LTS One Management LP Purchases Shares of 460,000 Primo Brands Corporation $PRMB

Key Points

• LTS One Management LP has acquired 460,000 shares of Primo Brands Corporation, valued at approximately $16.3 million, making it the firm's 11th largest holding.
• Insider activity includes CEO Robbert Rietbroek purchasing 8,285 shares, increasing his stake in the company by 1.43%.
• Primo Brands has seen recent target price reductions from analysts, with a consensus rating of Moderate Buy and an average price target of $37.30.

LTS One Management LP acquired a new position in Primo Brands Corporation (NYSE:PRMB - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 460,000 shares of the company's stock, valued at approximately $16,325,000. Primo Brands makes up 4.9% of LTS One Management LP's holdings, making the stock its 11th largest holding. LTS One Management LP owned approximately 0.12% of Primo Brands at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. OMERS ADMINISTRATION Corp bought a new stake in shares of Primo Brands in the 1st quarter worth $3,286,000. Brant Point Investment Management LLC acquired a new stake in shares of Primo Brands during the first quarter worth $2,345,000. PEAK6 LLC raised its position in shares of Primo Brands by 173.1% during the first quarter. PEAK6 LLC now owns 39,141 shares of the company's stock worth $1,389,000 after purchasing an additional 24,807 shares during the period. FORA Capital LLC acquired a new stake in shares of Primo Brands during the first quarter worth $2,363,000. Finally, Corebridge Financial Inc. raised its position in shares of Primo Brands by 24.4% during the first quarter. Corebridge Financial Inc. now owns 97,673 shares of the company's stock worth $3,466,000 after purchasing an additional 19,176 shares during the period. Institutional investors own 87.71% of the company's stock.

Primo Brands Stock Up 0.4%

Shares of PRMB traded up $0.10 during trading hours on Monday, hitting $25.12. 4,532,407 shares of the company were exchanged, compared to its average volume of 7,138,743. The company has a market cap of $9.38 billion, a PE ratio of -228.39, a PEG ratio of 0.66 and a beta of 0.76. The firm's 50 day moving average is $27.46 and its 200-day moving average is $30.71. Primo Brands Corporation has a 52 week low of $21.60 and a 52 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 released its quarterly earnings results on Thursday, August 7th. The company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.05). Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The company had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.83 billion. The company's revenue was up 31.6% on a year-over-year basis. Primo Brands has set its FY 2025 guidance at EPS. On average, equities research analysts forecast that Primo Brands Corporation will post 1.13 EPS for the current fiscal year.

Primo Brands Dividend Announcement

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

Analysts Set New Price Targets

A number of research analysts have recently weighed in on PRMB shares. Barclays lowered their price target on Primo Brands from $40.00 to $38.00 and set an "overweight" rating on the stock in a report on Monday, June 16th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $26.00 target price on shares of Primo Brands in a research note on Friday, August 8th. Zacks Research downgraded Primo Brands from a "hold" rating to a "strong sell" rating in a research note on Friday, August 22nd. Royal Bank Of Canada lowered 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. Finally, Morgan Stanley lowered 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. Nine investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Primo Brands has a consensus rating of "Moderate Buy" and an average target price of $37.30.

Insider Buying and Selling

In other news, CEO Robbert Rietbroek purchased 8,285 shares of the business's stock in a transaction on Wednesday, August 13th. The stock was purchased at an average price of $24.12 per share, with a total value of $199,834.20. Following the acquisition, the chief executive officer directly owned 586,349 shares in the company, valued at approximately $14,142,737.88. The trade was a 1.43% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Steven P. Stanbrook purchased 12,400 shares of the business's stock in a transaction on Tuesday, August 12th. The stock was purchased 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 approximately $3,005,601. This represents a 11.01% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 24,685 shares of company stock valued at $595,770. Insiders own 58.40% of the company's stock.

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.