One Rock Capital Partners LLC Makes New Investment in Primo Brands Corporation $PRMB

Key Points

• One Rock Capital Partners disclosed a new 4th-quarter stake in Primo Brands, buying 116.2 million shares valued at about $1.9 billion. The position represents roughly 31.38% of Primo Brands and is essentially One Rock’s entire portfolio.
• Institutional ownership remains very high, with hedge funds and other investors holding 87.71% of the stock. Several large funds, including Viking Global, Vanguard, and Fuller & Thaler, also increased their positions.
• Primo Brands reported quarterly EPS of $0.23, missing estimates by a penny, while revenue of $1.63 billion beat expectations. The company also paid a quarterly dividend of $0.12 per share, and analysts currently rate the stock Moderate Buy with an average price target of $25.91.

One Rock Capital Partners LLC bought a new position in Primo Brands Corporation (NYSE:PRMB - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 116,210,806 shares of the company's stock, valued at approximately $1,900,047,000. Primo Brands comprises approximately 100.0% of One Rock Capital Partners LLC's holdings, making the stock its largest holding. One Rock Capital Partners LLC owned approximately 31.38% of Primo Brands as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. Viking Global Investors LP raised its holdings in Primo Brands by 17.5% in the third quarter. Viking Global Investors LP now owns 23,033,970 shares of the company's stock worth $509,051,000 after buying an additional 3,431,854 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Primo Brands by 4.8% in the fourth quarter. Vanguard Group Inc. now owns 23,028,858 shares of the company's stock worth $376,522,000 after acquiring an additional 1,053,185 shares during the period. Fuller & Thaler Asset Management Inc. grew its stake in shares of Primo Brands by 189.5% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 14,454,637 shares of the company's stock worth $236,333,000 after acquiring an additional 9,461,990 shares during the period. William Blair Investment Management LLC grew its stake in shares of Primo Brands by 6.7% in the fourth quarter. William Blair Investment Management LLC now owns 12,627,420 shares of the company's stock worth $206,458,000 after acquiring an additional 793,036 shares during the period. Finally, Alyeska Investment Group L.P. grew its stake in shares of Primo Brands by 622.5% in the fourth quarter. Alyeska Investment Group L.P. now owns 6,219,575 shares of the company's stock worth $101,690,000 after acquiring an additional 5,358,687 shares during the period. 87.71% of the stock is owned by hedge funds and other institutional investors.

Primo Brands Stock Performance

Shares of NYSE PRMB opened at $24.38 on Wednesday. The firm has a 50 day moving average of $22.04 and a 200 day moving average of $19.70. The company has a current ratio of 0.98, a quick ratio of 0.79 and a debt-to-equity ratio of 1.72. The firm has a market capitalization of $8.85 billion, a price-to-earnings ratio of 174.14, a price-to-earnings-growth ratio of 2.12 and a beta of 0.72. Primo Brands Corporation has a 12-month low of $14.36 and a 12-month high of $30.98.

Primo Brands (NYSE:PRMB - Get Free Report) last announced its earnings results on Thursday, May 7th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.01). The business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.58 billion. Primo Brands had a net margin of 0.88% and a return on equity of 13.98%. The business's quarterly revenue was up .8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.29 earnings per share. On average, research analysts anticipate that Primo Brands Corporation will post 1.25 earnings per share for the current year.

Primo Brands Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Thursday, June 4th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.0%. The ex-dividend date was Thursday, June 4th. Primo Brands's payout ratio is 342.86%.

Analysts Set New Price Targets

A number of brokerages have recently commented on PRMB. JPMorgan Chase & Co. reduced their price target on shares of Primo Brands from $27.00 to $26.00 and set an "overweight" rating for the company in a research note on Monday, May 4th. TD Securities lifted their price target on shares of Primo Brands from $27.00 to $29.00 and gave the stock a "buy" rating in a research note on Friday, February 27th. Weiss Ratings upgraded shares of Primo Brands from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, May 11th. Barclays lifted their price target on shares of Primo Brands from $24.00 to $25.00 and gave the stock an "overweight" rating in a research note on Monday, May 11th. Finally, Jefferies Financial Group upgraded shares of Primo Brands from a "hold" rating to a "buy" rating and set a $25.00 price target for the company in a research note on Friday, March 27th. Nine research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $25.91.

Primo Brands Company 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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