King Luther Capital Management Corp Has $5.14 Million Holdings in Primo Brands Corporation $PRMB

Key Points

• King Luther Capital Management increased its Primo Brands stake by 83.3% in the fourth quarter, ending with 314,096 shares valued at about $5.14 million.
• Institutional ownership is very high, with hedge funds and other investors holding about 87.71% of Primo Brands stock; several major funds also boosted their positions.
• Analyst sentiment is mostly positive, with 9 Buy ratings and 4 Hold ratings, a consensus price target of $25.91, and recent dividend news showing a $0.12 quarterly payout due June 15.

King Luther Capital Management Corp grew its stake in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 83.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 314,096 shares of the company's stock after acquiring an additional 142,695 shares during the period. King Luther Capital Management Corp owned 0.08% of Primo Brands worth $5,135,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Viking Global Investors LP grew its position in shares of Primo Brands by 17.5% during the 3rd quarter. Viking Global Investors LP now owns 23,033,970 shares of the company's stock worth $509,051,000 after purchasing an additional 3,431,854 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Primo Brands by 4.8% in the 4th quarter. Vanguard Group Inc. now owns 23,028,858 shares of the company's stock valued at $376,522,000 after buying an additional 1,053,185 shares in the last quarter. William Blair Investment Management LLC raised its position in shares of Primo Brands by 6.7% in the 4th quarter. William Blair Investment Management LLC now owns 12,627,420 shares of the company's stock valued at $206,458,000 after buying an additional 793,036 shares in the last quarter. Alliancebernstein L.P. raised its position in shares of Primo Brands by 2,486.6% in the 2nd quarter. Alliancebernstein L.P. now owns 5,867,110 shares of the company's stock valued at $173,784,000 after buying an additional 5,640,287 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its position in shares of Primo Brands by 3.6% in the 3rd quarter. Ameriprise Financial Inc. now owns 5,090,613 shares of the company's stock valued at $112,503,000 after buying an additional 177,929 shares in the last quarter. Institutional investors and hedge funds own 87.71% of the company's stock.

Analysts Set New Price Targets

PRMB has been the subject of several analyst reports. Wall Street Zen upgraded shares of Primo Brands from a "sell" rating to a "hold" rating in a research report on Saturday, May 23rd. Zacks Research upgraded shares of Primo Brands from a "strong sell" rating to a "hold" rating in a research report on Friday, March 6th. Weiss Ratings upgraded Primo Brands from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, May 11th. Mizuho lifted their price target on Primo Brands from $24.00 to $28.00 and gave the company an "outperform" rating in a research note on Thursday, March 5th. Finally, JPMorgan Chase & Co. decreased their price target on Primo Brands from $27.00 to $26.00 and set an "overweight" rating on the stock in a research note on Monday, May 4th. Nine equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $25.91.

Primo Brands Trading Up 1.5%

PRMB opened at $24.89 on Friday. The company's 50 day moving average is $20.70 and its 200-day moving average is $18.94. Primo Brands Corporation has a 1-year low of $14.36 and a 1-year high of $33.17. The company has a current ratio of 0.98, a quick ratio of 0.79 and a debt-to-equity ratio of 1.72. The company has a market cap of $9.03 billion, a P/E ratio of 177.79, a PEG ratio of 2.13 and a beta of 0.66.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.23 earnings per share for the quarter, missing analysts' consensus estimates of $0.24 by ($0.01). Primo Brands had a net margin of 0.88% and a return on equity of 13.98%. The company had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same quarter in the previous year, the business posted $0.29 earnings per share. The company's revenue for the quarter was up .8% on a year-over-year basis. Equities research analysts predict that Primo Brands Corporation will post 1.24 earnings per share for the current fiscal year.

Primo Brands Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Thursday, June 4th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Thursday, June 4th. Primo Brands's dividend payout ratio is presently 342.86%.

Primo Brands Company Profile

Primo Brands NYSE: PRMB is a consumer packaged beverage company that was established as an independent entity following a corporate spin‐off in 2023. The company specializes in the production, marketing and distribution of a broad portfolio of bottled water products, including purified, mineral and sparkling varieties. Through its focus on quality control and innovation, Primo Brands aims to deliver clean, great-tasting water in formats tailored to both at-home consumption and on-the-go lifestyles.

Its product range spans multi-serve and single-serve bottles, aluminum cans and other eco-friendly packaging solutions.

Want to see what other hedge funds are holding PRMB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Primo Brands Corporation (NYSE:PRMB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.