Campbell Newman Asset Management Inc. Makes New Investment in Primo Brands Corporation $PRMB

Key Points

• Campbell Newman Asset Management Inc. acquired a new stake of 55,894 shares in Primo Brands Corporation, valued at approximately $1.66 million during Q2.
• Primo Brands reported earnings of $0.36 per share for the last quarter, which was below analysts' expectations of $0.41, with total revenue at $1.73 billion, up 31.6% year-over-year.
• The company recently declared a quarterly dividend of $0.10 per share, translating to an annual yield of 1.8%, despite a payout ratio of -363.64%.

Campbell Newman Asset Management Inc. bought a new stake in Primo Brands Corporation (NYSE:PRMB - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 55,894 shares of the company's stock, valued at approximately $1,656,000.

Other institutional investors also recently added to or reduced their stakes in the company. Ritholtz Wealth Management acquired a new stake in shares of Primo Brands in the first quarter valued at approximately $608,000. Bank of New York Mellon Corp boosted its stake in Primo Brands by 7.3% during the 1st quarter. Bank of New York Mellon Corp now owns 1,414,616 shares of the company's stock worth $50,205,000 after purchasing an additional 96,366 shares during the period. Amalgamated Bank boosted its stake in Primo Brands by 27.6% during the 1st quarter. Amalgamated Bank now owns 6,872 shares of the company's stock worth $244,000 after purchasing an additional 1,488 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in Primo Brands by 14.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 13,465 shares of the company's stock worth $478,000 after purchasing an additional 1,656 shares during the last quarter. Finally, Sei Investments Co. raised its holdings in shares of Primo Brands by 8.7% in the first quarter. Sei Investments Co. now owns 372,722 shares of the company's stock valued at $13,228,000 after buying an additional 29,939 shares during the last quarter. Institutional investors and hedge funds own 87.71% of the company's stock.

Primo Brands Stock Up 0.2%

PRMB opened at $22.24 on Tuesday. 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. The stock has a market capitalization of $8.31 billion, a P/E ratio of -202.18, a P/E/G ratio of 0.59 and a beta of 0.76. The business has a 50 day simple moving average of $24.94 and a 200-day simple moving average of $29.36.

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 the consensus estimate 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 business had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.83 billion. The company's revenue for the quarter was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. On average, equities analysts anticipate that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Bank of America lowered their price target on Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a report on Friday, July 11th. Zacks Research cut Primo Brands from a "hold" rating to a "strong sell" rating in a research report on Friday, August 22nd. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $26.00 target price on shares of Primo Brands in a report on Friday, August 8th. Barclays decreased their price target on Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a report on Monday, June 16th. Finally, Mizuho dropped their price objective on shares of Primo Brands from $43.00 to $40.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 20th. Nine research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $36.18.

Insiders Place Their Bets

In other news, Director Michael John Cramer purchased 4,000 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at $312,158.52. The trade was a 45.65% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robbert Rietbroek acquired 8,285 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The stock was purchased at an average cost of $24.12 per share, with a total value of $199,834.20. Following the completion of the purchase, the chief executive officer directly owned 586,349 shares in the company, valued at $14,142,737.88. This represents a 1.43% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 24,685 shares of company stock worth $595,770. 58.40% of the stock is owned by company insiders.

Primo Brands 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.

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.