Aurora Investment Counsel Buys New Stake in Primo Brands Corporation $PRMB

Key Points

• Aurora Investment Counsel opened a new position in Primo Brands during the first quarter, buying 115,976 shares valued at about $2.18 million.
• Institutional ownership in Primo Brands is very high, with 87.71% of shares held by institutions and hedge funds; several major investors also significantly increased their stakes.
• Analysts remain broadly positive on PRMB, with nine Buy ratings and an average target price of $26.18, even though the company recently missed EPS estimates by $0.01 in its latest quarterly report.

Aurora Investment Counsel bought a new position in Primo Brands Corporation (NYSE:PRMB - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 115,976 shares of the company's stock, valued at approximately $2,184,000.

A number of other large investors have also added to or reduced their stakes in PRMB. One Rock Capital Partners LLC acquired a new stake in shares of Primo Brands during the fourth quarter worth approximately $1,900,047,000. Viking Global Investors LP lifted its holdings in shares of Primo Brands by 290.2% in the 2nd quarter. Viking Global Investors LP now owns 19,602,116 shares of the company's stock worth $580,615,000 after purchasing an additional 14,578,589 shares during the last quarter. Fuller & Thaler Asset Management Inc. lifted its stake in Primo Brands by 189.5% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 14,454,637 shares of the company's stock valued at $236,333,000 after buying an additional 9,461,990 shares during the last quarter. Alliancebernstein L.P. boosted its stake in Primo Brands by 2,486.6% during the 2nd quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company's stock valued at $173,784,000 after purchasing an additional 5,640,287 shares during the period. Finally, Alyeska Investment Group L.P. boosted its position in shares of Primo Brands by 622.5% during the fourth quarter. Alyeska Investment Group L.P. now owns 6,219,575 shares of the company's stock worth $101,690,000 after buying an additional 5,358,687 shares during the period. 87.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently issued reports on PRMB. Weiss Ratings upgraded shares of Primo Brands from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, May 11th. Wall Street Zen raised Primo Brands from a "sell" rating to a "hold" rating in a report on Saturday, May 23rd. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Primo Brands from $24.00 to $19.00 and set a "hold" rating for the company in a research note on Monday, March 30th. Royal Bank Of Canada set a $28.00 target price on Primo Brands in a research note on Thursday, April 9th. Finally, JPMorgan Chase & Co. upped their price target on shares of Primo Brands from $26.00 to $29.00 and gave the stock an "overweight" rating in a research note on Thursday. Nine research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $26.18.

Primo Brands Stock Performance

Primo Brands stock opened at $24.82 on Friday. Primo Brands Corporation has a 12-month low of $14.36 and a 12-month high of $29.23. The stock has a 50-day simple moving average of $24.03 and a 200 day simple moving average of $21.00. The stock has a market capitalization of $9.01 billion, a price-to-earnings ratio of 177.31, a P/E/G ratio of 2.19 and a beta of 0.73. The company has a quick ratio of 0.79, a current ratio of 0.98 and a debt-to-equity ratio of 1.72.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.23 earnings per share for the quarter, missing analysts' consensus estimates of $0.24 by ($0.01). Primo Brands had a net margin of 0.88% and a return on equity of 13.98%. The company had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same period in the prior year, the business earned $0.29 EPS. The business's revenue for the quarter was up .8% on a year-over-year basis. On average, research analysts anticipate that Primo Brands Corporation will post 1.25 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Thursday, June 4th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend was Thursday, June 4th. Primo Brands's payout ratio is currently 342.86%.

About Primo Brands

Primo Brands NYSE: PRMB is a consumer packaged beverage company that was established as an independent entity following a corporate spin‐off in 2023. The company specializes in the production, marketing and distribution of a broad portfolio of bottled water products, including purified, mineral and sparkling varieties. Through its focus on quality control and innovation, Primo Brands aims to deliver clean, great-tasting water in formats tailored to both at-home consumption and on-the-go lifestyles.

Its product range spans multi-serve and single-serve bottles, aluminum cans and other eco-friendly packaging solutions.

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