Arista Wealth Management LLC Invests $1.18 Million in Primo Brands Corporation $PRMB

Key Points

• Arista Wealth Management LLC has invested approximately $1.18 million in Primo Brands Corporation, purchasing nearly 40,000 shares during the second quarter.
• Primo Brands recently reported quarterly earnings, missing analysts' estimates with an EPS of $0.36, and had a 31.6% year-over-year revenue increase, totaling $1.73 billion.
• The company declared a quarterly dividend of $0.10 per share, representing an annualized yield of 1.8%, despite having a negative dividend payout ratio of -363.64%.

Arista Wealth Management LLC bought a new stake in Primo Brands Corporation (NYSE:PRMB - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 39,954 shares of the company's stock, valued at approximately $1,183,000.

Other large investors have also recently added to or reduced their stakes in the company. Ritholtz Wealth Management purchased a new stake in Primo Brands in the 1st quarter valued at approximately $608,000. Bank of New York Mellon Corp lifted its holdings in shares of Primo Brands by 7.3% in the 1st quarter. Bank of New York Mellon Corp now owns 1,414,616 shares of the company's stock valued at $50,205,000 after buying an additional 96,366 shares during the period. Amalgamated Bank boosted its stake in shares of Primo Brands by 27.6% in the first 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 grew its holdings in Primo Brands by 14.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,465 shares of the company's stock worth $478,000 after acquiring an additional 1,656 shares during the period. Finally, Axiom Investors LLC DE purchased a new position in Primo Brands in the first quarter worth $115,081,000. 87.71% of the stock is owned by hedge funds and other institutional investors.

Primo Brands Trading Down 1.0%

NYSE:PRMB opened at $22.21 on Friday. Primo Brands Corporation has a 12 month low of $21.37 and a 12 month high of $35.85. 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 stock has a market capitalization of $8.30 billion, a price-to-earnings ratio of -201.91, a PEG ratio of 0.59 and a beta of 0.76. The firm has a fifty day simple moving average of $23.49 and a two-hundred day simple moving average of $28.41.

Primo Brands (NYSE:PRMB - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.36 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.41 by ($0.05). The company had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.83 billion. Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.Primo Brands's revenue was up 31.6% on a year-over-year basis. Primo Brands has set its FY 2025 guidance at EPS. Analysts expect that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Thursday, August 21st. Primo Brands's dividend payout ratio (DPR) is -363.64%.

Analyst Ratings Changes

PRMB has been the topic of several research analyst reports. Weiss Ratings restated a "hold (c-)" rating on shares of Primo Brands in a research report on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $26.00 price objective on shares of Primo Brands in a report on Friday, August 8th. Jefferies Financial Group initiated coverage on shares of Primo Brands in a report on Friday. They issued a "hold" rating and a $23.00 target price for the company. Bank of America decreased their price target on Primo Brands from $32.00 to $26.00 and set a "buy" rating on the stock in a research note on Wednesday, October 8th. Finally, The Goldman Sachs Group initiated coverage on Primo Brands in a research note on Thursday, September 11th. They issued a "neutral" rating and a $25.00 price objective for the company. Nine investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, Primo Brands presently has an average rating of "Moderate Buy" and a consensus price target of $34.00.

Insider Activity

In other news, Director Steven P. Stanbrook bought 12,400 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The shares were bought at an average cost of $24.04 per share, for a total transaction of $298,096.00. Following the acquisition, the director directly owned 125,025 shares in the company, valued at approximately $3,005,601. This trade represents a 11.01% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael John Cramer purchased 4,000 shares of the firm's stock in a transaction on Thursday, August 14th. The shares were acquired at an average price of $24.46 per share, with a total value of $97,840.00. Following the purchase, the director directly owned 12,762 shares in the company, valued at $312,158.52. This represents a 45.65% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 24,685 shares of company stock worth $595,770 over the last quarter. 58.40% of the stock is currently owned by corporate insiders.

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.

Want to see what other hedge funds are holding PRMB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Primo Brands Corporation (NYSE:PRMB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.