Eminence Capital LP Invests $145.67 Million in Primo Brands Co. (NYSE:PRMB)

Eminence Capital LP purchased a new stake in Primo Brands Co. (NYSE:PRMB - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 4,734,163 shares of the company's stock, valued at approximately $145,670,000. Primo Brands makes up approximately 2.2% of Eminence Capital LP's investment portfolio, making the stock its 18th biggest holding. Eminence Capital LP owned about 1.25% of Primo Brands as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Rise Advisors LLC purchased a new stake in shares of Primo Brands during the fourth quarter worth approximately $28,000. SRS Capital Advisors Inc. purchased a new stake in shares of Primo Brands during the fourth quarter worth approximately $30,000. EverSource Wealth Advisors LLC purchased a new position in Primo Brands in the fourth quarter worth $30,000. Blue Trust Inc. purchased a new position in Primo Brands in the fourth quarter worth $33,000. Finally, R Squared Ltd purchased a new position in Primo Brands in the fourth quarter worth $42,000. 87.71% of the stock is owned by institutional investors and hedge funds.

Primo Brands Stock Down 0.8%

Shares of PRMB traded down $0.26 during trading hours on Monday, reaching $31.68. 2,240,862 shares of the company traded hands, compared to its average volume of 3,419,681. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.18 and a quick ratio of 2.07. The company has a market cap of $12.04 billion, a PE ratio of 39.82, a PEG ratio of 0.78 and a beta of 0.83. Primo Brands Co. has a fifty-two week low of $24.41 and a fifty-two week high of $35.85. The company's fifty day moving average price is $32.95.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.24 by $0.05. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. The firm had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.63 billion. The firm's revenue was up 42.1% on a year-over-year basis. Research analysts predict that Primo Brands Co. will post 1.13 EPS for the current fiscal year.

Primo Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Friday, June 6th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date is Friday, June 6th.

Analyst Ratings Changes

PRMB has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft increased their price objective on Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. JPMorgan Chase & Co. increased their price objective on Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a research report on Friday, February 21st. Truist Financial initiated coverage on Primo Brands in a research report on Friday, April 4th. They issued a "buy" rating and a $42.00 price objective for the company. Mizuho started coverage on Primo Brands in a research report on Monday. They issued an "outperform" rating and a $43.00 price objective for the company. Finally, TD Securities started coverage on Primo Brands in a report on Tuesday, April 8th. They issued a "buy" rating and a $48.00 target price on the stock. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $41.71.

Primo Brands 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.