by 290.2% in the 2nd quarter. Viking Global Investors LP now owns 19,602,116 shares of the company’s stock valued at $580,615,000 after buying an additional 14,578,589 shares in the last quarter. Boston Partners lifted its holdings in shares of Primo Brands by 13.7% during the second quarter. Boston Partners now owns 8,089,479 shares of the company’s stock valued at $239,551,000 after acquiring an additional 971,939 shares during the period. Alliancebernstein L.P. boosted its stake in shares of Primo Brands by 2,486.6% in the 2nd quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company’s stock valued at $173,784,000 after purchasing an additional 5,640,287 shares in the last quarter. Third Point LLC boosted its stake in shares of Primo Brands by 108.1% in the 2nd quarter. Third Point LLC now owns 5,775,000 shares of the company’s stock valued at $171,056,000 after purchasing an additional 3,000,000 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its holdings in shares of Primo Brands by 32.7% in the 2nd quarter. Ameriprise Financial Inc. now owns 4,912,684 shares of the company’s stock worth $145,514,000 after purchasing an additional 1,210,773 shares during the last quarter. 87.71% of the stock is owned by institutional investors and hedge funds.

Primo Brands Stock Performance

PRMB stock opened at $19.26 on Monday. The company has a 50 day moving average price of $16.67 and a 200 day moving average price of $21.27. Primo Brands Corporation has a fifty-two week low of $14.36 and a fifty-two week 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 stock has a market capitalization of $7.13 billion, a PE ratio of -62.12, a price-to-earnings-growth ratio of 0.65 and a beta of 0.63.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings data on Thursday, November 6th. The company reported $0.41 EPS for the quarter, meeting analysts’ consensus estimates of $0.41. The firm had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.78 billion. Primo Brands had a positive return on equity of 12.52% and a negative net margin of 1.30%.The firm’s revenue was up 35.3% compared to the same quarter last year. Analysts forecast that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 5th. Investors of record on Tuesday, November 25th were issued a $0.10 dividend. The ex-dividend date was Tuesday, November 25th. This represents a $0.40 annualized dividend and a yield of 2.1%. Primo Brands’s dividend payout ratio (DPR) is currently -129.03%.

Primo Brands declared that its board has authorized a share buyback plan on Monday, November 10th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 0.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on PRMB shares. Bank of America cut their price target on shares of Primo Brands from $32.00 to $26.00 and set a “buy” rating for the company in a report on Wednesday, October 8th. Mizuho cut their target price on shares of Primo Brands from $28.00 to $24.00 and set an “outperform” rating for the company in a research note on Thursday, January 8th. Royal Bank Of Canada reduced their target price on Primo Brands from $37.00 to $30.00 and set an “outperform” rating on the stock in a report on Tuesday, November 4th. Morgan Stanley reaffirmed an “overweight” rating on shares of Primo Brands in a report on Monday, January 5th. Finally, TD Securities cut their price objective on Primo Brands from $35.00 to $27.00 and set a “buy” rating for the company in a research report on Friday, November 7th. Nine equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $26.83.

Insider Transactions at Primo Brands

In other Primo Brands news, CEO Eric J. Foss purchased 4,970 shares of the company’s stock in a transaction that occurred on Wednesday, November 12th. The stock was acquired at an average cost of $16.15 per share, with a total value of $80,265.50. Following the completion of the purchase, the chief executive officer directly owned 360,036 shares in the company, valued at approximately $5,814,581.40. This represents a 1.40% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Steven P. Stanbrook acquired 54,540 shares of the business’s stock in a transaction that occurred on Thursday, November 13th. The stock was acquired at an average price of $16.43 per share, for a total transaction of $896,092.20. Following the completion of the acquisition, the director directly owned 181,601 shares of the company’s stock, valued at $2,983,704.43. This trade represents a 42.92% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders bought 203,469 shares of company stock valued at $3,214,674. 58.40% of the stock is owned by company insiders.

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.