Maverick Capital Ltd. Invests $68.85 Million in Primo Brands Corporation $PRMB

Key Points

• Maverick Capital Ltd. invested approximately $68.85 million in Primo Brands Corporation, acquiring 1,940,075 shares, making it the firm's 29th biggest holding.
• The company reported earnings of $0.36 per share, missing estimates, with revenue of $1.73 billion, up 31.6% year-over-year.
• Primo Brands announced a quarterly dividend of $0.10 per share, contributing to an annualized yield of 1.6%, despite a payout ratio of -363.64%.

Maverick Capital Ltd. bought a new position in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 1,940,075 shares of the company's stock, valued at approximately $68,853,000. Primo Brands comprises approximately 1.2% of Maverick Capital Ltd.'s portfolio, making the stock its 29th biggest position. Maverick Capital Ltd. owned approximately 0.52% of Primo Brands at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. IFP Advisors Inc bought a new stake in shares of Primo Brands during the first quarter worth $40,000. Versant Capital Management Inc increased its holdings in Primo Brands by 286.7% in the first quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock valued at $43,000 after purchasing an additional 906 shares during the last quarter. New Age Alpha Advisors LLC bought a new stake in Primo Brands in the first quarter valued at about $43,000. Parallel Advisors LLC increased its holdings in Primo Brands by 225.5% in the first quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock valued at $46,000 after purchasing an additional 902 shares during the last quarter. Finally, Millstone Evans Group LLC bought a new stake in Primo Brands in the first quarter valued at about $54,000. Institutional investors own 87.71% of the company's stock.

Primo Brands Trading Up 0.5%

Shares of Primo Brands stock traded up $0.11 during trading hours on Friday, hitting $25.22. The company's stock had a trading volume of 4,442,434 shares, compared to its average volume of 5,522,635. Primo Brands Corporation has a 12 month low of $21.60 and a 12 month high of $35.85. The stock has a 50 day moving average of $27.01 and a 200 day moving average of $30.47. The company has a market capitalization of $9.42 billion, a PE ratio of -229.31, a price-to-earnings-growth ratio of 0.66 and a beta of 0.76. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.06 and a quick ratio of 0.88.

Primo Brands (NYSE:PRMB - Get Free Report) last announced 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 business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.83 billion. The business's quarterly revenue was up 31.6% compared to the same quarter last year. Primo Brands has set its FY 2025 guidance at EPS. Analysts predict that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.6%. The ex-dividend date was Thursday, August 21st. Primo Brands's dividend payout ratio is -363.64%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $26.00 price objective on shares of Primo Brands in a report on Friday, August 8th. Royal Bank Of Canada dropped their price objective on Primo Brands from $40.00 to $37.00 and set an "outperform" rating for the company in a report on Friday, August 8th. TD Securities dropped their price objective on Primo Brands from $48.00 to $35.00 and set a "buy" rating for the company in a report on Friday, August 8th. Zacks Research downgraded Primo Brands from a "hold" rating to a "strong sell" rating in a report on Friday, August 22nd. Finally, Morgan Stanley dropped their price objective on Primo Brands from $38.00 to $35.00 and set an "overweight" rating for the company in a report on Monday, August 11th. Nine equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $37.30.

Insider Transactions at Primo Brands

In other news, CEO Robbert Rietbroek acquired 8,285 shares of Primo Brands stock in a transaction dated Wednesday, August 13th. The stock was bought at an average cost of $24.12 per share, with a total value of $199,834.20. Following the completion of the transaction, the chief executive officer directly 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael John Cramer acquired 4,000 shares of Primo Brands stock in a transaction dated Thursday, August 14th. The shares were purchased at an average cost of $24.46 per share, with a total value of $97,840.00. Following the completion of the transaction, the director directly owned 12,762 shares of the company's stock, valued at $312,158.52. This trade represents a 45.65% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 24,685 shares of company stock valued at $595,770 over the last three months. Company 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.