Boston Partners Purchases 7,044,263 Shares of Primo Brands Corporation $PRMB

Key Points

• Boston Partners significantly increased its stake in Primo Brands Corporation by 9,613.2%, acquiring over 7 million additional shares, bringing its total ownership to 7.1 million shares worth approximately $252.6 million.
• Primo Brands announced a quarterly dividend of $0.10 per share, with a dividend yield of 1.6%, despite having a negative dividend payout ratio of -363.64%.
• The company's latest earnings report showed a 31.6% revenue increase year-over-year, but the earnings per share missed consensus estimates, leading to a return on equity of 9.64% and a negative net margin of 1.20%.

Boston Partners raised its holdings in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 9,613.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,117,540 shares of the company's stock after purchasing an additional 7,044,263 shares during the quarter. Boston Partners owned approximately 1.87% of Primo Brands worth $252,552,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in PRMB. Victory Capital Management Inc. acquired a new stake in Primo Brands during the 1st quarter valued at $184,225,000. Eminence Capital LP acquired a new stake in Primo Brands during the 4th quarter valued at $145,670,000. Vanguard Group Inc. lifted its holdings in Primo Brands by 28.7% during the 1st quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company's stock valued at $699,314,000 after purchasing an additional 4,389,327 shares during the last quarter. Fuller & Thaler Asset Management Inc. acquired a new stake in Primo Brands during the 4th quarter valued at $128,982,000. Finally, Dimensional Fund Advisors LP acquired a new stake in Primo Brands during the 4th quarter valued at $101,064,000. Institutional investors and hedge funds own 87.71% of the company's stock.

Insider Buying and Selling at Primo Brands

In other Primo Brands news, Director Steven P. Stanbrook bought 12,400 shares of the firm's stock in a transaction on Tuesday, August 12th. The shares were purchased at an average price of $24.04 per share, for a total transaction of $298,096.00. Following the completion of the transaction, the director directly owned 125,025 shares in the company, valued at approximately $3,005,601. The trade was a 11.01% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Robbert Rietbroek bought 8,285 shares of the firm's stock in a transaction on Wednesday, August 13th. The stock was acquired 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 of the company's stock, valued at approximately $14,142,737.88. The trade was a 1.43% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 24,685 shares of company stock worth $595,770 over the last 90 days. Insiders own 58.40% of the company's stock.

Primo Brands Price Performance

Shares of NYSE PRMB traded up $0.51 during mid-day trading on Monday, reaching $25.05. The company had a trading volume of 4,538,398 shares, compared to its average volume of 5,297,426. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.88 and a current ratio of 1.06. Primo Brands Corporation has a one year low of $21.54 and a one year high of $35.85. The firm has a market cap of $9.35 billion, a price-to-earnings ratio of -227.68, a PEG ratio of 0.58 and a beta of 0.72. The business's 50-day simple moving average is $28.39 and its 200 day simple moving average is $31.29.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly earnings results 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 company had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.83 billion. The business's quarterly revenue was up 31.6% compared to the same quarter last year. On average, research analysts predict that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Thursday, August 21st. Primo Brands's payout ratio is currently -363.64%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on PRMB shares. Mizuho started coverage on Primo Brands in a report on Monday, May 12th. They set an "outperform" rating and a $43.00 target price for the company. Bank of America dropped their target price on Primo Brands from $42.00 to $39.00 and set a "buy" rating for the company in a report on Friday, July 11th. Morgan Stanley dropped their target price on Primo Brands from $38.00 to $35.00 and set an "overweight" rating for the company in a report on Monday, August 11th. Royal Bank Of Canada dropped their target price on Primo Brands from $40.00 to $37.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Finally, Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $26.00 target price on shares of Primo Brands in a report on Friday, August 8th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $37.60.

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.