Lord Abbett & CO. LLC Increases Stock Holdings in Primo Brands Corporation $PRMB

Key Points

• Lord Abbett & CO. LLC increased its holdings in Primo Brands Corporation by 22.8%, owning 1,251,670 shares, worth approximately $44.4 million.
• Primo Brands reported a quarterly EPS of $0.36, missing estimates, with revenue of $1.73 billion, a 31.6% year-over-year increase.
• The company announced a quarterly dividend of $0.10 per share, reflecting an annualized dividend yield of 1.6%, despite a negative payout ratio of -363.64%.

Lord Abbett & CO. LLC grew its holdings in Primo Brands Corporation (NYSE:PRMB - Free Report) by 22.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,251,670 shares of the company's stock after acquiring an additional 232,331 shares during the quarter. Lord Abbett & CO. LLC owned 0.33% of Primo Brands worth $44,422,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. IFP Advisors Inc purchased a new position in shares of Primo Brands in the 1st quarter valued at approximately $40,000. Versant Capital Management Inc grew its position in Primo Brands by 286.7% during the 1st quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock worth $43,000 after purchasing an additional 906 shares during the last quarter. New Age Alpha Advisors LLC acquired a new position in Primo Brands during the 1st quarter valued at approximately $43,000. Parallel Advisors LLC increased its stake in Primo Brands by 225.5% during the 1st quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock valued at $46,000 after purchasing an additional 902 shares in the last quarter. Finally, Millstone Evans Group LLC purchased a new position in shares of Primo Brands in the first quarter worth $54,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on PRMB. Morgan Stanley dropped their price objective on shares of Primo Brands from $38.00 to $35.00 and set an "overweight" rating on the stock in a report on Monday, August 11th. Barclays lowered their price target on Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a research report on Monday, June 16th. Bank of America dropped their price target on Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a research note on Friday, July 11th. Mizuho cut their price objective on Primo Brands from $43.00 to $40.00 and set an "outperform" rating on the stock in a report on Wednesday. Finally, Royal Bank Of Canada decreased their target price on Primo Brands from $40.00 to $37.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Nine research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $37.30.

Primo Brands Stock Performance

Primo Brands stock traded up $0.2150 during midday trading on Wednesday, hitting $25.0350. 5,874,101 shares of the company were exchanged, compared to its average volume of 6,951,680. The business has a fifty day simple moving average of $28.14 and a two-hundred day simple moving average of $31.15. 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 firm has a market capitalization of $9.35 billion, a PE ratio of -227.59, a price-to-earnings-growth 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.

Primo Brands (NYSE:PRMB - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.05). The company 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 revenue was up 31.6% on a year-over-year basis. Primo Brands has set its FY 2025 guidance at EPS. On average, sell-side analysts forecast that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Dividend Announcement

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

Insider Activity at Primo Brands

In other news, CEO Robbert Rietbroek acquired 8,285 shares of the business's stock in a transaction on Wednesday, August 13th. The stock was bought at an average price of $24.12 per share, with a total value of $199,834.20. Following the completion of the acquisition, the chief executive officer owned 586,349 shares of the company's stock, valued at approximately $14,142,737.88. This represents a 1.43% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Steven P. Stanbrook acquired 12,400 shares of the firm's stock in a transaction on Tuesday, August 12th. The stock was purchased at an average price of $24.04 per share, with a total value of $298,096.00. Following the transaction, the director owned 125,025 shares of the company's stock, valued at approximately $3,005,601. This trade represents a 11.01% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 24,685 shares of company stock worth $595,770. 58.40% of the stock is owned by company insiders.

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.