Jump Financial LLC Purchases New Shares in Primo Brands Corporation $PRMB

Key Points

• Jump Financial LLC acquired a new stake in Primo Brands Corporation, purchasing 335,612 shares for approximately $11.9 million, representing about 0.09% of the company.
• Analysts have set a range of price targets for Primo Brands, with Bank of America reducing its target from $42.00 to $39.00 and Deutsche Bank maintaining a hold rating with a target of $26.00.
• Primo Brands announced a $0.10 quarterly dividend to be paid on September 4th, with stockholders of record on August 21st receiving the payment.

Jump Financial LLC bought a new stake in Primo Brands Corporation (NYSE:PRMB - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 335,612 shares of the company's stock, valued at approximately $11,911,000. Jump Financial LLC owned approximately 0.09% of Primo Brands as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Signaturefd LLC boosted its holdings in Primo Brands by 12.1% in the first quarter. Signaturefd LLC now owns 3,013 shares of the company's stock valued at $107,000 after acquiring an additional 325 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Primo Brands by 34.5% in the first quarter. GAMMA Investing LLC now owns 1,942 shares of the company's stock valued at $69,000 after acquiring an additional 498 shares during the last quarter. CWM LLC boosted its holdings in Primo Brands by 20.5% in the first quarter. CWM LLC now owns 4,975 shares of the company's stock valued at $177,000 after acquiring an additional 847 shares during the last quarter. Parallel Advisors LLC boosted its holdings in Primo Brands by 225.5% in 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 last quarter. Finally, Versant Capital Management Inc boosted its holdings in Primo Brands by 286.7% in 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 last quarter. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on PRMB shares. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $26.00 target price on shares of Primo Brands in a report on Friday, August 8th. Royal Bank Of Canada reduced their target price on Primo Brands from $40.00 to $37.00 and set an "outperform" rating on the stock in a report 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. Zacks Research cut Primo Brands from a "hold" rating to a "strong sell" rating in a report on Friday, August 22nd. Finally, Mizuho reduced their target price on Primo Brands from $43.00 to $40.00 and set an "outperform" rating on the stock in a report on Wednesday, August 20th. Nine 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's stock. According to MarketBeat, Primo Brands presently has a consensus rating of "Moderate Buy" and an average target price of $37.30.

Insiders Place Their Bets

In related news, Director Steven P. Stanbrook purchased 12,400 shares of the stock in a transaction on Tuesday, August 12th. The shares were purchased at an average price of $24.04 per share, with a total value of $298,096.00. Following the transaction, the director directly owned 125,025 shares of the company's stock, valued at $3,005,601. This trade represents a 11.01% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Michael John Cramer purchased 4,000 shares of the stock in a transaction 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 transaction, the director directly owned 12,762 shares in the company, valued at approximately $312,158.52. The trade was a 45.65% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 24,685 shares of company stock valued at $595,770 in the last 90 days. 58.40% of the stock is currently owned by insiders.

Primo Brands Stock Down 1.9%

NYSE PRMB traded down $0.47 during trading on Thursday, hitting $25.01. The stock had a trading volume of 6,059,046 shares, compared to its average volume of 5,269,655. The company has a market capitalization of $9.34 billion, a PE ratio of -227.33, a P/E/G ratio of 0.66 and a beta of 0.72. The company's 50-day moving average price is $27.66 and its two-hundred day moving average price is $30.87. 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 Corporation has a 12 month low of $21.60 and a 12 month high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.05). The firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.83 billion. Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The business's revenue for the quarter was up 31.6% on a year-over-year basis. Primo Brands has set its FY 2025 guidance at EPS. As a group, sell-side analysts forecast that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Dividend Announcement

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

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.