Driehaus Capital Management LLC Acquires Shares of 508,507 Primo Brands Corporation $PRMB

Key Points

• Driehaus Capital Management LLC invested approximately $18.05 million in Primo Brands Corporation, acquiring 508,507 shares during the first quarter of the year.
• Recent activity from corporate insiders includes CEO Robbert Rietbroek and Director Steven P. Stanbrook purchasing shares, increasing their ownership stakes in the company.
• Analysts are mixed on Primo Brands, with Zacks Research downgrading the stock to a "strong sell," while other firms have adjusted their price targets, indicating a consensus rating of "Moderate Buy."

Driehaus Capital 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 disclosure with the SEC. The fund purchased 508,507 shares of the company's stock, valued at approximately $18,047,000. Driehaus Capital Management LLC owned 0.14% of Primo Brands as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in PRMB. Tower Research Capital LLC TRC purchased a new stake in shares of Primo Brands during the 4th quarter valued at approximately $98,000. State of Tennessee Department of Treasury purchased a new stake in shares of Primo Brands during the 4th quarter valued at approximately $710,000. Price T Rowe Associates Inc. MD purchased a new stake in shares of Primo Brands during the 4th quarter valued at approximately $10,640,000. Voya Investment Management LLC purchased a new stake in shares of Primo Brands during the 4th quarter valued at approximately $1,455,000. Finally, Public Employees Retirement Association of Colorado purchased a new stake in shares of Primo Brands during the 4th quarter valued at approximately $68,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Primo Brands Stock Down 0.5%

Shares of PRMB stock traded down $0.13 on Tuesday, reaching $24.98. 4,435,331 shares of the stock were exchanged, compared to its average volume of 5,260,188. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55. The business's 50 day moving average price is $27.36 and its 200 day moving average price is $30.66. The company has a market capitalization of $9.33 billion, a price-to-earnings ratio of -227.13, a PEG ratio of 0.66 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 issued its earnings results on Thursday, August 7th. The company reported $0.36 EPS 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%.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. As a group, sell-side analysts expect that Primo Brands Corporation will post 1.13 earnings per share for the current fiscal year.

Primo Brands Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 21st will be paid 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 dividend yield of 1.6%. Primo Brands's payout ratio is presently -363.64%.

Insider Buying and Selling

In other news, CEO Robbert Rietbroek bought 8,285 shares of the stock in a transaction that occurred on Wednesday, August 13th. The stock was purchased at an average price of $24.12 per share, for a total transaction of $199,834.20. Following the completion of the purchase, the chief executive officer owned 586,349 shares in the company, valued at approximately $14,142,737.88. This trade represents a 1.43% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael John Cramer acquired 4,000 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was bought 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. This represents a 45.65% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 24,685 shares of company stock worth $595,770. Corporate insiders own 58.40% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PRMB. Morgan Stanley cut their target price on Primo Brands from $38.00 to $35.00 and set an "overweight" rating on the stock in a research report on Monday, August 11th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $26.00 target price on shares of Primo Brands in a research report on Friday, August 8th. Bank of America cut their target price on Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a research report on Friday, July 11th. Barclays cut their target price on Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a research report on Monday, June 16th. Finally, Mizuho cut their target price on Primo Brands from $43.00 to $40.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 20th. Nine equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $37.30.

Primo Brands Company 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.