Principal Financial Group Inc. Decreases Holdings in Primo Brands Corporation $PRMB

Principal Financial Group Inc. decreased its holdings in Primo Brands Corporation (NYSE:PRMB) by 92.7% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 9,783 shares of the company’s stock after selling 124,720 shares during the period. Principal Financial Group Inc.’s holdings in Primo Brands were worth $216,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Dynamic Advisor Solutions LLC lifted its stake in Primo Brands by 1.2% in the third quarter. Dynamic Advisor Solutions LLC now owns 47,067 shares of the company’s stock worth $1,040,000 after purchasing an additional 567 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Primo Brands in the second quarter worth about $26,000. EverSource Wealth Advisors LLC increased its holdings in shares of Primo Brands by 102.4% in the second quarter. EverSource Wealth Advisors LLC now owns 2,091 shares of the company’s stock worth $62,000 after buying an additional 1,058 shares during the period. Phoenix Financial Ltd. lifted its stake in shares of Primo Brands by 14.6% in the 3rd quarter. Phoenix Financial Ltd. now owns 10,151 shares of the company’s stock valued at $224,000 after acquiring an additional 1,292 shares during the last quarter. Finally, Ensign Peak Advisors Inc boosted its holdings in Primo Brands by 11.4% during the 2nd quarter. Ensign Peak Advisors Inc now owns 12,984 shares of the company’s stock valued at $385,000 after acquiring an additional 1,330 shares during the period. Institutional investors own 87.71% of the company’s stock.

Primo Brands Price Performance

Shares of Primo Brands stock opened at $18.75 on Friday. The business has a 50 day moving average of $17.95 and a 200 day moving average of $20.04. Primo Brands Corporation has a 52 week low of $14.36 and a 52 week high of $35.85. The company has a market cap of $6.94 billion, a PE ratio of -60.49, a P/E/G ratio of 0.63 and a beta of 0.63. The company has a quick ratio of 0.86, a current ratio of 1.02 and a debt-to-equity ratio of 1.59.

Primo Brands Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 23rd. Stockholders of record on Friday, March 6th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Friday, March 6th. This is a positive change from Primo Brands’s previous quarterly dividend of $0.10. Primo Brands’s payout ratio is presently -129.03%.

Primo Brands announced that its Board of Directors has approved a stock buyback program on Monday, November 10th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 0.9% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

A number of brokerages have commented on PRMB. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Primo Brands in a research note on Monday, December 29th. JPMorgan Chase & Co. cut their target price on shares of Primo Brands from $23.00 to $21.00 and set an “overweight” rating on the stock in a report on Thursday, December 18th. Morgan Stanley reaffirmed an “overweight” rating on shares of Primo Brands in a research note on Monday, January 5th. Royal Bank Of Canada lowered their price target on shares of Primo Brands from $37.00 to $30.00 and set an “outperform” rating for the company in a report on Tuesday, November 4th. Finally, Mizuho dropped their price target on shares of Primo Brands from $28.00 to $24.00 and set an “outperform” rating for the company in a research report on Thursday, January 8th. Nine research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Primo Brands has a consensus rating of “Moderate Buy” and a consensus target price of $26.83.

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.