AlphaQuest LLC Grows Holdings in Primo Brands Corporation $PRMB

Key Points

• AlphaQuest LLC significantly increased its position in Primo Brands Corporation by 176.9%, owning a total of 22,399 shares valued at approximately $795,000.
• Primo Brands reported an EPS of $0.36 for the latest quarter, falling short of estimates, with revenue of $1.73 billion compared to the expected $1.83 billion.
• Primo Brands announced a quarterly dividend of $0.10 per share, scheduled for payment on September 4th, with a 1.6% yield despite a negative payout ratio of -363.64%.

AlphaQuest LLC lifted its holdings in Primo Brands Corporation (NYSE:PRMB - Free Report) by 176.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 22,399 shares of the company's stock after buying an additional 14,309 shares during the period. AlphaQuest LLC's holdings in Primo Brands were worth $795,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Advantage Alpha Capital Partners LP raised its stake in shares of Primo Brands by 28.4% in the first quarter. Advantage Alpha Capital Partners LP now owns 229,178 shares of the company's stock valued at $8,134,000 after acquiring an additional 50,681 shares during the period. Ameriprise Financial Inc. grew its stake in Primo Brands by 42.0% in the 1st quarter. Ameriprise Financial Inc. now owns 3,701,911 shares of the company's stock worth $131,381,000 after acquiring an additional 1,094,650 shares in the last quarter. Monashee Investment Management LLC purchased a new position in Primo Brands during the 1st quarter valued at about $19,874,000. T. Rowe Price Investment Management Inc. raised its stake in Primo Brands by 31.8% in the first quarter. T. Rowe Price Investment Management Inc. now owns 1,575,473 shares of the company's stock worth $55,914,000 after buying an additional 380,301 shares in the last quarter. Finally, EntryPoint Capital LLC bought a new position in shares of Primo Brands in the 1st quarter worth $207,000. 87.71% of the stock is currently owned by institutional investors.

Primo Brands Stock Performance

Shares of PRMB stock traded down $0.47 during trading hours on Thursday, hitting $25.01. The company's stock had a trading volume of 6,059,046 shares, compared to its average volume of 5,269,655. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55. The company has a 50 day moving average of $27.66 and a 200 day moving average of $30.87. Primo Brands Corporation has a 12-month low of $21.60 and a 12-month high of $35.85. The stock has a market cap of $9.34 billion, a PE ratio of -227.33, a price-to-earnings-growth ratio of 0.66 and a beta of 0.72.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.05). The business had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.83 billion. Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The firm's revenue for the quarter was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. On average, sell-side analysts forecast that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 21st will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Thursday, August 21st. Primo Brands's dividend payout ratio (DPR) is -363.64%.

Insider Activity at Primo Brands

In related news, Director Michael John Cramer purchased 4,000 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was bought at an average cost of $24.46 per share, with a total value of $97,840.00. Following the completion of the acquisition, the director owned 12,762 shares of the company's stock, valued at $312,158.52. The trade was a 45.65% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Robbert Rietbroek acquired 8,285 shares of the stock in a transaction on Wednesday, August 13th. The stock was bought at an average price of $24.12 per share, for a total transaction of $199,834.20. Following the transaction, the chief executive officer owned 586,349 shares in the company, valued at approximately $14,142,737.88. This represents a 1.43% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 24,685 shares of company stock worth $595,770. 58.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

PRMB has been the subject of a number of analyst reports. Zacks Research cut shares of Primo Brands from a "hold" rating to a "strong sell" rating in a research report on Friday, August 22nd. Bank of America decreased their target price on shares of Primo Brands from $42.00 to $39.00 and set a "buy" rating for the company in a research report on Friday, July 11th. Royal Bank Of Canada decreased their target price on shares of Primo Brands from $40.00 to $37.00 and set an "outperform" rating for the company in a research report on Friday, August 8th. Mizuho decreased their target price on shares of Primo Brands from $43.00 to $40.00 and set an "outperform" rating for the company in a research report on Wednesday, August 20th. Finally, Barclays decreased their target price 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. Nine investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Primo Brands has an average rating of "Moderate Buy" and an average price target of $37.30.

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.