Principal Financial Group Inc. Has $2.81 Million Stock Holdings in Primo Brands Corporation (NYSE:PRMB)

Principal Financial Group Inc. raised its holdings in shares of Primo Brands Corporation (NYSE:PRMB) by 7.3% in the 1st quarter, HoldingsChannel.com reports. The fund owned 79,224 shares of the company’s stock after purchasing an additional 5,383 shares during the quarter. Principal Financial Group Inc.’s holdings in Primo Brands were worth $2,812,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the stock. Ritholtz Wealth Management acquired a new stake in Primo Brands in the first quarter worth $608,000. Amalgamated Bank increased its position in shares of Primo Brands by 27.6% in the 1st quarter. Amalgamated Bank now owns 6,872 shares of the company’s stock valued at $244,000 after buying an additional 1,488 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Primo Brands by 14.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 13,465 shares of the company’s stock worth $478,000 after buying an additional 1,656 shares during the period. PNC Financial Services Group Inc. acquired a new position in Primo Brands in the fourth quarter valued at about $252,000. Finally, Asset Management One Co. Ltd. acquired a new position in Primo Brands in the first quarter valued at about $74,000. Institutional investors and hedge funds own 87.71% of the company’s stock.

Insider Buying and Selling at Primo Brands

In other Primo Brands news, Director Tony W. Lee sold 50,657,562 shares of the company’s stock in a transaction on Monday, May 12th. The shares were sold at an average price of $31.67, for a total transaction of $1,604,324,988.54. Following the sale, the director directly owned 116,210,806 shares of the company’s stock, valued at approximately $3,680,396,226.02. This represents a 30.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 58.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PRMB. TD Securities initiated coverage on Primo Brands in a report on Tuesday, April 8th. They set a “buy” rating and a $48.00 price objective on the stock. Barclays lowered their price objective on shares of Primo Brands from $40.00 to $38.00 and set an “overweight” rating for the company in a research report on Monday, June 16th. Truist Financial initiated coverage on shares of Primo Brands in a research report on Friday, April 4th. They issued a “buy” rating and a $42.00 price objective on the stock. Morgan Stanley initiated coverage on shares of Primo Brands in a research note on Wednesday, July 2nd. They issued an “overweight” rating and a $38.00 target price for the company. Finally, Mizuho initiated coverage on Primo Brands in a research note on Monday, May 12th. They issued an “outperform” rating and a $43.00 price target on the stock. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat, Primo Brands presently has an average rating of “Buy” and an average price target of $40.70.

Primo Brands Trading Up 1.1%

Shares of NYSE:PRMB opened at $28.98 on Friday. The company’s 50-day moving average price is $30.53 and its two-hundred day moving average price is $32.03. Primo Brands Corporation has a one year low of $24.41 and a one year high of $35.85. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.07 and a quick ratio of 0.87. The stock has a market capitalization of $10.91 billion, a PE ratio of -362.20, a price-to-earnings-growth ratio of 0.54 and a beta of 0.73.

Primo Brands (NYSE:PRMB) last released its earnings results on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.05. The business had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.63 billion. Primo Brands had a positive return on equity of 8.35% and a negative net margin of 1.86%. The company’s revenue was up 42.1% compared to the same quarter last year. On average, equities analysts forecast that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Investors of record on Friday, June 6th were paid a $0.10 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.40 annualized dividend and a dividend yield of 1.38%. Primo Brands’s dividend payout ratio is presently -500.00%.

About Primo Brands

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.