Brant Point Investment Management LLC Takes Position in Primo Brands Corporation $PRMB

Key Points

• Brant Point Investment Management LLC acquired a new stake in Primo Brands Corporation, purchasing 66,069 shares valued at approximately $2,345,000 during the first quarter.
• The company reported $0.36 EPS for the last quarter, missing analysts' estimates of $0.41 and revealing a revenue of $1.73 billion, below the $1.83 billion consensus estimate.
• Primo Brands declared a quarterly dividend of $0.10 per share, with an annualized yield of 1.6%, although its dividend payout ratio stands at -363.64%.

Brant Point Investment Management LLC purchased a new stake in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The fund purchased 66,069 shares of the company's stock, valued at approximately $2,345,000.

Other large investors have also added to or reduced their stakes in the company. IFP Advisors Inc purchased a new stake in Primo Brands during the 1st quarter valued at about $40,000. Versant Capital Management Inc grew its stake in Primo Brands by 286.7% during the 1st quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock valued at $43,000 after purchasing an additional 906 shares during the last quarter. New Age Alpha Advisors LLC purchased a new stake in Primo Brands during the 1st quarter valued at about $43,000. Parallel Advisors LLC grew its stake in Primo Brands by 225.5% during the 1st quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock valued at $46,000 after purchasing an additional 902 shares during the last quarter. Finally, Millstone Evans Group LLC purchased a new stake in shares of Primo Brands in the first quarter worth about $54,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Insider Buying and Selling

In related news, Director Steven P. Stanbrook acquired 12,400 shares of Primo Brands stock in a transaction that occurred 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 owned 125,025 shares in the company, valued at $3,005,601. This represents a 11.01% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Robbert Rietbroek acquired 8,285 shares of Primo Brands stock in a transaction that occurred on Wednesday, August 13th. The shares were 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 of the company's stock, valued at $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 90 days, insiders have purchased 24,685 shares of company stock worth $595,770. 58.40% of the stock is owned by corporate insiders.

Primo Brands Price Performance

PRMB stock traded up $0.10 during mid-day trading on Monday, reaching $25.12. 4,532,407 shares of the company's stock were exchanged, compared to its average volume of 7,138,743. The company has a market cap of $9.38 billion, a price-to-earnings ratio of -228.39, a price-to-earnings-growth ratio of 0.66 and a beta of 0.76. The stock's 50 day moving average is $27.46 and its 200 day moving average is $30.71. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.06 and a quick ratio of 0.88. Primo Brands Corporation has a 12-month low of $21.60 and a 12-month high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly earnings results 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 business had revenue of $1.73 billion for the quarter, compared to analysts' expectations of $1.83 billion. Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The company's quarterly revenue was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. On average, research analysts expect that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Morgan Stanley lowered their target price on Primo Brands from $38.00 to $35.00 and set an "overweight" rating on the stock in a research note on Monday, August 11th. Mizuho lowered their target price on Primo Brands from $43.00 to $40.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 20th. TD Securities lowered their target price on Primo Brands from $48.00 to $35.00 and set a "buy" rating on the stock in a research note on Friday, August 8th. Zacks Research downgraded Primo Brands from a "hold" rating to a "strong sell" rating in a research note on Friday, August 22nd. Finally, Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $26.00 target price on shares of Primo Brands in a research note on Friday, August 8th. Nine investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $37.30.

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.