4,531,257 Shares in Primo Brands Corporation $PRMB Bought by Norges Bank

Norges Bank bought a new position in Primo Brands Corporation (NYSE:PRMB) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 4,531,257 shares of the company’s stock, valued at approximately $74,086,000. Norges Bank owned 1.22% of Primo Brands as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of the company. Eurizon Capital SGR S.p.A. bought a new position in Primo Brands in the 4th quarter worth $6,794,000. Fiducient Advisors LLC bought a new position in Primo Brands in the 4th quarter worth $9,560,000. Geode Capital Management LLC boosted its holdings in Primo Brands by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 4,253,356 shares of the company’s stock worth $69,558,000 after buying an additional 11,617 shares during the period. King Luther Capital Management Corp boosted its holdings in Primo Brands by 83.3% in the 4th quarter. King Luther Capital Management Corp now owns 314,096 shares of the company’s stock worth $5,135,000 after buying an additional 142,695 shares during the period. Finally, Legal & General Group Plc boosted its holdings in Primo Brands by 0.4% in the 4th quarter. Legal & General Group Plc now owns 964,002 shares of the company’s stock worth $15,761,000 after buying an additional 3,420 shares during the period. Institutional investors own 87.71% of the company’s stock.

Primo Brands Stock Down 0.3%

Shares of NYSE:PRMB opened at $22.94 on Friday. The company has a current ratio of 0.98, a quick ratio of 0.79 and a debt-to-equity ratio of 1.72. Primo Brands Corporation has a 12 month low of $14.36 and a 12 month high of $31.49. The company has a 50-day moving average price of $21.32 and a 200 day moving average price of $19.26. The company has a market cap of $8.33 billion, a price-to-earnings ratio of 163.88, a PEG ratio of 1.98 and a beta of 0.72.

Primo Brands (NYSE:PRMB) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). Primo Brands had a net margin of 0.88% and a return on equity of 13.98%. The business had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the previous year, the business posted $0.29 EPS. The firm’s revenue was up .8% on a year-over-year basis. As a group, equities research analysts predict that Primo Brands Corporation will post 1.25 earnings per share for the current year.

Primo Brands Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Thursday, June 4th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Thursday, June 4th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.1%. Primo Brands’s dividend payout ratio (DPR) is presently 342.86%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PRMB. JPMorgan Chase & Co. reduced their price objective on shares of Primo Brands from $27.00 to $26.00 and set an “overweight” rating on the stock in a research report on Monday, May 4th. TD Securities lifted their price objective on shares of Primo Brands from $27.00 to $29.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Primo Brands from $24.00 to $19.00 and set a “hold” rating on the stock in a research report on Monday, March 30th. Royal Bank Of Canada set a $28.00 price objective on shares of Primo Brands in a report on Thursday, April 9th. Finally, Mizuho increased their price objective on shares of Primo Brands from $24.00 to $28.00 and gave the company an “outperform” rating in a report on Thursday, March 5th. Nine research 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, the company currently has an average rating of “Moderate Buy” and a consensus price target of $25.91.

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.