Nuveen LLC Acquires New Holdings in Primo Brands Corporation (NYSE:PRMB)

Key Points

• Nuveen LLC has acquired 1,849,750 shares of Primo Brands Corporation valued at approximately $65.8 million, representing about 0.49% ownership at the end of the latest reporting period.
• Primo Brands recently reported quarterly earnings of $0.36 EPS, which missed the consensus estimate of $0.41, alongside a revenue growth of 31.6% year-over-year, totaling $1.73 billion.
• The company announced a quarterly dividend of $0.10 per share to be paid on September 4th, offering a dividend yield of 1.6% despite a high dividend payout ratio of -363.64%.

Nuveen LLC acquired a new stake in Primo Brands Corporation (NYSE:PRMB - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 1,849,750 shares of the company's stock, valued at approximately $65,829,000. Nuveen LLC owned about 0.49% of Primo Brands at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. IFP Advisors Inc bought a new position in Primo Brands in the 1st quarter valued at approximately $40,000. Versant Capital Management Inc raised its holdings in Primo Brands by 286.7% in the 1st quarter. Versant Capital Management Inc now owns 1,222 shares of the company's stock valued at $43,000 after buying an additional 906 shares during the last quarter. New Age Alpha Advisors LLC bought a new position in Primo Brands in the 1st quarter valued at approximately $43,000. Parallel Advisors LLC raised its holdings in Primo Brands by 225.5% in the 1st quarter. Parallel Advisors LLC now owns 1,302 shares of the company's stock valued at $46,000 after buying an additional 902 shares during the last quarter. Finally, Millstone Evans Group LLC bought a new position in Primo Brands in the 1st quarter valued at approximately $54,000. Institutional investors own 87.71% of the company's stock.

Analyst Upgrades and Downgrades

PRMB has been the subject of a number of research reports. Morgan Stanley dropped their price objective on shares of Primo Brands from $38.00 to $35.00 and set an "overweight" rating for the company in a report on Monday. Bank of America dropped their price objective on shares of Primo Brands from $42.00 to $39.00 and set a "buy" rating for the company in a report on Friday, July 11th. TD Securities dropped their price objective on shares of Primo Brands from $48.00 to $35.00 and set a "buy" rating for the company in a report on Friday, August 8th. Barclays decreased their target price 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. Finally, Mizuho began coverage on shares of Primo Brands in a research report on Monday, May 12th. They set an "outperform" rating and a $43.00 target price for the company. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat.com, Primo Brands presently has an average rating of "Moderate Buy" and an average price target of $37.60.

Primo Brands Stock Performance

Shares of PRMB stock opened at $24.41 on Thursday. The company has a market cap of $9.12 billion, a price-to-earnings ratio of -221.91, a price-to-earnings-growth ratio of 0.57 and a beta of 0.72. Primo Brands Corporation has a 52 week low of $21.54 and a 52 week high of $35.85. The company has a quick ratio of 0.88, a current ratio of 1.06 and a debt-to-equity ratio of 1.55. The firm has a 50 day moving average of $28.65 and a 200-day moving average of $31.43.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.36 EPS 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 revenue for the quarter was up 31.6% on a year-over-year basis. On average, equities analysts forecast that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Announces Dividend

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

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.

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