Primo Brands Corporation $PRMB Shares Bought by Millennium Management LLC

Key Points

• Millennium Management LLC increased its stake in Primo Brands Corporation by 231.1% during Q1, owning over 843,000 shares valued at about $29.9 million.
• Institutional investors hold approximately 87.71% of Primo Brands' stock, reflecting significant interest from firms like Vanguard and Boston Partners which also increased their positions substantially.
• Primo Brands posted earnings of $0.36 per share for the latest quarter, missing analysts' estimates, and has a current target price consensus of $37.30 from various investment analysts.

Millennium Management LLC grew its holdings in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 231.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 843,253 shares of the company's stock after purchasing an additional 588,564 shares during the period. Millennium Management LLC owned approximately 0.22% of Primo Brands worth $29,927,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Primo Brands by 73.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 156,191 shares of the company's stock valued at $5,543,000 after purchasing an additional 66,295 shares during the last quarter. Eminence Capital LP raised its stake in Primo Brands by 48.3% in the 1st quarter. Eminence Capital LP now owns 7,019,075 shares of the company's stock worth $249,107,000 after acquiring an additional 2,284,912 shares during the last quarter. Alyeska Investment Group L.P. raised its stake in Primo Brands by 87.0% in the 1st quarter. Alyeska Investment Group L.P. now owns 1,904,001 shares of the company's stock worth $67,573,000 after acquiring an additional 885,765 shares during the last quarter. Southpoint Capital Advisors LP raised its stake in Primo Brands by 40.0% in the 1st quarter. Southpoint Capital Advisors LP now owns 3,500,000 shares of the company's stock worth $124,215,000 after acquiring an additional 1,000,000 shares during the last quarter. Finally, Maverick Capital Ltd. purchased a new position in Primo Brands in the 1st quarter worth $68,853,000. Hedge funds and other institutional investors own 87.71% of the company's stock.

Insider Activity

In other Primo Brands news, Director Michael John Cramer bought 4,000 shares of the company's stock in a transaction dated Thursday, August 14th. The shares were purchased at an average cost of $24.46 per share, for a total transaction of $97,840.00. Following the transaction, the director directly owned 12,762 shares of the company's stock, valued at approximately $312,158.52. The trade was a 45.65% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Robbert Rietbroek bought 8,285 shares of the company's stock in a transaction dated Wednesday, August 13th. The shares were acquired at an average price of $24.12 per share, for a total transaction of $199,834.20. Following the completion of the transaction, 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 disclosure for this purchase can be found here. Insiders have acquired 24,685 shares of company stock worth $595,770 in the last ninety days. Company insiders own 58.40% of the company's stock.

Primo Brands Stock Performance

PRMB traded up $0.20 during midday trading on Tuesday, hitting $22.63. 6,461,645 shares of the company were exchanged, compared to its average volume of 4,677,579. The company's 50 day simple moving average is $26.14 and its 200 day simple moving average is $29.97. The firm has a market capitalization of $8.45 billion, a price-to-earnings ratio of -205.73, a price-to-earnings-growth ratio of 0.59 and a beta of 0.76. 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 1-year low of $21.60 and a 1-year high of $35.85.

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 for the quarter, missing the consensus estimate of $0.41 by ($0.05). The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.83 billion. Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.The firm's quarterly revenue was up 31.6% on a year-over-year basis. Primo Brands has set its FY 2025 guidance at EPS. As a group, sell-side 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 announced a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st were given a dividend of $0.10 per share. The ex-dividend date was Thursday, August 21st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.8%. Primo Brands's dividend payout ratio (DPR) is -363.64%.

Analyst Ratings Changes

PRMB has been the subject of a number of research analyst reports. Bank of America reduced their target price on Primo Brands from $42.00 to $39.00 and set a "buy" rating for the company in a research note on Friday, July 11th. The Goldman Sachs Group initiated coverage on Primo Brands in a research note on Thursday, September 11th. They issued a "neutral" rating and a $25.00 target price for the company. Zacks Research lowered Primo Brands from a "hold" rating to a "strong sell" rating in a research note on Friday, August 22nd. Royal Bank Of Canada reduced their target price on Primo Brands from $40.00 to $37.00 and set an "outperform" rating for the company in a research note on Friday, August 8th. Finally, Morgan Stanley reduced their target price on Primo Brands from $38.00 to $35.00 and set an "overweight" rating for the company in a research note on Monday, August 11th. Nine analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $36.18.

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.