Cinctive Capital Management LP Sells 398,322 Shares of Primo Brands Corporation $PRMB

Key Points

• Cinctive Capital Management LP has reduced its stake in Primo Brands Corporation by 89.3%, selling 398,322 shares and retaining only 47,735 shares as of the end of the first quarter.
• Primo Brands reported earnings per share (EPS) of $0.36 for the last quarter, missing analysts' expectations of $0.41, with revenue of $1.73 billion compared to forecasts of $1.83 billion.
• The company announced a quarterly dividend of $0.10 per share, with an annualized yield of 1.6%, despite a negative dividend payout ratio of -363.64%.

Cinctive Capital Management LP decreased its position in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 89.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 47,735 shares of the company's stock after selling 398,322 shares during the period. Cinctive Capital Management LP's holdings in Primo Brands were worth $1,694,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the company. IFP Advisors Inc acquired a new stake in shares of Primo Brands in the first quarter worth about $40,000. Versant Capital Management Inc increased its stake in Primo Brands by 286.7% during the first quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock valued at $43,000 after acquiring an additional 906 shares during the period. New Age Alpha Advisors LLC bought a new position in Primo Brands during the first quarter valued at about $43,000. Parallel Advisors LLC increased its stake in Primo Brands by 225.5% during the first quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock valued at $46,000 after acquiring an additional 902 shares during the period. Finally, Millstone Evans Group LLC bought a new position in Primo Brands during the first quarter valued at about $54,000. Institutional investors and hedge funds own 87.71% of the company's stock.

Analyst Upgrades and Downgrades

PRMB has been the topic of several research reports. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $26.00 price target on shares of Primo Brands in a research note on Friday, August 8th. Royal Bank Of Canada lowered their price objective on Primo Brands from $40.00 to $37.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. Morgan Stanley reduced their target price on Primo Brands from $38.00 to $35.00 and set an "overweight" rating on the stock in a report on Monday, August 11th. Bank of America reduced their target price on Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a report on Friday, July 11th. Finally, Barclays reduced their target price on Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a report on Monday, June 16th. Nine analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Primo Brands currently has a consensus rating of "Moderate Buy" and an average target price of $37.30.

Primo Brands Trading Down 1.1%

NYSE:PRMB traded down $0.28 during trading hours on Wednesday, hitting $24.20. 772,860 shares of the stock were exchanged, compared to its average volume of 5,230,115. The company's 50 day moving average is $26.81 and its two-hundred day moving average is $30.33. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.55. The company has a market capitalization of $9.04 billion, a P/E ratio of -219.79, a price-to-earnings-growth ratio of 0.65 and a beta of 0.76. Primo Brands Corporation has a twelve month low of $21.60 and a twelve month high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly 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 company had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.83 billion. Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. Primo Brands's quarterly revenue was up 31.6% on a year-over-year basis. Primo Brands has set its FY 2025 guidance at EPS. On average, sell-side 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 declared a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st were paid a $0.10 dividend. The ex-dividend date of this dividend was Thursday, August 21st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.7%. Primo Brands's dividend payout ratio is -363.64%.

Insider Activity

In related news, CEO Robbert Rietbroek purchased 8,285 shares of the business's stock in a transaction dated Wednesday, August 13th. The shares were bought at an average price of $24.12 per share, with a total value of $199,834.20. Following the purchase, the chief executive officer directly owned 586,349 shares in the company, valued at $14,142,737.88. This trade represents a 1.43% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director Michael John Cramer acquired 4,000 shares of the stock in a transaction that occurred on Thursday, August 14th. The stock was purchased at an average price of $24.46 per share, with a total value of $97,840.00. Following the transaction, the director owned 12,762 shares in the company, valued at $312,158.52. This represents a 45.65% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 24,685 shares of company stock valued at $595,770 in the last 90 days. 58.40% of the stock is owned by company insiders.

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.