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

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. lifted 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 acquiring an additional 4,389,327 shares during the last quarter. Boston Partners grew its holdings in Primo Brands by 9,613.2% during the 1st quarter. Boston Partners now owns 7,117,540 shares of the company's stock worth $252,552,000 after acquiring an additional 7,044,263 shares during the last quarter. Eminence Capital LP grew its holdings in Primo Brands by 48.3% during the 1st quarter. Eminence Capital LP now owns 7,019,075 shares of the company's stock worth $249,107,000 after acquiring an additional 2,284,912 shares during the last quarter. Victory Capital Management Inc. bought a new stake in Primo Brands during the 1st quarter worth approximately $184,225,000. Finally, Samlyn Capital LLC grew its holdings in Primo Brands by 401.8% during the 1st quarter. Samlyn Capital LLC now owns 4,656,312 shares of the company's stock worth $165,253,000 after acquiring an additional 3,728,344 shares during the last quarter. 87.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Steven P. Stanbrook bought 12,400 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The shares were acquired at an average cost of $24.04 per share, with a total value of $298,096.00. Following the completion of the purchase, the director directly owned 125,025 shares in the company, valued at $3,005,601. The trade was a 11.01% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Michael John Cramer bought 4,000 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The shares were bought at an average cost of $24.46 per share, for a total transaction of $97,840.00. Following the completion of the purchase, the director 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. Insiders have purchased a total of 24,685 shares of company stock valued at $595,770 over the last ninety days. 58.40% of the stock is owned by corporate insiders.

Primo Brands Trading Down 0.4%

PRMB opened at $24.33 on Friday. Primo Brands Corporation has a twelve month low of $21.60 and a twelve month high of $35.85. 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 fifty day moving average of $26.58 and a 200-day moving average of $30.21. The stock has a market cap of $9.09 billion, a PE ratio of -221.18, a price-to-earnings-growth ratio of 0.65 and a beta of 0.76.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.36 earnings per share 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 firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.83 billion. The company's revenue was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. On average, sell-side analysts predict that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Thursday, August 21st were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, August 21st. This represents a $0.40 annualized dividend and a yield of 1.6%. Primo Brands's dividend payout ratio is currently -363.64%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on PRMB shares. Mizuho reduced their target price on shares of Primo Brands from $43.00 to $40.00 and set an "outperform" rating on the stock in a report on Wednesday, August 20th. Bank of America reduced their target price on shares of Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a report on Friday, July 11th. Barclays reduced their target price on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a report on Monday, June 16th. Zacks Research lowered shares of Primo Brands from a "hold" rating to a "strong sell" rating in a report on Friday, August 22nd. Finally, Morgan Stanley reduced their price objective on shares of Primo Brands from $38.00 to $35.00 and set an "overweight" rating on the stock in a research note on Monday, August 11th. Nine research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Primo Brands presently has an average rating of "Moderate Buy" and a consensus price target of $36.18.

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.

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.