King Luther Capital Management Corp Sells 156,689 Shares of Primo Brands Corporation (NYSE:PRMB)

Key Points

• King Luther Capital Management Corp significantly reduced its stake in Primo Brands Corporation (PRMB) by 61.9%, owning 96,379 shares after selling 156,689 shares during the first quarter.
• Primo Brands announced a upcoming quarterly dividend of $0.10 per share, representing a 1.7% dividend yield, with the payout date set for September 4th.
• Analysts have a consensus rating of "Moderate Buy" for PRMB, with various reports adjusting price targets, the current average target at $37.60.

King Luther Capital Management Corp decreased its position in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 61.9% during the first quarter, according to its most recent filing with the SEC. The firm owned 96,379 shares of the company's stock after selling 156,689 shares during the period. King Luther Capital Management Corp's holdings in Primo Brands were worth $3,420,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in PRMB. Victory Capital Management Inc. purchased a new stake in shares of Primo Brands in the 1st quarter worth approximately $184,225,000. Eminence Capital LP purchased a new stake in Primo Brands during the 4th quarter valued at $145,670,000. Vanguard Group Inc. boosted its stake in Primo Brands by 28.7% during the 1st quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company's stock valued at $699,314,000 after purchasing an additional 4,389,327 shares during the last quarter. Fuller & Thaler Asset Management Inc. purchased a new stake in Primo Brands during the 4th quarter valued at $128,982,000. Finally, Dimensional Fund Advisors LP purchased a new stake in Primo Brands during the 4th quarter valued at $101,064,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Insiders Place Their Bets

In related news, Director Steven P. Stanbrook bought 12,400 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The shares were bought at an average cost of $24.04 per share, with a total value of $298,096.00. Following the acquisition, the director owned 125,025 shares in the company, valued at $3,005,601. This trade represents a 11.01% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robbert Rietbroek bought 8,285 shares of the firm's stock in a transaction that occurred on Wednesday, August 13th. The stock was bought at an average cost of $24.12 per share, for a total transaction of $199,834.20. Following the completion of the acquisition, the chief executive officer owned 586,349 shares in the company, valued at $14,142,737.88. This trade represents a 1.43% increase in their position. The disclosure for this purchase can be found here. 58.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have commented on PRMB shares. Royal Bank Of Canada cut their target price on Primo Brands from $40.00 to $37.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. Barclays cut their target price on Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a research note on Monday, June 16th. Mizuho started coverage on Primo Brands in a research note on Monday, May 12th. They set an "outperform" rating and a $43.00 target price on the stock. Morgan Stanley cut their target price on Primo Brands from $38.00 to $35.00 and set an "overweight" rating on the stock in a research note on Monday, August 11th. Finally, TD Securities cut their target price on Primo Brands from $48.00 to $35.00 and set a "buy" rating on the stock in a research note on Friday, August 8th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $37.60.

Primo Brands Stock Performance

Shares of PRMB stock traded up $0.01 on Friday, reaching $24.58. The stock had a trading volume of 5,734,339 shares, compared to its average volume of 6,909,999. The stock has a market cap of $9.18 billion, a P/E ratio of -223.45, a price-to-earnings-growth ratio of 0.58 and a beta of 0.72. Primo Brands Corporation has a 1 year low of $21.54 and a 1 year 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 company has a 50 day simple moving average of $28.39 and a 200 day simple moving average of $31.31.

Primo Brands (NYSE:PRMB - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.36 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.41 by ($0.05). The firm had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.83 billion. Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%. The business's quarterly revenue was up 31.6% on a year-over-year basis. Equities research analysts expect that Primo Brands Corporation will post 1.13 EPS for the current year.

Primo Brands Dividend Announcement

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

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.