Informed Momentum Co LLC Takes Position in Primo Brands Corporation (NYSE:PRMB)

Key Points

• Informed Momentum Co LLC acquired a new stake in Primo Brands Corporation by purchasing 123,556 shares valued at approximately $4.4 million during the first quarter.
• Primo Brands announced a quarterly dividend of $0.10 per share, with a yield of 1.7%, scheduled for payment on September 4th.
• The company reported earnings of $0.36 per share for the last quarter, missing the consensus estimate by $0.05, along with revenue of $1.73 billion versus expected $1.83 billion.

Informed Momentum Co LLC purchased a new stake in Primo Brands Corporation (NYSE:PRMB - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 123,556 shares of the company's stock, valued at approximately $4,385,000. Primo Brands makes up approximately 0.8% of Informed Momentum Co LLC's investment portfolio, making the stock its 29th largest holding.

A number of other hedge funds also recently bought and sold shares of PRMB. HighTower Advisors LLC grew its stake in Primo Brands by 28.7% during the 1st quarter. HighTower Advisors LLC now owns 8,846 shares of the company's stock worth $314,000 after buying an additional 1,974 shares during the last quarter. Burkehill Global Management LP purchased a new position in Primo Brands during the 1st quarter worth approximately $53,235,000. Nuveen LLC purchased a new position in Primo Brands during the 1st quarter worth approximately $65,829,000. Entropy Technologies LP grew its stake in Primo Brands by 264.5% during the 1st quarter. Entropy Technologies LP now owns 27,937 shares of the company's stock worth $991,000 after buying an additional 20,272 shares during the last quarter. Finally, Invesco Ltd. grew its stake in Primo Brands by 79.4% during the 1st quarter. Invesco Ltd. now owns 233,605 shares of the company's stock worth $8,291,000 after buying an additional 103,396 shares during the last quarter. Institutional investors and hedge funds own 87.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PRMB. Royal Bank Of Canada decreased their price objective on Primo Brands from $40.00 to $37.00 and set an "outperform" rating for the company in a research report on Friday, August 8th. Mizuho began coverage on Primo Brands in a research report on Monday, May 12th. They set an "outperform" rating and a $43.00 price objective for the company. Morgan Stanley decreased their price objective on Primo Brands from $38.00 to $35.00 and set an "overweight" rating for the company in a research report on Monday, August 11th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $26.00 price objective on shares of Primo Brands in a research report on Friday, August 8th. Finally, TD Securities reduced their price target on Primo Brands from $48.00 to $35.00 and set a "buy" rating for the company in a report on Friday, August 8th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $37.60.

Insider Transactions at Primo Brands

In other Primo Brands news, CEO Robbert Rietbroek purchased 8,285 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The shares were acquired 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 $14,142,737.88. The trade was a 1.43% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Steven P. Stanbrook purchased 12,400 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The stock was acquired at an average price of $24.04 per share, for a total transaction of $298,096.00. Following the purchase, the director owned 125,025 shares of the company's stock, valued at approximately $3,005,601. This represents a 11.01% increase in their position. The disclosure for this purchase can be found here. Insiders own 58.40% of the company's stock.

Primo Brands Price Performance

PRMB stock traded up $0.01 during midday trading on Friday, hitting $24.58. 5,734,339 shares of the stock were exchanged, compared to its average volume of 6,909,999. The stock's 50-day moving average price is $28.39 and its 200-day moving average price is $31.31. The stock has a market cap of $9.18 billion, a price-to-earnings ratio of -223.45, a PEG ratio of 0.58 and a beta of 0.72. Primo Brands Corporation has a fifty-two week low of $21.54 and a fifty-two week 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.

Primo Brands (NYSE:PRMB - Get Free Report) last announced 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 analysts' expectations of $1.83 billion. Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The firm's quarterly revenue was up 31.6% compared to the same quarter last year. Research analysts predict that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

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

Primo Brands 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.