Empowered Funds LLC Buys New Shares in Primo Brands Corporation $PRMB

Key Points

• Empowered Funds LLC acquired 165,656 shares of Primo Brands Corporation for approximately $5.88 million, with other institutional investors also increasing their stakes significantly during the first quarter.
• Primo Brands reported a loss in earnings per share, missing estimates with $0.36 compared to a consensus of $0.41, though revenue grew by 31.6% from the previous year.
• The company announced a quarterly dividend of $0.10 per share, reflecting a yield of 1.6%, despite a negative payout ratio of -363.64%.

Empowered Funds LLC bought a new stake in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 165,656 shares of the company's stock, valued at approximately $5,879,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Primo Brands by 28.7% during the first quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company's stock valued at $699,314,000 after acquiring an additional 4,389,327 shares during the period. Boston Partners raised its holdings in Primo Brands by 9,613.2% during the first quarter. Boston Partners now owns 7,117,540 shares of the company's stock valued at $252,552,000 after acquiring an additional 7,044,263 shares during the period. Eminence Capital LP raised its holdings in Primo Brands by 48.3% during the first quarter. Eminence Capital LP now owns 7,019,075 shares of the company's stock valued at $249,107,000 after acquiring an additional 2,284,912 shares during the period. Victory Capital Management Inc. bought a new stake in Primo Brands during the first quarter valued at about $184,225,000. Finally, Samlyn Capital LLC raised its holdings in Primo Brands by 401.8% during the first quarter. Samlyn Capital LLC now owns 4,656,312 shares of the company's stock valued at $165,253,000 after acquiring an additional 3,728,344 shares during the period. 87.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Barclays decreased their price target on Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a report on Monday, June 16th. Bank of America decreased 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. 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. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $26.00 target price on shares of Primo Brands in a report on Friday, August 8th. Finally, Zacks Research cut Primo Brands from a "hold" rating to a "strong sell" rating in a report on Friday, August 22nd. Nine equities 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 company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $36.18.

Primo Brands Stock Down 0.5%

NYSE:PRMB traded down $0.11 during trading hours on Wednesday, reaching $22.51. The company's stock had a trading volume of 738,882 shares, compared to its average volume of 5,237,366. The company has a market capitalization of $8.41 billion, a P/E ratio of -204.95, a price-to-earnings-growth ratio of 0.59 and a beta of 0.76. Primo Brands Corporation has a 12 month low of $21.60 and a 12 month high of $35.85. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.88 and a current ratio of 1.06. The stock has a 50 day moving average price of $26.14 and a two-hundred day moving average price of $29.97.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.36 EPS for the quarter, missing analysts' consensus estimates of $0.41 by ($0.05). The business had revenue of $1.73 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. Equities analysts predict that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st were given 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 dividend yield of 1.8%. Primo Brands's dividend payout ratio is presently -363.64%.

Insider Transactions at Primo Brands

In other Primo Brands news, CEO Robbert Rietbroek purchased 8,285 shares of Primo Brands stock in a transaction dated Wednesday, August 13th. The shares were acquired at an average cost of $24.12 per share, with a total value of $199,834.20. Following the completion of the transaction, 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Michael John Cramer purchased 4,000 shares of Primo Brands stock in a transaction dated Thursday, August 14th. The shares were acquired at an average cost of $24.46 per share, for a total transaction of $97,840.00. Following the completion of the transaction, the director owned 12,762 shares of the company's stock, valued at approximately $312,158.52. This represents a 45.65% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 24,685 shares of company stock valued at $595,770. Corporate insiders own 58.40% of the company's stock.

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.