Neumeier Poma Investment Counsel LLC Makes New $21.40 Billion Investment in Primo Brands Corporation $PRMB

Key Points

• Neumeier Poma Investment Counsel acquired 875,785 Primo Brands shares, worth approximately $21.4 million, representing about 0.24% of the company. Institutional investors collectively own 87.71% of PRMB.
• Analysts maintain a generally positive view, with 11 Buy ratings and four Holds. Primo Brands has a “Moderate Buy” consensus rating and an average price target of $28.25, above its recent $23.15 share price.
• Primo Brands exceeded quarterly expectations, reporting adjusted EPS of $0.37 versus estimates of $0.32 and revenue of $1.80 billion, up 3.8% year over year. The company also declared a quarterly dividend of $0.12 per share, yielding about 2.1% annually.

Neumeier Poma Investment Counsel LLC bought a new stake in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 875,785 shares of the company's stock, valued at approximately $21,404,185,000. Neumeier Poma Investment Counsel LLC owned about 0.24% of Primo Brands as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. Madison Asset Management LLC bought a new position in shares of Primo Brands in the 2nd quarter worth $3,502,000. Fulton Bank N.A. increased its holdings in Primo Brands by 10.5% in the second quarter. Fulton Bank N.A. now owns 28,759 shares of the company's stock valued at $703,000 after purchasing an additional 2,741 shares during the last quarter. Revolve Wealth Partners LLC acquired a new position in Primo Brands in the second quarter valued at about $419,000. Assenagon Asset Management S.A. lifted its stake in Primo Brands by 350.3% in the second quarter. Assenagon Asset Management S.A. now owns 65,544 shares of the company's stock valued at $1,602,000 after buying an additional 50,989 shares during the period. Finally, Harbor Investment Advisory LLC bought a new position in Primo Brands during the second quarter worth about $37,000. Institutional investors and hedge funds own 87.71% of the company's stock.

Analysts Set New Price Targets

PRMB has been the subject of several analyst reports. Wall Street Zen upgraded Primo Brands from a "sell" rating to a "hold" rating in a research report on Saturday, May 23rd. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $25.00 price objective on shares of Primo Brands in a research note on Thursday, August 6th. Morgan Stanley restated an "overweight" rating and set a $29.00 price objective on shares of Primo Brands in a report on Friday, August 7th. Barclays upped their target price on shares of Primo Brands from $27.00 to $29.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. Finally, Royal Bank Of Canada increased their target price on shares of Primo Brands from $28.00 to $31.00 and gave the stock an "outperform" rating in a report on Friday, August 7th. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Primo Brands has a consensus rating of "Moderate Buy" and an average target price of $28.25.

Insider Activity at Primo Brands

In related news, CEO Eric J. Foss acquired 84,000 shares of the business's stock in a transaction that occurred on Monday, August 10th. The shares were acquired at an average cost of $23.80 per share, with a total value of $1,999,200.00. Following the transaction, the chief executive officer owned 573,806 shares of the company's stock, valued at $13,656,582.80. The trade was a 17.15% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 32.90% of the stock is currently owned by insiders.

Primo Brands Price Performance

Shares of PRMB opened at $23.15 on Monday. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.86 and a current ratio of 1.05. The stock has a 50 day simple moving average of $24.00 and a 200 day simple moving average of $22.00. Primo Brands Corporation has a 52-week low of $14.36 and a 52-week high of $26.21. The firm has a market capitalization of $8.39 billion, a PE ratio of 89.04, a P/E/G ratio of 1.59 and a beta of 0.74.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.32 by $0.05. Primo Brands had a net margin of 1.49% and a return on equity of 14.24%. The firm had revenue of $1.80 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same period last year, the company posted $0.36 EPS. The business's quarterly revenue was up 3.8% on a year-over-year basis. Sell-side analysts predict that Primo Brands Corporation will post 1.27 EPS for the current fiscal year.

Primo Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Monday, August 24th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Monday, August 24th. Primo Brands's dividend payout ratio (DPR) is presently 184.62%.

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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