Maryland State Retirement & Pension System Invests $370,000 in Primo Brands Corporation $PRMB

Key Points

• The Maryland State Retirement & Pension System invested approximately $370,000 in 12,478 shares of Primo Brands Corporation, marking their first position in the company.
• Primo Brands experienced a 31.6% year-over-year increase in revenue, although the company reported $0.36 EPS, missing analysts' expectations of $0.41.
• Several analysts have rated Primo Brands with a Moderate Buy consensus, while target prices have varied, with a recent downgrade from Royal Bank of Canada setting it at $37.00.

Maryland State Retirement & Pension System bought a new position in Primo Brands Corporation (NYSE:PRMB - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 12,478 shares of the company's stock, valued at approximately $370,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. IFP Advisors Inc bought a new position in shares of Primo Brands during the first quarter valued at about $40,000. New Age Alpha Advisors LLC purchased a new stake in shares of Primo Brands during the first quarter worth about $43,000. Millstone Evans Group LLC purchased a new stake in shares of Primo Brands during the first quarter worth about $54,000. GAMMA Investing LLC lifted 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 worth $69,000 after buying an additional 498 shares during the period. Finally, Asset Management One Co. Ltd. purchased a new stake in Primo Brands in the first quarter worth about $74,000. 87.71% of the stock is owned by institutional investors.

Primo Brands Trading Up 2.0%

NYSE:PRMB opened at $22.32 on Wednesday. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55. Primo Brands Corporation has a 12 month low of $21.37 and a 12 month high of $35.85. The company has a market cap of $8.34 billion, a PE ratio of -202.86, a price-to-earnings-growth ratio of 0.58 and a beta of 0.76. The company has a 50 day simple moving average of $23.60 and a two-hundred day simple moving average of $28.54.

Primo Brands (NYSE:PRMB - Get Free Report) last issued its quarterly earnings data 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). Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.83 billion. Primo Brands'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. Research analysts forecast that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st were paid a $0.10 dividend. The ex-dividend date of this dividend was Thursday, August 21st. This represents a $0.40 annualized dividend and a yield of 1.8%. Primo Brands's dividend payout ratio (DPR) is presently -363.64%.

Wall Street Analyst Weigh In

Several analysts have commented on PRMB shares. Zacks Research upgraded shares of Primo Brands from a "strong sell" rating to a "hold" rating in a report on Monday, October 6th. Royal Bank Of Canada lowered their target price on shares of Primo Brands from $40.00 to $37.00 and set an "outperform" rating for the company in a report on Friday, August 8th. Bank of America lowered their target price on shares of Primo Brands from $32.00 to $26.00 and set a "buy" rating for the company in a report on Wednesday, October 8th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Primo Brands in a report on Wednesday, October 8th. Finally, TD Securities reduced their price target on shares of Primo Brands from $48.00 to $35.00 and set a "buy" rating for the company in a research report on Friday, August 8th. Nine equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $35.00.

Insiders Place Their Bets

In other news, CEO Robbert Rietbroek acquired 8,285 shares of the firm's stock in a transaction on Wednesday, August 13th. The stock was acquired at an average price of $24.12 per share, with a total value of $199,834.20. Following the completion of the purchase, the chief executive officer directly owned 586,349 shares in the company, valued at approximately $14,142,737.88. This trade represents a 1.43% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael John Cramer acquired 4,000 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was purchased at an average cost of $24.46 per share, with a total value of $97,840.00. Following the purchase, the director owned 12,762 shares of the company's stock, valued at $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 bought a total of 24,685 shares of company stock valued at $595,770 over the last 90 days. Insiders own 58.40% of the company's stock.

Primo Brands 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.

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