Hsbc Holdings PLC Boosts Stake in Primo Brands Corporation $PRMB

Hsbc Holdings PLC grew its position in shares of Primo Brands Corporation (NYSE:PRMB) by 1,026.4% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 260,326 shares of the company’s stock after buying an additional 237,215 shares during the quarter. Hsbc Holdings PLC owned 0.07% of Primo Brands worth $7,685,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of PRMB. Boston Partners increased its position in shares of Primo Brands by 9,613.2% during the first quarter. Boston Partners now owns 7,117,540 shares of the company’s stock valued at $252,552,000 after acquiring an additional 7,044,263 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Primo Brands by 28.7% during the 1st quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company’s stock valued at $699,314,000 after purchasing an additional 4,389,327 shares during the last quarter. Samlyn Capital LLC raised its stake in shares of Primo Brands by 401.8% during the 1st 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 during the period. Axiom Investors LLC DE purchased a new position in shares of Primo Brands in the 1st quarter worth about $115,081,000. Finally, Eminence Capital LP boosted its holdings in shares of Primo Brands by 48.3% in the 1st quarter. Eminence Capital LP now owns 7,019,075 shares of the company’s stock worth $249,107,000 after buying an additional 2,284,912 shares during the last quarter. 87.71% of the stock is owned by institutional investors.

Insider Activity

In other news, CFO David W. Hass acquired 15,910 shares of Primo Brands stock in a transaction that occurred on Tuesday, November 11th. The stock was bought at an average price of $15.71 per share, with a total value of $249,946.10. Following the completion of the purchase, the chief financial officer owned 64,745 shares in the company, valued at approximately $1,017,143.95. The trade was a 32.58% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Steven P. Stanbrook bought 54,540 shares of the stock in a transaction on Thursday, November 13th. The stock was purchased at an average price of $16.43 per share, for a total transaction of $896,092.20. Following the completion of the purchase, the director directly owned 181,601 shares in the company, valued at approximately $2,983,704.43. This represents a 42.92% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased a total of 203,469 shares of company stock valued at $3,214,674 over the last ninety days. 58.40% of the stock is owned by insiders.

Primo Brands Trading Down 1.9%

Shares of PRMB stock opened at $16.22 on Friday. The stock has a market capitalization of $6.01 billion, a price-to-earnings ratio of -52.32, a PEG ratio of 0.54 and a beta of 0.64. The company’s fifty day simple moving average is $19.46 and its two-hundred day simple moving average is $24.80. 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.

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

Primo Brands announced that its board has initiated a stock buyback plan on Monday, November 10th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to buy up to 0.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Primo Brands Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Tuesday, November 25th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Tuesday, November 25th. Primo Brands’s dividend payout ratio is presently -129.03%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on PRMB shares. Zacks Research downgraded shares of Primo Brands from a “hold” rating to a “strong sell” rating in a report on Tuesday, November 4th. Royal Bank Of Canada decreased their price target on shares of Primo Brands from $37.00 to $30.00 and set an “outperform” rating for the company in a research note on Tuesday, November 4th. Bank of America dropped their price objective on Primo Brands from $32.00 to $26.00 and set a “buy” rating on the stock in a research note on Wednesday, October 8th. Morgan Stanley decreased their target price on Primo Brands from $38.00 to $35.00 and set an “overweight” rating for the company in a research report on Monday, August 11th. Finally, TD Securities dropped their price target on Primo Brands from $35.00 to $27.00 and set a “buy” rating on the stock in a research report on Friday, November 7th. Nine research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $29.50.

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.