CenterBook Partners LP 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 13F filing with the Securities & Exchange Commission. The firm purchased 216,956 shares of the company's stock, valued at approximately $7,700,000. CenterBook Partners LP owned 0.06% of Primo Brands at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. FMR LLC purchased a new stake in Primo Brands in the 4th quarter valued at $653,019,000. Victory Capital Management Inc. purchased a new position in shares of Primo Brands in the 1st quarter valued at about $184,225,000. Eminence Capital LP purchased a new position in Primo Brands during the 4th quarter worth approximately $145,670,000. Vanguard Group Inc. grew its stake in shares of Primo Brands by 28.7% in 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. Finally, Fuller & Thaler Asset Management Inc. acquired a new stake in shares of Primo Brands in the 4th quarter valued at approximately $128,982,000. Hedge funds and other institutional investors own 87.71% of the company's stock.
Primo Brands Stock Performance
Shares of PRMB traded up $0.83 during mid-day trading on Monday, hitting $24.52. 2,759,452 shares of the company traded hands, compared to its average volume of 5,215,524. The stock has a market cap of $9.16 billion, a price-to-earnings ratio of -222.86, a P/E/G ratio of 0.45 and a beta of 0.72. Primo Brands Corporation has a 1 year low of $21.36 and a 1 year high of $35.85. The stock has a 50-day moving average price of $29.11 and a two-hundred day moving average price of $31.59. 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 (NYSE:PRMB - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.05). The company had revenue of $1.73 billion during 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 firm's revenue was up 31.6% on a year-over-year basis. Equities analysts anticipate that Primo Brands Corporation will post 1.13 earnings per share for the current year.
Primo Brands Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders 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 annualized dividend and a dividend yield of 1.6%. Primo Brands's payout ratio is presently -363.64%.
Wall Street Analysts Forecast Growth
Several analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $26.00 price objective on shares of Primo Brands in a research note on Friday. Royal Bank Of Canada reduced 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. TD Securities lowered their target price on shares of Primo Brands from $48.00 to $35.00 and set a "buy" rating on the stock in a research report on Friday. Mizuho assumed coverage on Primo Brands in a research report on Monday, May 12th. They issued an "outperform" rating and a $43.00 price target on the stock. Finally, Morgan Stanley cut their price target on shares of Primo Brands from $38.00 to $35.00 and set an "overweight" rating for the company in a research note on Monday. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $37.60.
Get Our Latest Stock Analysis on PRMB
About Primo Brands
(
Free Report)
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.
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