Maverick Capital Ltd. Purchases 180,442 Shares of Primo Brands Corporation $PRMB

Key Points

• Maverick Capital increased its Primo Brands stake by 409.3% in the first quarter, purchasing 180,442 additional shares and bringing its holdings to 224,525 shares worth approximately $4.23 million.
• Primo Brands reported quarterly revenue of $1.63 billion, ahead of estimates, but earnings per share of $0.23 narrowly missed expectations. Shares opened at $22.82, while institutional investors own 87.71% of the stock.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $26.36; JPMorgan recently raised its target to $29.00. The company also pays a quarterly dividend of $0.12, yielding about 2.1% annually.

Maverick Capital Ltd. increased its holdings in Primo Brands Corporation (NYSE:PRMB - Free Report) by 409.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 224,525 shares of the company's stock after buying an additional 180,442 shares during the period. Maverick Capital Ltd. owned 0.06% of Primo Brands worth $4,228,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Heartland Advisors Inc. grew its holdings in Primo Brands by 96.1% during the 4th quarter. Heartland Advisors Inc. now owns 477,100 shares of the company's stock valued at $7,801,000 after buying an additional 233,803 shares in the last quarter. One Rock Capital Partners LLC purchased a new stake in shares of Primo Brands in the fourth quarter worth $1,900,047,000. Deprince Race & Zollo Inc. purchased a new stake in shares of Primo Brands in the fourth quarter worth $11,559,000. KBC Group NV boosted its stake in Primo Brands by 12.5% during the fourth quarter. KBC Group NV now owns 3,380,056 shares of the company's stock valued at $55,264,000 after buying an additional 376,855 shares during the period. Finally, Aberdeen Group plc purchased a new position in Primo Brands during the fourth quarter worth about $12,015,000. 87.71% of the stock is currently owned by hedge funds and other institutional investors.

Primo Brands Stock Up 0.5%

Shares of NYSE:PRMB opened at $22.82 on Tuesday. The stock has a market capitalization of $8.28 billion, a P/E ratio of 162.99, a price-to-earnings-growth ratio of 1.92 and a beta of 0.73. The stock's 50-day moving average price is $24.02 and its 200-day moving average price is $21.33. The company has a current ratio of 0.98, a quick ratio of 0.79 and a debt-to-equity ratio of 1.72. Primo Brands Corporation has a 12-month low of $14.36 and a 12-month high of $29.00.

Primo Brands (NYSE:PRMB - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported $0.23 earnings per share for the quarter, missing analysts' consensus estimates of $0.24 by ($0.01). The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.58 billion. Primo Brands had a net margin of 0.88% and a return on equity of 13.98%. The company's revenue was up .8% on a year-over-year basis. During the same period last year, the firm posted $0.29 EPS. On average, equities analysts anticipate that Primo Brands Corporation will post 1.25 earnings per share for the current year.

Primo Brands Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Thursday, June 4th were given a $0.12 dividend. The ex-dividend date was Thursday, June 4th. This represents a $0.48 annualized dividend and a yield of 2.1%. Primo Brands's payout ratio is presently 342.86%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PRMB. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Primo Brands from $24.00 to $19.00 and set a "hold" rating on the stock in a research report on Monday, March 30th. Royal Bank Of Canada set a $28.00 price objective on shares of Primo Brands in a research report on Thursday, April 9th. Wall Street Zen raised Primo Brands from a "sell" rating to a "hold" rating in a research note on Saturday, May 23rd. JPMorgan Chase & Co. lifted their price target on Primo Brands from $26.00 to $29.00 and gave the stock an "overweight" rating in a research note on Thursday, July 16th. Finally, Weiss Ratings upgraded Primo Brands from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, May 11th. Nine analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, Primo Brands currently has a consensus rating of "Moderate Buy" and an average price target of $26.36.

Primo Brands Profile

Primo Brands NYSE: PRMB is a consumer packaged beverage company that was established as an independent entity following a corporate spin‐off in 2023. The company specializes in the production, marketing and distribution of a broad portfolio of bottled water products, including purified, mineral and sparkling varieties. Through its focus on quality control and innovation, Primo Brands aims to deliver clean, great-tasting water in formats tailored to both at-home consumption and on-the-go lifestyles.

Its product range spans multi-serve and single-serve bottles, aluminum cans and other eco-friendly packaging solutions.

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