Burkehill Global Management LP Takes $53.24 Million Position in Primo Brands Corporation (NYSE:PRMB)

Key Points

• Burkehill Global Management LP has acquired a new stake in Primo Brands Corporation, purchasing 1.5 million shares valued at approximately $53.24 million, making it the 6th largest position in their portfolio.
• Several institutional investors, including Vanguard Group Inc. and others, have increased their holdings in Primo Brands, with institutional ownership now at 87.71%.
• Primo Brands recently reported earnings that fell short of expectations, with EPS of $0.36, missing the consensus estimate by $0.05, and the company announced a quarterly dividend of $0.10 per share.

Burkehill Global Management LP acquired a new position in Primo Brands Corporation (NYSE:PRMB - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 1,500,000 shares of the company's stock, valued at approximately $53,235,000. Primo Brands accounts for 4.0% of Burkehill Global Management LP's investment portfolio, making the stock its 6th largest position. Burkehill Global Management LP owned about 0.39% of Primo Brands at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. IFP Advisors Inc acquired a new stake in shares of Primo Brands during the 1st quarter valued at $40,000. Versant Capital Management Inc boosted its stake in shares of 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 buying an additional 906 shares during the period. New Age Alpha Advisors LLC acquired a new stake in shares of Primo Brands during the 1st quarter valued at $43,000. Parallel Advisors LLC boosted its stake in shares of 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 buying an additional 902 shares during the period. Finally, Millstone Evans Group LLC acquired a new stake in shares of Primo Brands during the 1st quarter valued at $54,000. Institutional investors and hedge funds own 87.71% of the company's stock.

Analysts Set New Price Targets

PRMB has been the subject of a number of research reports. TD Securities decreased their target price on shares of Primo Brands from $48.00 to $35.00 and set a "buy" rating for the company in a research note on Friday, August 8th. 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 note on Friday, July 11th. Barclays decreased their price objective on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a report on Monday, June 16th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $26.00 price objective on shares of Primo Brands in a report on Friday, August 8th. Finally, Royal Bank Of Canada decreased their price objective on shares of Primo Brands from $40.00 to $37.00 and set an "outperform" rating for the company in a report on Friday, August 8th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Primo Brands has an average rating of "Moderate Buy" and a consensus target price of $37.60.

Primo Brands Stock Performance

Primo Brands stock traded down $0.22 on Wednesday, reaching $23.92. 518,735 shares of the stock were exchanged, compared to its average volume of 5,259,854. The stock has a market cap of $8.94 billion, a PE ratio of -217.47, a PEG ratio of 0.45 and a beta of 0.72. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55. Primo Brands Corporation has a twelve month low of $21.54 and a twelve month high of $35.85. The firm has a fifty day moving average price of $28.79 and a two-hundred day moving average price of $31.47.

Primo Brands (NYSE:PRMB - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.36 earnings per share for the quarter, missing analysts' consensus estimates of $0.41 by ($0.05). The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates 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 for the quarter was up 31.6% on a year-over-year basis. Sell-side analysts anticipate that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Dividend Announcement

The company 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 dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, August 21st. This represents a $0.40 dividend on an annualized basis and a yield of 1.7%. Primo Brands's payout ratio is currently -363.64%.

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.