Millennium Management LLC Boosts Holdings in Primo Brands Corporation $PRMB

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 lifted its stake in 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 firm owned 843,253 shares of the company's stock after purchasing an additional 588,564 shares during the period. Millennium Management LLC owned 0.22% of Primo Brands worth $29,927,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Primo Brands by 28.7% in the 1st quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company's stock worth $699,314,000 after purchasing an additional 4,389,327 shares during the period. Boston Partners lifted its position in Primo Brands by 9,613.2% during the 1st quarter. Boston Partners now owns 7,117,540 shares of the company's stock valued at $252,552,000 after acquiring an additional 7,044,263 shares during the period. Eminence Capital LP lifted its position in Primo Brands by 48.3% during the 1st quarter. Eminence Capital LP now owns 7,019,075 shares of the company's stock valued at $249,107,000 after acquiring an additional 2,284,912 shares during the period. Victory Capital Management Inc. purchased a new position in Primo Brands during the 1st quarter valued at about $184,225,000. Finally, Ameriprise Financial Inc. lifted its position in Primo Brands by 42.0% during the 1st quarter. Ameriprise Financial Inc. now owns 3,701,911 shares of the company's stock valued at $131,381,000 after acquiring an additional 1,094,650 shares during the period. 87.71% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Primo Brands

In related news, Director Steven P. Stanbrook purchased 12,400 shares of Primo Brands stock in a transaction dated Tuesday, August 12th. The stock was purchased at an average cost of $24.04 per share, for a total transaction of $298,096.00. Following the completion of the purchase, the director directly owned 125,025 shares of the company's stock, valued at $3,005,601. The trade was a 11.01% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Michael John Cramer purchased 4,000 shares of Primo Brands stock in a transaction dated Thursday, August 14th. The stock was bought at an average price of $24.46 per share, with a total value of $97,840.00. Following the completion of the purchase, the director directly owned 12,762 shares of the company's stock, valued at approximately $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 purchased 24,685 shares of company stock worth $595,770 over the last three months. 58.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

PRMB has been the subject of a number of recent research reports. Bank of America lowered their price target on shares of Primo Brands from $42.00 to $39.00 and set a "buy" rating for the company in a research report on Friday, July 11th. TD Securities lowered 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. Barclays lowered their price target on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a research report on Monday, June 16th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $26.00 price target on shares of Primo Brands in a research report on Friday, August 8th. Finally, Zacks Research cut shares of Primo Brands from a "hold" rating to a "strong sell" rating in a research report on Friday, August 22nd. Nine investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $37.30.

Primo Brands Stock Down 0.3%

NYSE:PRMB opened at $24.39 on Thursday. The firm has a market cap of $9.11 billion, a P/E ratio of -221.70, a P/E/G ratio of 0.65 and a beta of 0.76. 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 Corporation has a fifty-two week low of $21.60 and a fifty-two week high of $35.85. The firm has a 50-day simple moving average of $26.69 and a two-hundred day simple moving average of $30.29.

Primo Brands (NYSE:PRMB - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.36 earnings per share for the quarter, missing analysts' consensus estimates of $0.41 by ($0.05). The firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.83 billion. Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The business's quarterly revenue was up 31.6% on a year-over-year basis. 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 fiscal year.

Primo Brands Dividend Announcement

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

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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