Primo Brands Corporation (NYSE:PRMB) Shares Acquired by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. grew its holdings in Primo Brands Corporation (NYSE:PRMB) by 25.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,505,860 shares of the company’s stock after purchasing an additional 303,538 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.40% of Primo Brands worth $53,443,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Corbyn Investment Management Inc. MD grew its position in shares of Primo Brands by 0.3% in the first quarter. Corbyn Investment Management Inc. MD now owns 367,933 shares of the company’s stock valued at $13,058,000 after purchasing an additional 1,058 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Primo Brands by 28.7% in the first 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. Cary Street Partners Financial LLC lifted its stake in shares of Primo Brands by 18.7% during the first quarter. Cary Street Partners Financial LLC now owns 23,804 shares of the company’s stock valued at $845,000 after buying an additional 3,750 shares during the period. New Age Alpha Advisors LLC acquired a new stake in Primo Brands during the first quarter worth approximately $43,000. Finally, Blair William & Co. IL boosted its position in Primo Brands by 60.3% during the first quarter. Blair William & Co. IL now owns 74,791 shares of the company’s stock worth $2,654,000 after acquiring an additional 28,144 shares during the last quarter. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Primo Brands news, CEO Robbert Rietbroek bought 8,285 shares of the business’s stock in a transaction dated Wednesday, August 13th. The shares were acquired at an average price of $24.12 per share, with a total value of $199,834.20. Following the purchase, the chief executive officer owned 586,349 shares in the company, valued at approximately $14,142,737.88. The trade was a 1.43% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Steven P. Stanbrook bought 12,400 shares of the business’s stock in a transaction dated Tuesday, August 12th. The stock was acquired at an average cost of $24.04 per share, for a total transaction of $298,096.00. Following the purchase, the director owned 125,025 shares in the company, valued at approximately $3,005,601. This trade represents a 11.01% increase in their position. The disclosure for this purchase can be found here. Company insiders own 58.40% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on PRMB shares. Bank of America decreased their target price on shares of Primo Brands from $42.00 to $39.00 and set a “buy” rating on the stock in a research report on Friday, July 11th. Mizuho started coverage on shares of Primo Brands in a research report on Monday, May 12th. They set an “outperform” rating and a $43.00 target price on the stock. TD Securities decreased their target price on shares of Primo Brands from $48.00 to $35.00 and set a “buy” rating on the stock in a research report on Friday, August 8th. Royal Bank Of Canada decreased their target price on shares of Primo Brands from $40.00 to $37.00 and set an “outperform” rating on the stock in a research report on Friday, August 8th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $26.00 target price on shares of Primo Brands in a research report on Friday, August 8th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Primo Brands currently has a consensus rating of “Moderate Buy” and an average price target of $37.60.

Primo Brands Stock Performance

NYSE:PRMB opened at $24.58 on Friday. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.55. The company has a market cap of $9.18 billion, a P/E ratio of -223.45, a P/E/G ratio of 0.58 and a beta of 0.72. Primo Brands Corporation has a fifty-two week low of $21.54 and a fifty-two week high of $35.85. The firm’s 50 day moving average is $28.39 and its two-hundred day moving average is $31.31.

Primo Brands (NYSE:PRMB) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.05). Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%. The company had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.83 billion. The firm’s quarterly revenue was up 31.6% compared to the same quarter last year. Analysts expect that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Thursday, August 21st. Primo Brands’s dividend payout ratio (DPR) is currently -363.64%.

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.