Primo Brands Corporation $PRMB Shares Sold by Nitorum Capital L.P.

Key Points

• Nitorum Capital L.P. reduced its stake in Primo Brands Corporation by 22.2%, now holding approximately 2,090,733 shares, making it the company's largest holding at about 10.4% of Nitorum's portfolio.
• CEO Robbert Rietbroek purchased 8,285 shares of Primo Brands stock, increasing his position by 1.43%, while director Michael John Cramer bought 4,000 shares, marking a 45.65% increase in his position.
• Several analysts have cut their target prices for Primo Brands, with consensus rating now at "Moderate Buy" and a target price of $37.30, down from previous estimates.

Nitorum Capital L.P. cut its holdings in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 22.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,090,733 shares of the company's stock after selling 597,767 shares during the quarter. Primo Brands accounts for 10.4% of Nitorum Capital L.P.'s investment portfolio, making the stock its largest position. Nitorum Capital L.P. owned approximately 0.56% of Primo Brands worth $74,200,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in PRMB. Boston Partners lifted its holdings in Primo Brands by 9,613.2% during the 1st quarter. Boston Partners now owns 7,117,540 shares of the company's stock worth $252,552,000 after buying an additional 7,044,263 shares in the last quarter. Victory Capital Management Inc. acquired a new stake in Primo Brands during the 1st quarter worth approximately $184,225,000. Vanguard Group Inc. lifted its holdings in Primo Brands by 28.7% during the 1st quarter. Vanguard Group Inc. now owns 19,704,538 shares of the company's stock worth $699,314,000 after buying an additional 4,389,327 shares in the last quarter. Axiom Investors LLC DE purchased a new stake in shares of Primo Brands in the 1st quarter valued at approximately $115,081,000. Finally, Nuveen Asset Management LLC purchased a new stake in shares of Primo Brands in the 4th quarter valued at approximately $98,302,000. 87.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PRMB has been the topic of a number of recent analyst reports. Bank of America dropped their price objective on shares of Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a research report on Friday, July 11th. Morgan Stanley dropped their price objective on shares of Primo Brands from $38.00 to $35.00 and set an "overweight" rating on the stock in a research report on Monday, August 11th. Royal Bank Of Canada dropped their price objective on shares of Primo Brands from $40.00 to $37.00 and set an "outperform" rating on the stock in a research report on Friday, August 8th. TD Securities dropped their price objective on shares of Primo Brands from $48.00 to $35.00 and set a "buy" rating on the stock in a research report on Friday, August 8th. Finally, Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $26.00 price objective on shares of Primo Brands in a research report on Friday, August 8th. Nine analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $37.30.

Primo Brands Stock Down 0.9%

Shares of NYSE PRMB traded down $0.22 during mid-day trading on Wednesday, reaching $24.25. The company had a trading volume of 1,102,109 shares, compared to its average volume of 5,232,061. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 1.55. The firm has a 50 day simple moving average of $26.81 and a two-hundred day simple moving average of $30.33. The stock has a market cap of $9.06 billion, a P/E ratio of -220.77, a PEG ratio of 0.65 and a beta of 0.76. Primo Brands Corporation has a 52-week low of $21.60 and a 52-week high of $35.85.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.36 EPS for the quarter, missing analysts' consensus estimates of $0.41 by ($0.05). The company had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.83 billion. Primo Brands had a negative net margin of 1.20% and a positive return on equity of 9.64%. The firm's revenue for the quarter was up 31.6% on a year-over-year basis. Primo Brands has set its FY 2025 guidance at EPS. Sell-side analysts predict that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

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

Insiders Place Their Bets

In other news, CEO Robbert Rietbroek bought 8,285 shares of the stock in a transaction dated Wednesday, August 13th. The shares were acquired at an average price of $24.12 per share, with a total value of $199,834.20. Following the completion of the acquisition, the chief executive officer directly owned 586,349 shares in the company, valued at approximately $14,142,737.88. The trade was a 1.43% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Steven P. Stanbrook bought 12,400 shares of the 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 acquisition, the director owned 125,025 shares of the company's stock, valued at approximately $3,005,601. This represents a 11.01% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 24,685 shares of company stock valued at $595,770. Insiders own 58.40% of the company's stock.

About Primo Brands

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.