PEAK6 LLC Purchases 24,807 Shares of Primo Brands Corporation $PRMB

Key Points

• PEAK6 LLC has significantly increased its holdings in Primo Brands Corporation by 173.1% during the first quarter, now owning over 39,000 shares valued at approximately $1.39 million.
• Multiple hedge funds have also boosted their stakes in Primo Brands, with Boston Partners increasing its holdings by a staggering 9,613.2% to now own over 7 million shares worth over $252 million.
• Primo Brands recently announced a quarterly dividend of $0.10 per share, leading to an annualized yield of 1.6%, despite a negative dividend payout ratio of -363.64%.

PEAK6 LLC raised its position in shares of Primo Brands Corporation (NYSE:PRMB - Free Report) by 173.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 39,141 shares of the company's stock after purchasing an additional 24,807 shares during the period. PEAK6 LLC's holdings in Primo Brands were worth $1,389,000 at the end of the most recent reporting period.

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

Insider Buying and Selling at Primo Brands

In other Primo Brands news, Director Steven P. Stanbrook acquired 12,400 shares of the business's stock in a transaction dated Tuesday, August 12th. The stock was purchased at an average price of $24.04 per share, with a total value of $298,096.00. Following the transaction, the director directly owned 125,025 shares in the company, valued at approximately $3,005,601. The trade was a 11.01% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robbert Rietbroek acquired 8,285 shares of the business's stock in a transaction dated Wednesday, August 13th. The shares were acquired at an average cost of $24.12 per share, with a total value of $199,834.20. Following the transaction, the chief executive officer owned 586,349 shares in the company, valued at approximately $14,142,737.88. This trade represents a 1.43% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 24,685 shares of company stock worth $595,770. Insiders own 58.40% of the company's stock.

Primo Brands Stock Down 0.5%

NYSE PRMB traded down $0.13 during mid-day trading on Tuesday, reaching $24.98. The stock had a trading volume of 4,435,331 shares, compared to its average volume of 5,260,188. Primo Brands Corporation has a 1 year low of $21.60 and a 1 year high of $35.85. The stock has a market cap of $9.33 billion, a PE ratio of -227.13, a price-to-earnings-growth ratio of 0.66 and a beta of 0.76. The company has a fifty day moving average price of $27.36 and a 200 day moving average price of $30.66. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.06 and a quick ratio of 0.88.

Primo Brands (NYSE:PRMB - Get Free Report) last announced 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 during the quarter, compared to analysts' expectations of $1.83 billion. Primo Brands had a positive return on equity of 9.64% and a negative net margin of 1.20%.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. On average, research analysts expect that Primo Brands Corporation will post 1.13 earnings per share for the current year.

Primo Brands Dividend Announcement

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

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PRMB. Bank of America reduced their price objective on Primo Brands from $42.00 to $39.00 and set a "buy" rating on the stock in a research note on Friday, July 11th. Zacks Research cut Primo Brands from a "hold" rating to a "strong sell" rating in a research note on Friday, August 22nd. Royal Bank Of Canada reduced their price objective on Primo Brands from $40.00 to $37.00 and set an "outperform" rating on the stock in a research note on Friday, August 8th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $26.00 price objective on shares of Primo Brands in a research note on Friday, August 8th. Finally, TD Securities cut their target price on Primo Brands from $48.00 to $35.00 and set a "buy" rating on the stock in a research note on Friday, August 8th. Nine research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $37.30.

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.