Janney Capital Management LLC Acquires Shares of 158,354 Primo Brands Corporation $PRMB

Janney Capital Management LLC acquired a new position in shares of Primo Brands Corporation (NYSE:PRMB) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 158,354 shares of the company’s stock, valued at approximately $3,500,000.

A number of other hedge funds have also bought and sold shares of the company. Procyon Advisors LLC increased its holdings in Primo Brands by 2.3% in the second quarter. Procyon Advisors LLC now owns 18,392 shares of the company’s stock valued at $545,000 after buying an additional 411 shares during the last quarter. Dynamic Advisor Solutions LLC grew its position 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 worth $1,040,000 after acquiring an additional 567 shares in the last quarter. Fulton Bank N.A. increased its holdings in shares of Primo Brands by 3.1% in the 2nd quarter. Fulton Bank N.A. now owns 24,833 shares of the company’s stock valued at $736,000 after acquiring an additional 737 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Primo Brands during the 2nd quarter valued at approximately $26,000. Finally, EverSource Wealth Advisors LLC lifted its stake in Primo Brands by 102.4% during the second quarter. EverSource Wealth Advisors LLC now owns 2,091 shares of the company’s stock worth $62,000 after purchasing an additional 1,058 shares during the last quarter. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Primo Brands Price Performance

Shares of PRMB opened at $18.14 on Tuesday. The firm has a market capitalization of $6.72 billion, a price-to-earnings ratio of -58.52, a price-to-earnings-growth ratio of 0.60 and a beta of 0.63. The stock’s fifty day moving average is $16.43 and its 200-day moving average is $21.98. Primo Brands Corporation has a one year low of $14.36 and a one year high of $35.85. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.86 and a current ratio of 1.02.

Primo Brands (NYSE:PRMB) last released its quarterly earnings results on Thursday, November 6th. The company reported $0.41 EPS for the quarter, hitting analysts’ consensus estimates of $0.41. The company had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.78 billion. Primo Brands had a negative net margin of 1.30% and a positive return on equity of 12.52%. Primo Brands’s revenue for the quarter was up 35.3% compared to the same quarter last year. Equities analysts anticipate 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. Stockholders of record on Tuesday, November 25th were given a dividend of $0.10 per share. The ex-dividend date was Tuesday, November 25th. This represents a $0.40 annualized dividend and a dividend yield of 2.2%. Primo Brands’s dividend payout ratio (DPR) is -129.03%.

Primo Brands declared that its board has initiated a stock 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 usually a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

PRMB has been the topic of several research reports. Jefferies Financial Group assumed coverage on shares of Primo Brands in a research note on Friday, October 17th. They set a “hold” rating and a $23.00 price objective on the stock. Royal Bank Of Canada cut their price target on Primo Brands from $37.00 to $30.00 and set an “outperform” rating on the stock in a report on Tuesday, November 4th. JPMorgan Chase & Co. reduced their price objective on Primo Brands from $23.00 to $21.00 and set an “overweight” rating for the company in a research report on Thursday, December 18th. TD Securities cut their target price on Primo Brands from $35.00 to $27.00 and set a “buy” rating on the stock in a research note on Friday, November 7th. Finally, The Goldman Sachs Group lowered their price target on shares of Primo Brands from $21.00 to $18.00 and set a “neutral” rating for the company in a research report on Tuesday, November 25th. Eight analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $26.09.

Insider Transactions at Primo Brands

In other news, Director Michael John Cramer acquired 5,000 shares of the business’s stock in a transaction dated Monday, November 10th. The stock was acquired at an average price of $15.73 per share, for a total transaction of $78,650.00. Following the completion of the acquisition, the director directly owned 17,762 shares in the company, valued at $279,396.26. This represents a 39.18% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, Director Steven P. Stanbrook bought 54,540 shares of the firm’s stock in a transaction that occurred on Thursday, November 13th. The shares were purchased at an average cost of $16.43 per share, with a total value of $896,092.20. Following the purchase, the director directly owned 181,601 shares of the company’s stock, valued at approximately $2,983,704.43. This represents a 42.92% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders purchased a total of 203,469 shares of company stock worth $3,214,674 over the last 90 days. 58.40% of the stock is currently owned by corporate insiders.

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.