Axiom Investors LLC DE Takes $115.08 Million Position in Primo Brands Corporation $PRMB

Key Points

• Axiom Investors LLC DE acquired a substantial position in Primo Brands Corporation, purchasing 3,242,619 shares valued at approximately $115 million, making it the firm's 28th largest position.
• CEO Robbert Rietbroek and Director Michael John Cramer recently increased their stakes in Primo Brands, buying shares valued at $199,834 and $97,840 respectively, indicating confidence in the company's future.
• Primo Brands Corporation announced a quarterly dividend of $0.10 per share, with a payout ratio currently at -363.64%, and has recently reported a miss in earnings expectations for the last quarter.

Axiom Investors LLC DE bought a new position in Primo Brands Corporation (NYSE:PRMB - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 3,242,619 shares of the company's stock, valued at approximately $115,081,000. Primo Brands comprises about 1.1% of Axiom Investors LLC DE's investment portfolio, making the stock its 28th largest holding. Axiom Investors LLC DE owned about 0.86% of Primo Brands at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Oliver Luxxe Assets LLC acquired a new position in Primo Brands in the 1st quarter worth about $4,553,000. Jump Financial LLC acquired a new position in Primo Brands in the 1st quarter worth about $11,911,000. Samjo Management LLC increased its position in Primo Brands by 1.0% in the 1st quarter. Samjo Management LLC now owns 328,530 shares of the company's stock worth $11,660,000 after purchasing an additional 3,200 shares during the last quarter. AlphaQuest LLC increased its position in Primo Brands by 176.9% in the 1st quarter. AlphaQuest LLC now owns 22,399 shares of the company's stock worth $795,000 after purchasing an additional 14,309 shares during the last quarter. Finally, Advantage Alpha Capital Partners LP increased its position in Primo Brands by 28.4% in the 1st quarter. Advantage Alpha Capital Partners LP now owns 229,178 shares of the company's stock worth $8,134,000 after purchasing an additional 50,681 shares during the last quarter. 87.71% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Primo Brands

In related news, Director Steven P. Stanbrook bought 12,400 shares of the company's stock in a transaction dated Tuesday, August 12th. The stock was acquired at an average cost of $24.04 per share, with a total value of $298,096.00. Following the acquisition, the director owned 125,025 shares in the company, valued at approximately $3,005,601. This represents a 11.01% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Robbert Rietbroek bought 8,285 shares of the company's stock in a transaction dated Wednesday, August 13th. The stock was bought at an average cost of $24.12 per share, with a total value of $199,834.20. Following the completion of the acquisition, the chief executive officer owned 586,349 shares in the company, valued at $14,142,737.88. This represents a 1.43% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 24,685 shares of company stock valued at $595,770. Corporate insiders own 58.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on PRMB. The Goldman Sachs Group began coverage on Primo Brands in a research note on Thursday. They set a "neutral" rating and a $25.00 price target for the company. Morgan Stanley decreased their price target on Primo Brands from $38.00 to $35.00 and set an "overweight" rating for the company in a research note on Monday, August 11th. TD Securities decreased their price target on Primo Brands from $48.00 to $35.00 and set a "buy" rating for the company in a research note on Friday, August 8th. Bank of America decreased their target price on Primo Brands from $42.00 to $39.00 and set a "buy" rating for the company in a research note on Friday, July 11th. Finally, Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $26.00 target price on shares of Primo Brands in a research note on Friday, August 8th. Nine equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $36.18.

Primo Brands Stock Performance

Shares of PRMB stock traded down $0.07 during mid-day trading on Thursday, reaching $24.36. The stock had a trading volume of 1,693,591 shares, compared to its average volume of 5,226,898. The firm's 50 day simple moving average is $26.69 and its 200 day simple moving average is $30.29. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.55. Primo Brands Corporation has a one year low of $21.60 and a one year high of $35.85. The firm has a market cap of $9.10 billion, a PE ratio of -221.41, a P/E/G ratio of 0.65 and a beta of 0.76.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.36 EPS 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 firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.83 billion. The company's quarterly revenue was up 31.6% on a year-over-year basis. Primo Brands has set its FY 2025 guidance at EPS. On average, analysts forecast that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st were issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, August 21st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.6%. Primo Brands's dividend payout ratio is presently -363.64%.

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.